No Paperwork avaialble Overdraft account

[Arnold]

Hi
I had a current account with Lloyds, opened 2002. I stopped servicing this account in 2015, with an overdraft of £1,900. The account was assigned to Cabot 9 months ago. When I was notified of this assignment I wrote to Cabot to verify that they had the rights of the account and were in a position to request payment. I requested from Cabot copies of the original agreement I would have signed when it was set up, the terms and conditions, a full statement of the account, the notice of assignment and the default notice. After a long wait they have written back stating:
"we contacted Lloyds for further information. Unfortunately, they have been unable to provide a copy of the agreement as when your account was opened, they were not obligated to retain this information"
they include a few statements from 2014 to present
there was no default notice
they included a copy of the assignment notice

Without the original agreement and terms how am I able to proceed, I would like to determine the charges applied etc and understand the terms
Can I request the statements from day one of the account, or should I SAR Lloyds?
I don't recall receiving a default notice, so I would like to see a copy of this too.

What is the best form of reply here? Cabot end their letter:
"I believe the evidence provided verifies the outstanding balance. "

does it?

Thanks

[jaguarsuk]

Hi Arnold

This is a difficult one as if they go to court with this the usual CCA request doesn't apply since the paperwork for overdrafts and the law surrounding them is different.

You can request that Lloyds provide not just the statements, but all the things you want with an SAR and therefore the original paperwork for opening the account. I used to work in banking (at the time you opened the account), although for another bank it's industry practice to keep paperwork for 7 years and so I'd doubt they'll still have it unless they began a process of scanning docs for electronic storage prior to 2008.

As you have used the account I think you'll find it hard to convince a judge on the balance of probabilities that you didn't apply for and sign up to the terms.

I hate to say it, but I think they'd win this one.

However, that's my opinion and I'm not legally qualified. Diana M however is and therefore will be more definitive. Hopefully she'll come along to tell me I'm talking rubbish and help you sort this out.

Good Luck

[Arnold]

Hi. Thanks for the reply. I have sent a SAR request to Lloyds this morning, I would like to understand the t&c of the account, I need to be able to determine if there have been any unfair charges etc, so the T&C and the full statements would be good to see. I have also contacted Cabot, I would also like to see the default notice as I cant recall getting one, this should also state what I have defaulted on exactly. At the moment all they have sent are 3 years of statements and that's it. Anyway, I shall wait for the SAR to come through for the full disclosure on the account and wait to see if a default notice appears!

[jaguarsuk]

I would hazard a guess that they won't have the default notice, sounds like Llloyds haven't provided them with much really. Let's hope anyway.

[Diana M]

I had a current account with Lloyds, opened 2002. I stopped servicing this account in 2015, with an overdraft of £1,900. The account was assigned to Cabot 9 months ago. When I was notified of this assignment I wrote to Cabot to verify that they had the rights of the account and were in a position to request payment. I requested from Cabot copies of the original agreement I would have signed when it was set up, the terms and conditions, a full statement of the account, the notice of assignment and the default notice.

Was this an authorised overdraft facility which was renewed annually from 2012? If so then send Cabot a s 78 CCA Request since it may apply.

Who was this debt assigned to last year? Was is Cabot Financial (Europe) Ltd or Cabot Financial (UK) Ltd which is unlicensed (or another name)?

Di

[pt2537]

The lloyds Default notice is likely to be defective in any event, as Lloyds seem to struggle with the changes in the Consumer Credit Act 1974.

Id ask them to confirm if the account has been terminated and if so how, and ask for a copy of the notice, its worth keeping up your sleeve if needed. Default notices can cause creditors serious issues, if you look at my blog youll see the segal judgment where the PRA group lost because of a Default notice.

Id also look at whether there is an unfair relationship ala Hoist v Evans, as we defended a hoist claim for an overdraft under s140 and not only did hoist lose, they had to pay compensation to the customer too,