Cabot and cyldesdale Loan - just issued me a Section 87 notice

[Joanna Connolly Solicitors]

I’ve now received a letter from Cabot saying “Your agreement is terminated- You have not complied with the default notice.

I will now have to pay the full balance and the status of your agreement will be reported to the Credit Reference Bureau as being in default.

-I’m still waiting on a response for the SAR from the original creditor.

Hello

We have previously spoken about this situation and the Default Notice issued by a debt purchaser (if it was legally assigned) not the original creditor.

Email me that "Termination" letter from Cabot since the legal owner of the debt has yet to be established.

Are Cabot seeking payment of the whole amount if the loan had it run to the expiry date?

I note you've not received your SAR response from Clydesdale.

Di

[DBan]

Hello

We have previously spoken about this situation and the Default Notice issued by a debt purchaser (if it was legally assigned) not the original creditor.

Email me that "Termination" letter from Cabot since the legal owner of the debt has yet to be established.

Are Cabot seeking payment of the whole amount if the loan had it run to the expiry date?

I note you've not received your SAR response from Clydesdale.

Di

Hiya!

Indeed we had a lovely conversation at the start of all this Covid madness.

I haven't received anything from Clydesdale yet but given the delay in delivery times by Royal Mail it could be another week or two...talk about taking their time but then I did post the letter mid April so they still have some time left!!

I have sent you a copy of their latest letter demanding that I pay them in full as our agreement has been terminated, So currently I'm ignoring them until I receive the SAR response identifying the actual ownership.

Dan

[DBan]

So a brief but pointless update really:

I received a letter back from Clydesdale (DSAR Team) in regards to my SAR request stating that due to the outbreak of Covid-19, the department who deals with this is temporarily closed and will respond to my request when they can but at the moment are unable to respond.

Just as a side note, I've managed to move into our new rent house. I'm now toying on whether to update the DCA with my new address or not as I've already setup a post redirection with Royal Mail for the next 3 months.

[The Tech Clerk]

they can use that excuse for the time being but keep an eye on it

[DBan]

they can use that excuse for the time being but keep an eye on it

Many thanks, will do.

How long would be acceptable and then what should I do next?

[The Tech Clerk]

save as to a few weeks see what the position of offices are, then come back here up date any event, a last resort would be a complaint to to the ICO, but would think sorted soon, as rule state 30 days normally but under certain (as now) circumstances a bit longer

[Joanna Connolly Solicitors]

I've managed to move into our new rent house. I'm now toying on whether to update the DCA with my new address or not as I've already setup a post redirection with Royal Mail for the next 3 months.

Welcome to your new home

I see you've set up Royal Mail Redirect for three months so you can take a view later on what to do next.

Has anyone moved into your old house so post would be received if it slips through the net, and possibly forwarded on to you or you could collect it (when allowed out after Lockdown)?

Di

[DBan]

Hi All, it’s been a while. Due to various health issues etc this had fallen by the wayside.

I’m now in a position to tackle this, Cabot had taken on a debt from Clydesdale (which is irrelevant).

When Clydesdale had sold on the debt the account was marked as late payment and in arrears but no default placed on the account, after being in Cabots hands for a couple of months, they (Cabot) demanded the balance of a few months in arrears previously owed to creditor and then carry on paying the previously agreed monthly payments for the rest of the balance.

At the time I couldn’t pay or afford the arrears balance that Cabot was demanding but was continuing to pay my monthly payments regardless, because of this Cabot place put a default marker on the account and on my credit report,

Now if I’m correct they cannot do this as they are a debt collector and not a finance lending company?

So the question is, is there a way to get that default marker off before settling the account?

Thank you in advance.

[The Tech Clerk]

Hi All, it’s been a while. Due to various health issues etc this had fallen by the wayside.

I’m now in a position to tackle this, Cabot had taken on a debt from Clydesdale (which is irrelevant).

When Clydesdale had sold on the debt the account was marked as late payment and in arrears but no default placed on the account, after being in Cabots hands for a couple of months, they (Cabot) demanded the balance of a few months in arrears previously owed to creditor and then carry on paying the previously agreed monthly payments for the rest of the balance.

At the time I couldn’t pay or afford the arrears balance that Cabot was demanding but was continuing to pay my monthly payments regardless, because of this Cabot place put a default marker on the account and on my credit report,

Now if I’m correct they cannot do this as they are a debt collector and not a finance lending company?

So the question is, is there a way to get that default marker off before settling the account?

