Cabot claiming "Failed Agreement" - but I've not missed a payment!

[CleverClogs]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Dear Sirs,

It has been my custom since my financial situation worsened, to derive some entertainment and pleasure from paying my bills. I write out the names of my creditors on slips of paper, drop them into a silk (top) hat last worn by my vaudevillian grandfather then, with my eyes tightly closed, I select five slips of paper at random. Those will be the creditors who will receive a payment from me that month.

Cabot has been quite remarkably lucky, as it has been drawn from the hat ever since I started this system.

However, your latest letter has upset me so greatly that, until I receive a full and contrite apology, I will no longer put your name in the hat for future draws.

[scottmoran]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

After my letter which I sent after my last post, I received the following reply from Cabot. In a nutshell, they can't provide a copy of the credit agreement yet - apparently it may take up to 40 days. They don't however mention the statement of account that I also asked for in the same letter.

Should I just wait to see what happens, or respond to them again? I've typed out the full letter below.

Many thanks,

Scott.



"Thank you for your letter received in our office on 11 March 2013. I regret that you have felt cause to contact Cabot Financial and apologies for any inconvenience that you may have experienced in relation to this matter.

Our Understanding of your complaint
I understand that you are dissatisfied with correspondence you have received from Cabot advising that your repayment arrangement has failed. In your letter you state that you are not in breach of your arrangement and therefore consider our letters to be considered harassment In addition I notice that you are requesting a copy of your credit agreement pertaining to your account , pursuant to section 77/78 of the Consumer Credit Act 1974 ("CCA").

Our Investigation
I have reviewed our records and note that the letters in question were automatically generated as a result of a system error. It is clear that your repayments are consistent towards this account and your arrangement remains in place for a month;y payment of £5.00.

Conclusion
On behalf of Cabot, please accept my sincere apologies for any inconvenience this matter may have caused. I can assure you that Management are aware of the aforementioned system error and the relevant actions have been taken to rectify the same and prevent any further reoccurrence.

In relation to your request for information under section 77/78 of the CCA, Cabot currently do not have this information on file. However, we have requested the relevant information from the original lender. We anticipate that we will be able to provide this information within 40 days. In the event we are unlikely to obtain this information within those time limits, we will write to you again.

Please note that under the terms of our complaints procedure this is our final response. If you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Service ("FOS"), within six months from the date of this letter. For more information please read the enclosed guide.

May I take this opportunity to thank you for bringing this matter to our attention and I trust I have set out our position clearly."

[Kafka]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

this looks like one where you just sit and wait. :whistle:

You still haven't provided the timeline asked for or the further details. There are other possible grounds for action by you, relating to the default process, the assignment (assuming that Cabot own it but you haven't said) and any charges added on that don't form part of any debt. We can't help further without all the details, and these should help you to kick this one into touch.

[gravytrain]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

I would let them know that you still require an upto date statement. otherwise how will you know that your payments are being credited.
I wouldn't hold my breath for the copy though.

[bluebottle]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

I would let them know that you still require an upto date statement. otherwise how will you know that your payments are being credited.
I wouldn't hold my breath for the copy though.

The statement is very important, especially to check that all payments are being correctly applied. It will be interesting to see if Cabot can obtain a copy of the original agreement. As Kafka says, there's a lot of things Cabot do which are, how can I put it, not exactly compliant with what Parliament has said they can and cannot do.

[FlamingParrot]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

I would let them know that you still require an upto date statement. otherwise how will you know that your payments are being credited.
I wouldn't hold my breath for the copy though.

…and that no interest is being added… many people have been making payments for years, only to find the balance has hardly come down. One case I know of, out of £5k paid into a CCCS run DMP over a year, the overall debt had reduced by just under £500! :rant: The most extreme case I know is where someone had been making payments since 2000 and all the while interest was being added - 12 years on, the alleged outstanding balance stood at £22,000!!! :scared: :scared: :scared:

The statement is very important, especially to check that all payments are being correctly applied. It will be interesting to see if Cabot can obtain a copy of the original agreement. As Kafka says, there's a lot of things Cabot do which are, how can I put it, not exactly compliant with what Parliament has said they can and cannot do.

