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Cabot Financial (uk) limited - Unlicensed trading?

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  • Cabot Financial (uk) limited - Unlicensed trading?

    The FCA register is https://register.fca.org.uk/

    http://fca-consumer-credit-interim.f...w?accId=472690

    Basic details




    Cabot Financial (UK) Limited
    472690
    Lapsed
    1 Kings Hill Avenue Kings Hill
    West Malling
    Kent ME19 4UA
    1 Kings Hill Avenue Kings Hill
    West Malling
    Kent ME19 4UA
    +441732524600


    Willem Wellinghoff
    wwellinghoff@cabotfinancial.com

    Consumer credit act

    http://www.legislation.gov.uk/ukpga/1974/39/section/40


    40 Enforcement of agreements made by unlicensed trader.


    [F1(1)A regulated agreement is not enforceable against the debtor or hirer by a person acting in the course of a consumer credit business or a consumer hire business (as the case may be) if that person is not licensed to carry on a consumer credit business or a consumer hire business (as the case may be) of a description which covers the enforcement of the agreement.
    (1A)Unless the OFT has made an order under subsection (2) which applies to the agreement, a regulated agreement is not enforceable against the debtor or hirer if—
    (a)it was made by the creditor or owner in the course of a consumer credit business or a consumer hire business (as the case may be); and
    (b)at the time the agreement was made he was not licensed to carry on a consumer credit business or a consumer hire business (as the case may be) of a description which covered the making of the agreement.
    (2)Where—
    (a)during any period a person (the ‘trader’ has made regulated agreements in the course of a consumer credit business or a consumer hire business (as the case may be), and
    (b)during that period he was not licensed to carry on a consumer credit business or a consumer hire business (as the case may be) of a description which covered the making of those agreements,he or his successor in title may apply to the OFT for an order that the agreements are to be treated for the purposes of subsection (1A) as if he had been licensed as required.]
    (3)Unless the [F2OFT] determines to make an order under subsection (2) in accordance with the application, [F3it] shall, before determining the application, by notice—
    (a)inform the applicant, giving [F4its] reasons, that, as the case may be, [F3it] is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and
    (b)invite the applicant to submit to the [F2OFT] representations in support of his application in accordance with section 34.
    (4)In determining whether or not to make an order under subsection (2) in respect of any period the [F2OFT] shall consider, in addition to any other relevant factors—
    (a)how far, if at all, debtors or hirers under [F5the regulated agreements in question] were prejudiced by the trader’s conduct,
    (b)whether or not the [F2OFT] would have been likely to grant a licence covering [F6the making of those agreements during] that period on an application by the trader, and
    (c)the degree of culpability for the failure to [F7be licensed as required] .
    (5)If the [F2OFT] thinks fit, [F8it] may in an order under subsection (2)—
    (a)limit the order to specified agreements, or agreements of a specified description or made at a specified time;
    (b)make the order conditional on the doing of specified acts by the applicant.
    [F9(6)This section [F10(apart from subsection (1))] does not apply to a regulated agreement F11. . . made by a consumer credit EEA firm unless at the time it was made that firm was precluded from entering into it as a result of—
    (a)a consumer credit prohibition imposed under section 203 of the Financial Services and Markets Act 2000; or
    (b)a restriction imposed on the firm under section 204 of that Act.]
    [F12(7)Subsection (1) does not apply to the enforcement of a regulated agreement by a consumer credit EEA firm unless that firm is precluded from enforcing it as a result of a prohibition or restriction mentioned in subsection (6)(a) or (b).
    (8)This section (apart from subsection (1)) does not apply to a regulated agreement made by a person if by virtue of section 21(2) or (3) he was not required to be licensed to make the agreement.
    (9)Subsection (1) does not apply to the enforcement of a regulated agreement by a person if by virtue of section 21(2) or (3) he is not required to be licensed to enforce the agreement.]

    M1
    Tags: None

  • #2
    Re: Cabot Financial (uk) limited - Unlicensed trading?

    I wonder if the FCA is allowing ( as did the OFT) companies to trade until the FCA gets round to reviewing licences?
    If this is the case then the more information on the conduct of Cabot is reported it may well influence a decision.

    nem

    Comment


    • #3
      Re: Cabot Financial (uk) limited - Unlicensed trading?

      They now seem to have switched to trading under Cabot Financial (Europe) Limited and Cabot Financial (Marlin) Limited, both of which are currently authorised.

      If they are still using the old names in correspondence then that is obviously wrong, but perhaps an admin mistake?

      https://register.fca.org.uk/shpo_sea...abot+financial

      http://www.cabotfinancial.co.uk/

      Cabot Financial (Europe) Limited, part of the Cabot Credit Management Group, is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Company number 03439445. VAT Registration Number 725037061
      Registered addr: 1 Kings Hill Ave, Kings Hill, West Malling, Kent, ME19 4UA

      Comment


      • #4
        Re: Cabot Financial (uk) limited - Unlicensed trading?

        Originally posted by Nibbler View Post
        They now seem to have switched to trading under Cabot Financial (Europe) Limited and Cabot Financial (Marlin) Limited, both of which are currently authorised.

