Diary

[ttx]

Yes they are, although they may tell you they're not.


Jo explains this issue here >




Di

Thank you, one of mine is for a business overdraft (sole trader) and one personal so I'll CCA the personal one.

[ttx]

Link
£1980
MBNA credit card
opened 2001 defaulted 2013
provided CCA

CCA sent to webmaster 26.11.20

Unenforceable!

[Joanna Connolly Solicitors]

Unenforceable!

That's a great way to start your journey

Well done!

Di

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Intrum
£1400
AQUA credit card
Opened 2012 defaulted 2013

CCA request sent 26.11.20

Currently unable to provide CCA - account on hold.

[ttx]

Currently unable to provide CCA - account on hold.

Letter to say that they are prepared to offer a substantial discount to settle/partially settle - any idea what substantial usually means. I was thinking of offering 10% just to make sure it's gone in case a CCA shows up in the future?

[Joanna Connolly Solicitors]

Letter to say that they are prepared to offer a substantial discount to settle/partially settle - any idea what substantial usually means. I was thinking of offering 10% just to make sure it's gone in case a CCA shows up in the future?

This account has been put on hold by Intrum as they haven't yet been able to comply with your CCA Request. Maybe that's why they're offering you a discount?

My personally feeling is if you make them an offer of any size they will smell money and potentially chase you even harder for the full amount. The account is on hold so maybe leave things for now.

There's also more to unenforceability of a debt than just the credit agreement.

I don't have a crystal ball to tell you whether the credit agreement might show up in the future, but I can tell you Intrum is not FCA authorised so shouldn't issue legal proceedings. That doesn't mean they won't try but read Jo's post about this >

Intrum UK Finance Limited is not authorised by the Financial Conduct Authority to exercise the rights of a lender. They rely on the para 55 FSMA 2000 servicing exemption.

We look forward to using the same legal arguments in the future against Intrum UK Finance Limited which we used against Idem Capital Securities Limited in the recent successful FCA authorisation Appeal where the Circuit Judge found that the para 55 FSMA 2000 servicing exemption did not allow the unauthorised debt purchaser to issue proceedings in the county court.

Intrum also have issues with their assignment process and documentation.

Di

[ttx]

This account has been put on hold by Intrum as they haven't yet been able to comply with your CCA Request. Maybe that's why they're offering you a discount?

My personally feeling is if you make them an offer of any size they will smell money and potentially chase you even harder for the full amount. The account is on hold so maybe leave things for now.

There's also more to unenforceability of a debt than just the credit agreement.

I don't have a crystal ball to tell you whether the credit agreement might show up in the future, but I can tell you Intrum is not FCA authorised so shouldn't issue legal proceedings. That doesn't mean they won't try but read Jo's post about this >




Di

Thanks Di

Letter filed away!

[Joanna Connolly Solicitors]

Thanks Di

Letter filed away!

You're welcome.

After a while you'll get to read between the lines of letters sent to you. A degree in psychology not law is one way to decipher what debt purchasers really mean when they write to you

So file it away along with your cheque book.

Di

[ttx]

Cabot
£3800
RBS credit cards
Opened 2011 defaulted 2013

CCA request sent 26.11.20

Response to CCA - Cabot do not have the documents but will request a copy from the original lender. They say this may take some time but they will write again within 12 days.

[Joanna Connolly Solicitors]

Response to CCA - Cabot do not have the documents but will request a copy from the original lender. They say this may take some time but they will write again within 12 days.

Since you sent your CCA Request on 26th November 2020 this debt will now be unenforceable unless or until Cabot comply

Is the debt owner Cabot Financial (UK) by any chance?

Di

[ttx]

Since you sent your CCA Request on 26th November 2020 this debt will now be unenforceable unless or until Cabot comply

Is the debt owner Cabot Financial (UK) by any chance?

Di

Thanks Di

It says Cabot Financial (Europe) Limited is part of the Cabot Financial group....at the bottom of the letter.

[Joanna Connolly Solicitors]

Thanks Di

It says Cabot Financial (Europe) Limited is part of the Cabot Financial group....at the bottom of the letter.

It doesn't really matter what it says on or in the letter, what matters is exactly who the debt was assigned/sold to.

Did you receive a Notice of Assignment at the time because that should make it clear (ideally!)?

Di

[ttx]

It doesn't really matter what it says on or in the letter, what matters is exactly who the debt was assigned/sold to.

Did you receive a Notice of Assignment at the time because that should make it clear (ideally!)?

Di

Just had a look through my letters and yes, RBS wrote to say it had been assigned to Cabot Financial (UK) Ltd and that they are the legal owners.

[Joanna Connolly Solicitors]

Just had a look through my letters and yes, RBS wrote to say it had been assigned to Cabot Financial (UK) Ltd and that they are the legal owners.

That was quick!

I asked because Cabot Financial (UK) Ltd do not have FCA authroisation to issue legal proceedings, although that may not stop them from trying.

Jo explain this here >

On 24 April 2019 I was successful in a consumer credit claim appeal. The Claimant debt purchaser admitted they were not authorised by the Financial Conduct Authority but said they could rely on the S.55 FSMA 2000 exemption because they had a valid servicing agreement in place with an affiliated 3rd party who was authorised by the Financial Conduct Authority.

It was accepted by both parties on the facts of the case that there was a valid servicing agreement in place. The issue was could the Claimant debt purchaser rely on the S.55 Exemption to issue proceedings in the county court.

The Circuit Judge held as a general principle of law that the Claimant debt purchaser was not able to rely on the FCA authorisation of an affiliated 3rd party (and the exemption under s.55 FSMA) for the purpose of bringing a claim. The agreement was unenforceable, and the order of the court below was set aside, and the Claim dismissed

Di

[ttx]

I’ve put my time to good use and got organised (lever arch file!).

That’s really interesting, thanks.
When you say that may not stop them trying - are they still issuing or do they just threaten to? And is this with or also without having the credit agreement?
thanks