Having their response to the CCA request and a statement should put thing into perspective. As long as payments are being made, this will never be Statute Barred and there's no absolute certainty that no court action will be taken, Cabot have been known to take legal action again against people sticking to their payment arrangements. :mad2:

If there is no proper agreement and it will take years to clear the alleged balance, it may be worth stopping payments to let it go SBd.

[scottmoran]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Way back in March (see start of this thread) I wrote to Cabot asking them for the original credit agreement and a statement. After a couple letters (and a few months) telling me they are trying to provide it, I received this letter:

Your request for information under the consumer credit act
Unfortunately Cabot has not been able to provide you with the requested information within the relevant time period.

What happens next
We shall continue to request the information from the original lender to assist you with your request. In the meantime, we would like to inform you that your account will remain on hold with the Consumer Assurance Department until such time we can comply with your request.

Your Account
Your credit agreement is currently unenforceable, which means we're not permitted to obtain a judgement or decree against you in court. However you are still obliged to repay the outstanding balance as confirmed in this letter and therefore we would recommend you contact us as soon as possible to set up a repayment plan or continue with your existing payment plan.

Should I respond to this and if so how? Also, they still haven't provided a statement, which was also requested 5 months ago!

Would really appreciate your help and advice please.

Many thanks,

Scott.

[CleverClogs]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Make several Xerox copies of that letter and file it and the copies away safely.

It hardly seems necessary to make any response, but you could write to thank them for having confirmed the suspicion (raised by their settlement offer) that the alleged debt was unlikely to be enforceable at law.

If you want to keep paying those greedy buggers £5 a month, then do so. Personally, I'd not give them one penny more but would wait until they sell it to MacKenzie Hall, the firm where alleged debts go to die.

[ruthie59]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

I would love to know what their 'Consumer Assurance Department' (see paragraph 2) do to earn their money as, speaking from experience, the last thing they do is to assure their clients.

[charitynjw]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

I would love to know what their 'Consumer Assurance Department' (see paragraph 2) do to earn their money as, speaking from experience, the last thing they do is to assure their clients.

Simple!
They assure customers that they have got to pay up!
(Even if, legally, there is no such requirement!)

[scottmoran]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Make several Xerox copies of that letter and file it and the copies away safely.

It hardly seems necessary to make any response, but you could write to thank them for having confirmed the suspicion (raised by their settlement offer) that the alleged debt was unlikely to be enforceable at law.

If you want to keep paying those greedy buggers £5 a month, then do so. Personally, I'd not give them one penny more but would wait until they sell it to MacKenzie Hall, the firm where alleged debts go to die.

I'd love not to pay them, but what if they somehow get hold of the credit agreement and start to get nasty again?

Scott.

[CleverClogs]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

I'd love not to pay them, but what if they somehow get hold of the credit agreement and start to get nasty again?

What if you won such a fortune on the fussball pools that you were able to buy their stinking company?

Neither is at all likely, even if you do play the pools. :grin:

If they were to cobble together something they purported to be a reconstituted twue copy of the executed agreement and a copy of the terms and conditions referred to in the agreement, then you could start to pay them once more - or not, if their reconstituted twue copy is the usual load of crap.

However, if you do continue to pay those varmints, the debt will never become statute barred.

[scottmoran]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Cool, thank you.

Presumably I'd need to write to them to tell them that I know I don't legally have to pay them since they can't provide the true copy of the agreement.

Any suggestions of what to write?

Scott.

[scottmoran]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Or do you think it's safer just to insist on them providing a statement?

Scott.

[CleverClogs]

Re: Cabot claiming "Failed Agreement" - but I've not missed a payment!

Or do you think it's safer just to insist on them providing a statement?.

Why do you wish to torment them?