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  • Diana Mayhew
    replied
    Originally posted by linnite View Post
    Hi Di, just this one. I folded when they came up with an enforceable CCA. £23pm and £2000 is no biggy compared to the whole mess.

    Even if the credit agreement were to be enforceable that doesn't necessarily mean the debt is enforceable!

    Idem Capital Securities Ltd is not authorised by the FCA so cannot lawfully bring legal proceedings against you.

    Jo explains a recent Circuit Judge's ruling on this important legal issue here >


    Originally posted by Joanna Connolly View Post
    On 24 April 2019 we were successful in a consumer credit Appeal on the issue of FCA Authorisation - or rather, lack of FCA Authorisation. Idem Capital Securities Limited admitted in court they were not authorised by the Financial Conduct Authority to exercise the rights of a lender but said they were exempt as 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 that there was a valid servicing agreement in place. The issue for the Circuit Judge to decide whether Idem Capital Securities Limited could rely on the exemption under paragraph 55 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 to issue proceedings in the county court.

    The Circuit Judge held as a general principle of law that Idem Capital Securities Limited was not able to rely on the FCA authorisation of an affiliated 3rd party ( paragraph 55 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001) 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.

    Idem Capital Securities Limited did not appeal the judgment.

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  • linnite
    replied
    Originally posted by linnite View Post
    Re: linnite's diary
    4. Halifax CC, £6500 originally now £3200 paid down via DMP, taken out Nov 2006, default date Dec 08, Blair Oliver and Scott administer, again don't think this has been sold?

    Nov 2016: Sold to Idem, notice of assignment received.

    Jan 2018: stopped paying. Last payment was on 08/01/18.

    Mar 2018: Very little correspondence from them. Now £2,372.

    April 2018: letter - passed to recoveries section.

    8 June 2018: Received letter before claim.

    15 June 2018: CCA letter sent. Need to send LBC response by 1st July.

    20 June 2018: response received they will 'endeavour' to provide the CCA within 12 working days.

    3 July 2018: No CCA received so LBC response form sent in, box D ticked 'I dispute the debt'.

    4 July 2018 received in the post today from Idem an acknowledgement they can't currently provide the CCA. They will keep looking, I still owe the money etc.

    9 Aug 2018 Received a copy agreement in the post, needs to get checked.

    10 Aug 2018 sent to Niddy who says its but Idem have not said what they are going to do next or what they require of me. Not planning to do anything at this stage. Seeking advice on forum too.

    Jan 2020: I pay this one at £23 pm. It is the only one of the 11 debts that I am paying.
    Hi Di, just this one I folded when they came up with an enforceable CCA. £23pm and £2000 is no biggy compared to the whole mess.

    Leave a comment:


  • Diana Mayhew
    replied
    Originally posted by linnite View Post
    two have escalated to a letter before action, of these two, one has not been able to come up with a CCA so I don't pay, the other one did, so I pay.

    Which of your debts are you still paying because they may have produced a compliant credit agreement?

    I ask because even if they have a compliant credit agreement that doesn't mean they have complied with all their other statutory obligations.

    Di

    Leave a comment:


  • Diana Mayhew
    replied
    Originally posted by linnite View Post
    This diary has been so inactive it probably looks like I went away. The fact is that out of the 11 debts, only two have escalated to a letter before action, of these two, one has not been able to come up with a CCA so I don't pay, the other one did, so I pay.

    The other nine just send statements or feeble, almost pleading, letters and the odd discount offer. I've just updated the diary to that effect.

    So in effect I am, as far as I am concerned, in danger of ending up paying about £2000 of the original £30000.

    One annoying thing: I started this diary in 2014, but between 2014 and 2018 I took the easy option of making low payments to them all via Stepchange. So I am annoyed that if I had got on with it at the time, I'd just be about to hit statute barred on them all.

    But never mind, I am 2 years in now against statute barred, with not much action going on.

    Hello

    It's good to see your new update since your last posted in August 2018(?)

    Annoyingly this is the moment when debt purchasers tend to turn up the heat and issue claims on potentially Statute Barred debts.

    You need to tread carefully and consider when and what to say, and when it may be wise to do nothing.

    I'll take a peek back at your thread.

    In the meantime can you be more specific about the debt owner who've sent to you a Letter of Claim?

    Di

    Leave a comment:


  • Roger
    replied
    Originally posted by linnite View Post
    I think the consolidation loan was to pay off a few random credit cards from other companies....knowing how we operated at the time, they were probably the other cards in the diary, debts 2 to 11, and we probably just ran them up again until our eventual collapse.
    Well you have a course of action here
    First send Cabot the AAD-> Template S77/78 CCA request plus £1 (I use Postal Orders and make a note of the PO number) .
    Next Cabot are a group of companies who/which Cabot purchased the Debt?
    Home work as to the various prior debts that were (with HSBC's knowledge) consolidated!