Thank you in advance.

sure others will comment soon for you!

[Roger]

So the Debt was sold without a Default Notice?
Happened to me with a couple of Debts (different DCA)

Well Cabot are NOT Bankers and the purpose of the Default Notice is the oppurtunity to PREVENT the Account from being closed BY paying the outstanding payments!

CABOT have brought a Account that they KNOW WASN'T Closed before it was sold! They can't rectify this because they are NOT Bankers.

WHY ARE YOU TALKING OF SETTLING THIS ACCOUNT!
The Default Notice on your Credit Report should be as placed by Clydesdale! It runs for 6 years the drops off.

There was a recent CASE where if the Debt was UE then the account couldn't be reported!
I would consider talking to Colin G Quinn first interview is free!

File whatever they send you, under no circumstances communicate with CABOT by phone, letter SMS email whatever.
Any communication refer back to AAD

[Timewilltell]

Would not the default marker come off if you pay to settle the whole account, I can’t imagine any reason why they would remove the default marker just because you pay off the arrears. In their opinion you have defaulted on the original agreement and hence the default marker, they are not interested in any arrears as such. They just want your money.

I would be inclined to stop my payments this stage.

[Roger]

Would not the default marker come off if you pay to settle the whole account, I can’t imagine any reason why they would remove the default marker just because you pay off the arrears. In their opinion you have defaulted on the original agreement and hence the default marker, they are not interested in any arrears as such. They just want your money.

I would be inclined to stop my payments this stage.

Timewilltell pipped me
"..
There was a recent CASE where if the Debt was UE then the account couldn't be reported!
I would consider talking to Colin G Quinn first interview is free!
.."

[DBan]

So the Debt was sold without a Default Notice?
Happened to me with a couple of Debts (different DCA)

Well Cabot are NOT Bankers and the purpose of the Default Notice is the oppurtunity to PREVENT the Account from being closed BY paying the outstanding payments!

CABOT have brought a Account that they KNOW WASN'T Closed before it was sold! They can't rectify this because they are NOT Bankers.

WHY ARE YOU TALKING OF SETTLING THIS ACCOUNT!
The Default Notice on your Credit Report should be as placed by Clydesdale! It runs for 6 years the drops off.

There was a recent CASE where if the Debt was UE then the account couldn't be reported!
I would consider talking to Colin G Quinn first interview is free!

File whatever they send you, under no circumstances communicate with CABOT by phone, letter SMS email whatever.
Any communication refer back to AAD

Correct, the debt was sold without a default notice to Cabot in October/November who then notified me that they had bought/owned debt around December 2019 and would serve me a default notice if I didn’t pay the outstanding arrears of £1600ish (5/6 months of reduced payments to Clydesdale). After the reduced payments the monthly payments went back up to the original monthly amount.

So, because I didn’t pay Cabot the difference in the reduced payment arrears, Cabot placed the account on default.

The reason why I want to get this account settled is to get a house with my wife next year, our mortgage advisor advised to get the account closed and settled so we could both get a mortgage rather than just in my wife’s name and her earnings if that makes sense?

Thanks

[DBan]

As shown on transunion the account was placed into default in April 2020 by Cabot, the account was sold by Clydesdale in Oct/Nov 2019. Apart from not paying the arrears that Cabot are demanding which were owed to Clydesdale. The monthly payments have never stopped since the start of the loan, albeit 6 months at reduced payment amount.

I hope this all makes sense?

[Roger]

Correct, the debt was sold without a default notice to Cabot in October/November who then notified me that they had bought/owned debt around December 2019 and would serve me a default notice if I didn’t pay the outstanding arrears of £1600ish (5/6 months of reduced payments to Clydesdale). After the reduced payments the monthly payments went back up to the original monthly amount.

So, because I didn’t pay Cabot the difference in the reduced payment arrears, Cabot placed the account on default.

CABOT are NOT Bankers and brought the Account knowing and admitting that Clydesdale hadn't issued a DEFAULT NOTICE

Consumer Credit Act 1974 (legislation.gov.uk)
Need for default notice.

(1)Service of a notice on the debtor or hirer in accordance with section 88 (a “default notice ”) is necessary before the creditor or owner can become entitled, by reason of any breach by the debtor or hirer of a regulated agreement,—

(a)to terminate the agreement

By selling to CABOT Clydesdale terminated the Agreement! CABOT can't reopen that Account!

There was recent CASE about UE Debt and Credit Reporting So I would recommend contacting Colin G Quinn first interview free.