Cabot and My Matter

[masaveo]

Hi All,

My case is quite indirect. MAybe i can get guidance on how best to approach this matter.

I got a loan of £12000 (Second Mortgage) from Welcome Finance in May 2009 which has been purchased by Cabot Financial (Account started May 2009 and Defaulted August 2010) , due to hard times and unforseen issues i was unable to meet up payments and the account became seriously overdue and defaulted.

Now i am looking for employment and some of the criteria is a credit check which will require clearance for the roles i have been shortlisted for.

I am not sure if the account becomes statue barred next year 2016

I am confused as to how approach this debt and perhaps negotiate a cheaper pay out or all the same avoid it

[FlamingParrot]

Re: Cabot and My Matter

Hi All,

Hi and welcome

My case is quite indirect. MAybe i can get guidance on how best to approach this matter.

I got a loan of £12000 (Second Mortgage) from Welcome Finance in May 2009 which has been purchased by Cabot Financial (Account started May 2005 and Defaulted August 2010) , due to hard times and unforseen issues i was unable to meet up payments and the account became seriously overdue and defaulted.

Is this loan still secured on the property you currently own or did you sell it and it became un-secured?

Now i am looking for employment and some of the criteria is a credit check which will require clearance for the roles i have been shortlisted for.

I am not sure if the account becomes statue barred next year 2016

To clarify, statute barred and defaults recorded on your credit file are totally separate matters. A default always drops off six years after being recorded regardless of what you do with the account, whether you make payments or not, whether you acknowledge the debt or even if you pay it off. If it's paid in full it would be marked as 'settled' or 'satisfied', but it would still be there, for the full six years.

Statute barred refers to a period without any payments or written acknowlegment of the debt. In the case of mortgages and secure loans, the limitation period is 12 years rather than six so even if the default has dropped off your credit file, the debt still wouldn't be SBd.

I am confused as to how approach this debt and perhaps negotiate a cheaper pay out or all the same avoid it



The Account becomes statue barred next year anduent

Sadly not, see above. :ohwell: For the purpose of your credit file, if they accept a partial payment in full and final settlement, the account will be marked as 'partially satisfied' but would still show up for another year. Having said that, the criteria for credit checks varies from company to company as do their policies. For example, M&S Money wouldn't hire you if you had any defaults at all whilst Lloyds were happy with two defaults but no more than that. RBS decided a single default was enough to revoke a job offer. Searches may not always cover the full six years, some may be limited to just three years.

[nemesis45]

Re: Cabot and My Matter

Hi All,

My case is quite indirect. MAybe i can get guidance on how best to approach this matter.

I got a loan of £12000 (Second Mortgage) from Welcome Finance in May 2009 which has been purchased by Cabot Financial (Account started May 2005 and Defaulted August 2010) , due to hard times and unforseen issues i was unable to meet up payments and the account became seriously overdue and defaulted.

Now i am looking for employment and some of the criteria is a credit check which will require clearance for the roles i have been shortlisted for.

I am not sure if the account becomes statue barred next year 2016

I am confused as to how approach this debt and perhaps negotiate a cheaper pay out or all the same avoid it




The Account becomes statue barred next year anduent

Hi,

Some of these Welcome 2nd Mortgages never appeared on credit files, when did you last check your credit files?

nem

[Kafka]

Re: Cabot and My Matter

Welcome have a nasty habit of piling bogus charges onto struggling accounts, so that they don't get paid off, and they rarely send out statements in order to hide the charges they have added.

If you end up having to settle this with them, it would be worthwhile sending a Subject Access Request to Welcome to obtain all the data and that will show a lot of charges that aren't actually part of any debt owed.

[nemesis45]

Re: Cabot and My Matter

Hi All,

My case is quite indirect. MAybe i can get guidance on how best to approach this matter.

***********I got a loan of £12000 (Second Mortgage) from Welcome Finance in**** May 2009*** which has been purchased by Cabot Financial (Account started May 2005 and Defaulted August 2010) *******, due to hard times and unforseen issues i was unable to meet up payments and the account became seriously overdue and defaulted.