    Leave a comment:


  • linnite
    replied
    Originally posted by The Tech Clerk View Post
    Was info onlye
    Ah, no probs

    Leave a comment:


  • The Tech Clerk
    replied
    Was info only
    Last edited by The Tech Clerk; 5th January 2020, 19:21.

    Leave a comment:


  • linnite
    replied
    Originally posted by The Tech Clerk View Post
    Moorcfoft are only hopeful collectors on commission
    Moorcroft are now in the past, as HSBC have finally sold the debt, to Cabot.

    Leave a comment:


  • linnite
    replied
    Originally posted by Roger View Post
    The S77/78 CCA plus £1 is a legal Consumer Right, meaning you cannot be sued until they have complied with your request.
    If you haven't done so , unless somebody says otherwise, you should now do this.
    As Cabot are the owners the CCA request should be sent to them.

    You say " ..1. HSBC consolidation loan £11000 commenced June 07 (D'OH!) defaulted Jan 09 paid down via DMP to £5200. Moorcroft administer this but I don't think it has been sold to them???.."

    So there was more than one debt prior to June 2007?

    It would be helpful if you could provide details of what loans were consolidated! Type; Amount and Date when these prior debts were taken out.
    This detail could be very important in your case because these original debts would have been prior to 2007.

    I think the consolidation loan was to pay off a few random credit cards from other companies....knowing how we operated at the time, they were probably the other cards in the diary, debts 2 to 11, and we probably just ran them up again until our eventual collapse.

    Leave a comment:


  • The Tech Clerk
    replied
    Moorcfoft are only hopeful collectors on commission

    Leave a comment:


  • Roger
    replied
    Originally posted by linnite View Post
    A query on this one: as it is after April 07, does that mean the debt purchaser doesn't even need to come up with the CCA to enforce?
    Thanks
    The S77/78 CCA plus £1 is a legal Consumer Right, meaning you cannot be sued until they have complied with your request.
    If you haven't done so , unless somebody says otherwise, you should now do this.
    As Cabot are the owners the CCA request should be sent to them.

    You say " ..1. HSBC consolidation loan £11000 commenced June 07 (D'OH!) defaulted Jan 09 paid down via DMP to £5200. Moorcroft administer this but I don't think it has been sold to them???.."

    So there was more than one debt prior to June 2007?

    It would be helpful if you could provide details of what loans were consolidated! Type; Amount and Date when these prior debts were taken out.
    This detail could be very important in your case because these original debts would have been prior to 2007.


    Last edited by Roger; 5th January 2020, 16:04. Reason: typos

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  • linnite
    replied
    Originally posted by linnite View Post
    Re: linnite's diary

    1. HSBC consolidation loan £11000 commenced June 07 (D'OH!) defaulted Jan 09 paid down via DMP to £5200. Moorcroft administer this but I don't think it has been sold to them???

    Mar 2018: still not sold, still managed by Moorcroft and fairly enthusiastically pursued by them, I've got a real feeling this is enforceable. Down to £4861.

    May 2018: not paid them since March, on hold for financial difficulties, expect them to resume contact soon, and I have assumed all along this will eventually need to be paid. Going to leave alone until next contact.

    3 June 2018: passed to Wescot as DCA, still owned by HSBC.

    13 June 2018: letter asking me to contact them and pay. But the letter is surprisingly lukewarm and unthreatening, I expect one day HSBC will want to pursue this? Will leave alone for now. I remember signing this in branch, it was a big loan, I do suspect they would be able to enforce.

    23 June 2018: 30% discount settlement offer received, can't afford it of course, but it is nice to see this is their approach.

    27 Aug 2018: simple chasing letter received, filed.

    Jan 2020: HSBC sold this to Cabot in Nov 19. Cabot have sent me a cheery letter asking me to get in touch to pay, that's it so far. Having felt sure HSBC would have a solid CCA and would chase this to the ends of the earth, now I'm thinking maybe not or why sell it for pennies in the pound, so if Cabot escalate this it will be well worth asking them to come up with the CCA.
    A query on this one: as it is after April 07, does that mean the debt purchaser doesn't even need to come up with the CCA to enforce?

    Thanks

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  • linnite
    replied
    Thank you!

    Leave a comment:


  • cymruambyth
    replied
    Just because they are quiet, they may still chase you!

    I had some creditors that were nice and continued paying long after I should have stopped and put my SB clock back by several years!!!!!

    PPI claims will reset the SB clock as they are an acknowledgement that you have that card; the money should be paid as a cheque to you or credit transfer, not to the DCA.

    Before you pay any money, check the documents that have been supplied. Even if there is a compliant CCA, there are many other areas in which the agreement may not be compliant or that the DCA is not authorised to pursue the debt in court.

    Leave a comment:


  • linnite
    replied
    Oh, and also, is anyone reading surprised that so few of these are being actively chased, and have never been escalated?

    Leave a comment:

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