CABOT

[Joanna Connolly]

The Cabot group of companies have issues with their assignment process and documentation, as was shown in our recent cases of MFS Portfolio V Phelan & West. We won this case at appeal, following days of argument and counter argument. Part of the judgment confirmed our position both on assignment and that personal account overdrafts are subject to the regulatory framework of the Consumer Credit Act, including S.78 CCA 1974.

The judgment, however, was not all in our favour. The Circuit Judge ruled in favour of MFS Portfolio on a point relating to the use of servicing agents to avoid authorisation by the Financial Conduct Authority under the para 55 FSMA 2000 servicing exemption which we believed to be wrong. However, as we had won the appeal for our client, we were unable to appeal this judgment to the Court of Appeal.

We did however 2 months later obtain another Circuit Judge decision in the Idem Capital Securities Limited case that debt purchasers who are not authorised cannot issue proceedings in the county court regardless of whether there is a para 55 FSMA 2000 servicing agreement in place. Idem did not appeal the judgment.

We currently have other cases going through the courts, which will hopefully obtain binding decisions both on lack of authorisation by the Financial Conduct Authority and other issues too.

f you are currently defending a claim with a Cabot company, whether stayed or ongoing, or Cabot have obtained a Default Judgment against you and you have any query please post any queries on this thread..

[mike'y]

Hi Jo, they issued proceedings against me and I entered a defence in february 2016. Mortimer Clarke wrote to me in february 2018 and I've heard nothing since. Di knows about this matter. It seems to be 'parked up'. I'd like to see the matter closed so that I can bin the file. :-)

[Joanna Connolly]

Hi Mike'y

I have asked Di to contact you

Jo

[Joanna Connolly Solicitors]

a defence in february 2016. Mortimer Clarke wrote to me in february 2018 and I've heard nothing since. Di knows about this matter.

Indeed I do

Thank you for replying to my email.

Jo will take a new look at the old papers.

Di

[gazzer]

Hi,

[The Tech Clerk]

gazer start your own thread it will not get mixed up on here then

[The Tech Clerk]

CCA Request for a start send Recorded delivery with a £1.00 postal order and keep copy on file,, better as stated get your own thread and make a diary of events also let us know in detail who owned the alleged debt and how it came about also look around site and get an idea how it works

[Joanna Connolly Solicitors]

I found this company on their with a default for £700 I contacted them repeatedly in writing and got various excuses and then a letter chasing me for the £700, I have no records of the alleged debt and have never heard from the company before
eventually after 3 months of chasing they handed over what looks like a word document with a list of dates and amounts on advising that I had an old credit card around 2015 and made these payments so I must pay them £700, I referred the document to my bank and they were able to check my bank statements and confirm those transactions never took place

since then cabot have decided this was a loan, but then changed their mind to a credit card and produced some limited paperwork that looks iffy, no default notice or contract etc can be provided

Hello

Who is actually named as the debt owner?

Is it Cabot Financial (UK) Ltd or another one of the companies in their group?

Di

[gazzer]

Hi on

[Joanna Connolly Solicitors]

Hi on equifax it is Cabot management group ltd

but after a complaint they advised it is Cabot financial (Europe) ltd

basically this has caused significant loss to myself with a mortgage and as I am also a director of several companies the bank have failed a directors check on this also for a commercial loan

i have even offered them a confidential settlement agreement via my solicitors to remove this debt by paying them 50% of it just to get rid of it they said no

I must advise also - I lost my patience with there people and in May I issued proceedings against Cabot financial Europe ltd for damages and the financial loss I have suffered because of this, the matter is now listed to go to hearing in November
Cabot are defending it in the basis they now deny they are the creditor its one of their other companies and I can’'t prove the losses I claim
court hearing is listed and agreed for November and Mortimer clarke are defending Cabot

I've replied to this on your new thread here > https://all-about-debt.co.uk/forum/d...ial-europe-ltd

Di

[Joanna Connolly Solicitors]

The Cabot group of companies have issues with their assignment process and documentation, as was shown in our recent cases of MFS Portfolio V Phelan & West. We won this case at appeal, following days of argument and counter argument. Part of the judgment confirmed our position both on assignment and that personal account overdrafts are subject to the regulatory framework of the Consumer Credit Act, including S.78 CCA 1974.

The judgment, however, was not all in our favour. The Circuit Judge ruled in favour of MFS Portfolio on a point relating to the use of servicing agents to avoid authorisation by the Financial Conduct Authority under the para 55 FSMA 2000 servicing exemption which we believed to be wrong. However, as we had won the appeal for our client, we were unable to appeal this judgment to the Court of Appeal.

We did however 2 months later obtain another Circuit Judge decision in the Idem Capital Securities Limited case that debt purchasers who are not authorised cannot issue proceedings in the county court regardless of whether there is a para 55 FSMA 2000 servicing agreement in place. Idem did not appeal the judgment.

We currently have other cases going through the courts, which will hopefully obtain binding decisions both on lack of authorisation by the Financial Conduct Authority and other issues too.

If you are currently defending a claim with a Cabot company, whether stayed or ongoing, or Cabot have obtained a Default Judgment against you and you have any query please post any queries on this thread..

I'm flagging up Jo's post to raise awareness of the importance of a creditor or debt purchaser having FCA authorisation in order to issue proceedings in the county court.

Earlier this year a Circuit Judge ruled that Idem Capital Securities Ltd could not.

If you've received a claim from Cabot Financial (UK) Ltd or have obtained a Default Judgment against you by Cabot, Idem Capital Securities, Hoist or Intrum, then please post on this thread.

Di

[Milly52]

If you've received a claim from Cabot Financial (UK) Ltd or have obtained a Default Judgment against you by Cabot, Idem Capital Securities, Hoist or Intrum, then please post on this thread.

Di

Hi,

Just for reference for others on here, as you know about these.

Yes one with Cabot, a Court Claim it has been stayed. This is with Cabot Financial (UK) Ltd. They wouldn't pursue the claim after I put my defence in, but are still chasing me for the money via Mortimer Clark and Resolvecall.

Yes one with Hoist, a Default Judgment. Was taken over from MKDP.

Merry Christmas all.

[Never-In-Doubt]

Diana Mayhew Joanna Connolly

Oh that's Interesting. I've tagged the legal guys in - as per my PM I'll sort the other personal issue later when I'm next at my laptop as hard to fix on phone.

???????good luck.

[Joanna Connolly Solicitors]

I'm aware that Cabot Financial (UK) Ltd have issued legal proceedings in the county court over the Christmas/New Year holiday notwithstanding the fact that they are not FCA authorised.

So if anyone has received a claim from Cabot Financial (UK) Ltd please post on this thread or email me direct if you prefer di@joannaconnollysolicitors.co.uk

Also if anyone has been given a Default Judgment for failing to respond in time to a claim which they received (or perhaps because it went to an incorrect address so they didn't receive it but became aware of a CCJ later on a CRA file) then post on here too. These Default Judgments don't need to have been recent since the lack of FCA authorisation is not a new issue.

Di

[Mitz1e]

I have 2 claims issued from Cabot Financial (UK) Ltd both in early November through Mortimer Clarke. Both are currently stayed as Cabot have not been able to comply with CCA requests. I have just discovered this forum and am pulling everything together at the moment to post fully for advice. As both are for large amounts £25k and £10k I am, to put it mildly. concerned.