Now i am looking for employment and some of the criteria is a credit check which will require clearance for the roles i have been shortlisted for.

I am not sure if the account becomes statue barred next year 2016

I am confused as to how approach this debt and perhaps negotiate a cheaper pay out or all the same avoid it




The Account becomes statue barred next year anduent

Can you explain the statement "a loan from Welcome in 2009: " " account started 2005 defaulted 2010 please"

nem

[masaveo]

Re: Cabot and My Matter

Hi I checked lastweek , It was sold off to Cabot Financial

[masaveo]

Re: Cabot and My Matter

Hi

I took out a loan from Welcome finance in 2009 and the account was opened. Sorry the 2005 was a typo and meant to be 2009

[masaveo]

Re: Cabot and My Matter

Hi,

How can i obtain a Subject Access Request and where do i actually start from . Quite confused here.

Is it worth Approaching Cabot with a deal to discount the amount and agreeing a deal

[nemesis45]

Re: Cabot and My Matter

Hi

I took out a loan from Welcome finance in 2009 and the account was opened. Sorry the 2005 was a typo and meant to be 2009

Thanks for clarifying I thought perhaps Cabot had made a " mistake" in the dates.


nem

- - - Updated - - -

Hi

I took out a loan from Welcome finance in 2009 and the account was opened. Sorry the 2005 was a typo and meant to be 2009

Thanks for clarifying I thought perhaps Cabot had made a " mistake" in the dates.

The SAR goes to Welcomes head office for the attention of the Data Controller.

There's a £10 statutory fee to pay use a cheque or postal order endorsed " For Statutory Fee Only", use the template from the forum library.
Welcome has 40 days to comply.

Provide the address as it was when the account was opened and any other changes of address, don't forget to sign the request.
I would not be seeking a settlement with Cabot just yet.
nem

[FlamingParrot]

Re: Cabot and My Matter

How can i obtain a Subject Access Request and where do i actually start from . Quite confused here.

Below is a SAR letter I've used a number of times, should give you a starting point but you may have to adapt it a little. It should be sent with a cheque or PO for £10, by recorded delivery so you can track receipt. The should respond in 40 days. :thumb:

Dear Sirs

Ref: xxxxxxxx

Subject Access Request - S.7 Data Protection Act 1998

Under the Data Protection Act 1984 and 1998, and including the right of subject access under these acts, I hereby request that you supply me with any and all historical data in your possession which, in any way appertains to me, including (but not exhaustively) a copy of the original signed executed agreement; statements of account; duplicate statements and/or printouts of all account transactions; all internal and external correspondence sent or received by you including memos, logs, notes, screen prints and transcripts; notes of manual interventions such as telephone attendants' notes, copies of stored telephone conversations, internal and external emails; any other information held on all types of media in any relevant filing system. If you have disclosed any information to a third party (with or without my express permission), will you please include details of this in your reply, along with notes of any legal action passed or pending (to include a true copy of default notices, court orders and the like).

If you store any of the older records on microfiche, please be aware that the Information Commissioner deems this to be a relevant filing system under the Act. As such, any microfiche data must be sent to me in fully legible and comprehensible form.

Where any information that you provide includes any charges, for example returned payments, late payment fees, and so forth, would you please advise your breakdown of actual costs (liquidated damages) incurred for each charge, and the Term or Condition on which you rely upon to claim such a charge. I also require that you forward, within the above mentioned time scale, a true copy of the Terms and Conditions that were in force at the time my account was opened, and any subsequent amendments to those Terms and Conditions.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my business with you. If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

I enclose the statutory maximum fee of £10.00 to access ALL data held by you about myself. You have 40 days in which to comply with this request.

Yours faithfully,

Is it worth Approaching Cabot with a deal to discount the amount and agreeing a deal

I wouldn't be doing that just yet, not until you have all the details.

[masaveo]

Re: Cabot and My Matter

Hi

Thanks for your quick feedback, I have sent the letter and hopefully they will come back quicker than i thought and that will now leave me alot of analysing and reading the documents on how i can negotiate and look for loop holes to get a deal from Cabot Financial.

I will keep you posted