Cabot Financial

[sueham]

My daughter has received two letters from Cabot Financial asking for a sum of £629.80. It concerns a disputed Provident Loan.

Two weeks ago another company was chasing her and they were called Capquest.

I have said that I would ask you kind people as to her next step in dealing with them.

She hasn't made a payment to anyone for around 4 years.

They have sent a financial statement for her to fill in. Which of course she has no intentions of doing.

What do I need to advise her to do in the first instance.

She does not recall in the 4 yrs receiving anything to say that this so call debt had been passed on.

I await a reply before we attempt to take these on.

Thank you for taking the time with any advice that we receive.

[Kati]

Re: Cabot Financial

Hi [MENTION=37545]sueham[/MENTION] ... you could try sending a CCA request to the 'owner' of the debt (http://legalbeagles.info/forums/show...y-of-Agreement)

I'll tag [MENTION=55034]nemesis45[/MENTION] and [MENTION=6]Amethyst[/MENTION] too xx

[sueham]

Re: Cabot Financial

Thank you I don't want to misinform her.

[nemesis45]

Re: Cabot Financial

My daughter has received two letters from Cabot Financial asking for a sum of £629.80. It concerns a disputed Provident Loan.

Two weeks ago another company was chasing her and they were called Capquest.

I have said that I would ask you kind people as to her next step in dealing with them.

She hasn't made a payment to anyone for around 4 years.

They have sent a financial statement for her to fill in. Which of course she has no intentions of doing.

What do I need to advise her to do in the first instance.

She does not recall in the 4 yrs receiving anything to say that this so call debt had been passed on.

I await a reply before we attempt to take these on.

Thank you for taking the time with any advice that we receive.

Hello Sue.


Sorry for the delay in replying hectic Saturday.

Don't fill in any I & F statement Cabot is not entitled to it.

Is the letter from Cabot introducing itself a s the new owner of the deb?

I would send Cabot a CCA request (See Green Short Cuts Box above. This is for a Copy of the agreement for the Provident account.

The next part In Bold is very important when dealing with Cabot Financial (UK)Ltd and any other parts of the Cabot group including the in house " solicitors" Mortimer Clarke.

For the CCA request (template in short cuts) us a Postal Order for £1 made payable to Cabot Financial (UK) Ltd Write " For Statutory Fee Only " on both sides of the PO make a photocopy of it and keep for your records. Use Signed For Post: It is vital then to check the delivery date and signature and print off this and keep for your records;

Cabot has 12 + 2 Working Days to comply. They may send a letter stating that it will take them 40 days to comply which is nonsense.

This is necessary as Cabot et al are attempting to thwart such request by denying receipt of documents and / or statutory fees.

Is this a Provident loan account, payments collected by an agent?

What is the dispute you mention?

nem

[Noah]

Re: Cabot Financial

When you send for a copy of the agreement it is worth remembering that the original loan agreements were two sided i.e what is on the front -signatures repayments etc and a load of terms on the back . It is quite possible that they will not be able to provide both sides.

Just to remember as well that they might send a letter saying it will take them 40 days , there is no penalty for taking longer than the 12+2 days.
My personal view, which others will no doubt disagree with, is that they are just being open and above board and doing what is required by the FCA in that they are keeping you informed of the progress of the request

[charitynjw]

Re: Cabot Financial

When you send for a copy of the agreement it is worth remembering that the original loan agreements were two sided i.e what is on the front -signatures repayments etc and a load of terms on the back . It is quite possible that they will not be able to provide both sides.

Just to remember as well that they might send a letter saying it will take them 40 days , there is no penalty for taking longer than the 12+2 days.
My personal view, which others will no doubt disagree with, is that they are just being open and above board and doing what is required by the FCA in that they are keeping you informed of the progress of the request

:flypig::flypig::flypig::flypig: <------is my personal view of above, lol!

[Noah]

Re: Cabot Financial

LOL

However you can not deny that the FCA state they must keep the debtor informed of the state of progress of the request

Therefore
They are doing what they should i.e saying it may take them a certain period of time

Not having seen one of these current letters I can not comment on the exact wording . Do they say they are allowed 40 days or that they anticipate it will take 40 days and until then the account is unenforceable although still legally owed- or is it somewhere in the middle?

