Cabot purchased old 2009 Santander overdraft ... Please Help!!

[tankusmaximus]

Hi Guys


Just need a little advice


what I know:

• I used to have an Abbey National account way back 2003 - 2008 with an overdraft.
• After loosing my job in 2008 i accrued an overdraft debt of £3600.
• In August 2009 Abbey changed to Santander and the account went delinquent and I was defaulted
• I entered a debt managed programme in 2009 and agreed to pay Santander £1 until i prematurely came out of my debt management programme in 2014
• The default dropped off in 2015

Fast forward to todays date:

• As of last week Santander have sold this debt to Cabot and i received the documentation
• I understand due to me paying Santander the debt is not SB (however Santander haven't chased for 3 years and I've never moved house)

What I need Help with:

• Do I send Cabot a prove it letter....if so which one
• Is an overdraft debt treated the same as a CC debt etc
• Clearly they can still threaten to CCJ me, however can cabot re add a default thats dropped off
• Or if I agree to pay them will Cabot re appear on my credit report as a new creditor?

Best
Tank

[warwick65]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Hi

An OD is treated differently than a loan or CC debt as there are parts of the Consumer credit Act that do not apply.

Have Cabot sent you anything other than the basic hello letter , are they actively chasing the debt?

I would not engage with Cabot unless you have to but if you do , I do have a couple of letters I have used to some success with O/D's in the past. I am happy to post them if needed but they came from another forum I think it is only right to acknowledge the owner of that other forum and thank him for his help.

[Onestepatatime]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

[MENTION=98117]warwick65[/MENTION] if you'd be kind no enough to on me the letters I'd be happy to take a look

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Hi

An OD is treated differently than a loan or CC debt as there are parts of the Consumer credit Act that do not apply.

Have Cabot sent you anything other than the basic hello letter , are they actively chasing the debt?

I would not engage with Cabot unless you have to but if you do , I do have a couple of letters I have used to some success with O/D's in the past. I am happy to post them if needed but they came from another forum I think it is only right to acknowledge the owner of that other forum and thank him for his help.

@warwick65 Amazing thankyou so much.

At this time its just a welcome pack lol, meaning the usual notice of sale to cabot and the hello letter .... nothing to say they are chasing at the moment however i do expect another letter soon

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

@warwick65 Amazing thankyou so much.

At this time its just a welcome pack lol, meaning the usual notice of sale to cabot and the hello letter .... nothing to say they are chasing at the moment however i do expect another letter soon

Hey [MENTION=98117]warwick65[/MENTION] any joy with those letters, it would be great to have them and be prepared

thanks again

best
tank

[warwick65]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Hi
Sorry missed these completely let me find the first one for you

[warwick65]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

This is the first letter

Dear Sirs,
Reference: 123456789
Under the provisions of The Consumer Credit (EU Directive) Regulations 2010 and also c.39 (s.74 (A&B) (VA)) CCA(1974) I wish to formally request a copy of the original overdraft agreement and relevant paperwork that you should be sending me annually, for the above numbered bank account with [enter bank name here].
As I held what can only be regarded as an 'Agreed Overdraft', which has now reverted to an 'Unauthorised Overdraft' then the lending becomes regulated in line with c.39 Part VA (s.74) (s.1(b)) CCA1974 meaning the normal rules and CCA(1974) protection applies to this account.
You should be sending an annual reminder to me regards the overdraft, as well as copies of the original agreement made and an annual renewal form that contains the relevant prescribed terms that are clearly outlined in s.74(A)2(a,b,c,d,e). I highlight this provision for your perusal;
s.74A(2) The current account agreement must include the following information at the time it is made:
(a) the rate of interest charged on the amount by which an account-holder overdraws on the current account or exceeds the pre-arranged overdraft limit,
(b) any conditions applicable to that rate,
(c) any reference rate on which that rate is based,
(d) information on any changes to the rate of interest (including the periods that the rate applies and any conditions or procedure applicable to changing that rate), and
(e) any other charges payable by the debtor under the agreement (and the conditions under which those charges may be varied).
You should also be paying attention to s.74(B)(2) which reads, I quote;
s.74B(2) The matters referred to in subsection (1) are:
(a) the fact that the current account is overdrawn or the overdraft limit has been exceeded,
(b) the amount of that overdraft or excess,
(c) the rate of interest charged on it, and
(d) any other charges payable by the debtor in relation to it (including any penalties and any interest on those charges).
Therefore in line with the above, please could you send me what you should have been doing annually and have not been, to allow me to take whatever action I deem appropriate?
I trust that I have set out the position clearly and I await your response with the requested information.
Yours faithfully,

You may well get the standard response of ODs aren't covered by the CCA at which point you can post letter two.

As I say, it has helped me get some accounts put back in their boxes although there is still time for them to rear their ugly heads again so I can't promise it is a fix.

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

This is the first letter



You may well get the standard response of ODs aren't covered by the CCA at which point you can post letter two.

As I say, it has helped me get some accounts put back in their boxes although there is still time for them to rear their ugly heads again so I can't promise it is a fix.

Hey Warwick

I really appreciate all your help thus far, do you by chance have the second letter .... just getting all my ducks in a Row now

Best
Russ

[warwick65]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

I will try to dig it out. If I forget send me a PM with a link and it will jog my memory or tag me - however I don't always see tags

to tak @followed by name so [MENTION=98117]warwick65[/MENTION]

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Once again you're a star @warwick65

Many thanks for your rapid response and help

Best

Tank

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Once again you're a star @warwick65

Many thanks for your rapid response and help

Best

Tank

Hey Guys just a quick update. All i've received so far is a couple of letters from Cabot saying they want to help me with my financial situation....very nice of them however no threats as yet.

Am I right in thinking that clearly as the default dropped off so long ago I cant even remember being defaulted and since there is no record of it on my credit file then all cabot could do is threaten a CCJ.

If so my next move would be to send the letter provided and ask them to not only provide the agreement but all supporting statements etc etc.....if they then cant provide these then no court case?

Best

[Diana M]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Am I right in thinking that clearly as the default dropped off so long ago I cant even remember being defaulted and since there is no record of it on my credit file then all cabot could do is threaten a CCJ.

.....if they then cant provide these then no court case?

I'm afraid the answer to your question is Cabot can issue a claim without all the necessary documents but whether they'd win in court is another matter.

Once challenged to produce the documents they may attempt to reconstitute anything they haven't got in their possession.

If you ask them for paperwork now they'll set about finding it.

The reason there's no sign of your account on any CRA files will probably be because it was defaulted six years ago or more so the file has been removed.

Di

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Many thanks Diana, so the best thing to do at this stage would be to ask them to prove it, by sending the above letter.

I thought my best bet was to stay schtum until they threaten a CCJ..no?

T

[warwick65]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Hi Tank

I've seen but not yet read your pm, on my way home from a weekend of being a little boy again - being spoilt by my Mum!

When I get home I will try to look out the letter and get it posted.

I totally concur with what Di said, remember the letters I have posted may have little legal significance but for whatever reason have helped me keep creditors at bay.

[tankusmaximus]

Re: Cabot purchased old 2009 Santander overdraft ... Please Help!!

Hi Tank

I've seen but not yet read your pm, on my way home from a weekend of being a little boy again - being spoilt by my Mum!

When I get home I will try to look out the letter and get it posted.

I totally concur with what Di said, remember the letters I have posted may have little legal significance but for whatever reason have helped me keep creditors at bay.

Hey @wawick65

Many thanks buddy, I suppose the question to you both is whether I should be sending the first letter now...its ready to go, or when Cabot take it to the next stage?

Best

T