[sueham]

Re: Cabot Financial

Thank you all, but Nemesis45 you wrote
I would send Cabot a CCA request (See Green Short Cuts Box above. This is for a Copy of the agreement for the Provident account.
Where is the green short cuts as I can't see what you mean.

Yes this was a account collected by an agent once a month. My daughters said that the last payment that was paid to Provident was some 3-4 years ago. The dispute was that some of the payments were not entered as sometimes she couldn't find her payment card. It was always paid in cash. I will make sure that it tracked when sent. thank s all for your help

[Noah]

Re: Cabot Financial

Hi Sue
Are you saying that the account has been paid off?

Has the been sent statements showing the payments
I think that the debtor is responsible for making sure that the payments are entered in the book and unless it can be shown that the agent was not entering payments it will be difficult to show otherwise

I do feel that there is a reasonable chance that they will not be able to fully comply with your S77 request in which case you are home free

Provident are not the best at keeping paperwork

[charitynjw]

Re: Cabot Financial

LOL

However you can not deny that the FCA state they must keep the debtor informed of the state of progress of the request

Therefore
They are doing what they should i.e saying it may take them a certain period of time

Not having seen one of these current letters I can not comment on the exact wording . Do they say they are allowed 40 days or that they anticipate it will take 40 days and until then the account is unenforceable although still legally owed- or is it somewhere in the middle?

& in the case of county court claims being issued, I've heard tell that, while luring the defendant into a false sense of security, thinking they don't need to lodge their defense with the court (after all, those awfully nice people have allowed 40 days grace), the vultures swoop on court on the 34th day after the claim was issued & get a default judgment!

Open & above-board my ar....................aunt Fanny!!

[Noah]

Re: Cabot Financial

And I would agree that it is a disgrace if they say that everything is on hold and then go for a CCJ. If there is evidence of this then action should be taken and the general advice must be to follow the time scale regardless, I for one would never suggest otherwise and i don't think anyone on here would

However in this case there is no claim so such a letter would be above board and following FCA rules

BTW are you a yank or is your spell check set to american?

[charitynjw]

Re: Cabot Financial

BTW are you a yank or is your spell check set to american?

Neither
I'm just a lowsy speler!

[spirit2534]

Re: Cabot Financial

Neither
I'm just a lowsy speler!

One of the realities that many on here have found to their disadvantage is companies such as Cabot attempt to lull you into a false sense of security, what they don't say is that they don't have the paperwork to continue to a trial but hope to get it from the original lender. Hence the 40 days.

You must follow the court deadlines otherwise they will go for a summary judgement.

Best of luck!

[nemesis45]

Re: Cabot Financial

& in the case of county court claims being issued, I've heard tell that, while luring the defendant into a false sense of security, thinking they don't need to lodge their defense with the court (after all, those awfully nice people have allowed 40 days grace), the vultures swoop on court on the 34th day after the claim was issued & get a default judgment!

Open & above-board my ar....................aunt Fanny!!

Hello Charity,

You are of course totally right on this Cabot are so desperate ti thwart CCA request they are claiming not to have received ( Via their various tame solicitors) not to have received the stat fee and / or the request when the sender has the delivery date a copy of the signature and a copy of the PO sent.

To suggest that Cabot is being open and above board is naïve to say the least and delusional at the worst.

nem

[Noah]

Re: Cabot Financial

I was not suggesting in any way that cabot are nice people

My point was that as part of the FCA rules they must keep the debtor informed of the process of the CCA request . Therefore, if they write saying they are requesting the agreement from the original creditor and anticipate it will take 40 days they are doing what is required.

Maybe you can read what I said again
You will see it was only in reference to saying it could take 40 days and nothing else

In the past they used to write acknowledging the request and saying if they could not supply it in 12 days they would write again which of course would cost them more time and money. By streamlining and rationalising the process it increases efficiency, saves costs and aids increase in profits. Remember everything they do is designed to increase profits.

Lets face it, if they did not keep the debtor informed, you, me and others would be using it as a stick to beat them