        If they are still using the old names in correspondence then that is obviously wrong, but perhaps an admin mistake?

        https://register.fca.org.uk/shpo_sea...abot+financial

        http://www.cabotfinancial.co.uk/
        Famous for their " Clerical " errors!

        nem

        Comment


        • #5
          Re: Cabot Financial (uk) limited - Unlicensed trading?

          Clerical error ? On the assignment, various begging letters and on a claim form with a statement of truth ?

          Somebody has seriously messed up and as far as i see this info should be brought to the attention of the claimant, claimants legal team, court, SRA and FCA in every single case.

          Massive IMHO.

          M1

          Comment


          • #6
            Re: Cabot Financial (uk) limited - Unlicensed trading?

            Interesting and breaking rules but every time I have see things like this the finance companies are allowed to remedy the situation. Obviously if it was the debtor making an error then they would be hung drawn and quartered for it. I'm not bitter

            Comment


            • #7
              Re: Cabot Financial (uk) limited - Unlicensed trading?

              Originally posted by meellis View Post
              Interesting and breaking rules but every time I have see things like this the finance companies are allowed to remedy the situation. Obviously if it was the debtor making an error then they would be hung drawn and quartered for it. I'm not bitter
              Not sure how they can remedy this. It should feature in every defence if it's this version o Cabot that is being dealt with.

              M1

              Comment


              • #8
                Re: Cabot Financial (uk) limited - Unlicensed trading?

                I know what you mean M1 just seen things like it been brought up like it by others notably Swift and it was ignored. I understand there is the regulated/unregulated argument as difference between this and Swift but it seems that some things are hard and fast rules for some but guidelines for others. I hope somebody could get this to work as a defence because it might set a president but who knows.

                Comment


                • #9
                  Re: Cabot Financial (uk) limited - Unlicensed trading?

                  As i understand it, it already has. Paul mentioned it and i saw it elsewhere too although i've not seen a concrete explanation or forum thread.

                  If there is a precedent on this i'll be amazed as that'd mean someone needs to appeal and that's unlikely. If Cabot lost in the lower court they'd be mental to risk an appeal court verdict and the little guy doesn't go to an appeal court that often. Never say never of course.

                  The 1st question i'd be asking on a Cabot thread is, Which Cabot ?

                  M1

                  Comment


                  • #10
                    Re: Cabot Financial (uk) limited - Unlicensed trading?

                    Originally posted by Nibbler View Post
                    They now seem to have switched to trading under Cabot Financial (Europe) Limited and Cabot Financial (Marlin) Limited, both of which are currently authorised.

                    If they are still using the old names in correspondence then that is obviously wrong, but perhaps an admin mistake?

                    https://register.fca.org.uk/shpo_sea...abot+financial

                    http://www.cabotfinancial.co.uk/
                    Hicks v Walker & Reynolds, cant be done, you cannot use a licensed agent to get round the rules

                    - - - Updated - - -

                    Originally posted by mystery1 View Post
                    As i understand it, it already has. Paul mentioned it and i saw it elsewhere too although i've not seen a concrete explanation or forum thread.

                    If there is a precedent on this i'll be amazed as that'd mean someone needs to appeal and that's unlikely. If Cabot lost in the lower court they'd be mental to risk an appeal court verdict and the little guy doesn't go to an appeal court that often. Never say never of course.

                    The 1st question i'd be asking on a Cabot thread is, Which Cabot ?

                    M1
                    and guess who's appealing
                    I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                    If you need to contact me please email me on Pt@roachpittis.co.uk .

                    I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                    You can also follow my blog on consumer credit here.

                    Comment


                    • #11
                      Re: Cabot Financial (uk) limited - Unlicensed trading?

                      Originally posted by pt2537 View Post
                      Hicks v Walker & Reynolds, cant be done, you cannot use a licensed agent to get round the rules
                      Yep, don't disagree. Just lost track a bit of where Cabot's assignments are legally held now, under one of the regulated authorised LTD co's, or one of the umbrella/holding ones, given the musical companies game they have been playing this year.

                      Comment


                      • #12
                        Re: Cabot Financial (uk) limited - Unlicensed trading?

                        Originally posted by Nibbler View Post
                        Yep, don't disagree. Just lost track a bit of where Cabot's assignments are legally held now, under one of the regulated authorised LTD co's, or one of the umbrella/holding ones, given the musical companies game they have been playing this year.
                        it has to be under the (UK) Ltd co otherwise no standing to bring a claim
                        I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                        If you need to contact me please email me on Pt@roachpittis.co.uk .

                        I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                        You can also follow my blog on consumer credit here.

                        Comment


                        • #13
                          Re: Cabot Financial (uk) limited - Unlicensed trading?

                          Yep, just dragged this out of a saved random bunch of stuff.

                          2a4c0001.jpg

                          July, where UK (Ltd) are listed as legal owners, despite the CCA lapse in Feb

                          Wonder if the Lawyers know they are acting in the name of an unauthorised company?

                          Comment


                          • #14
                            Re: Cabot Financial (uk) limited - Unlicensed trading?

                            So ... if they're bringing claims to court using Cabot Financial (UK) Ltd they're breaking the law?
                            Debt is like any other trap, easy enough to get into, but hard enough to get out of.

                            It doesn't matter where your journey begins, so long as you begin it...

                            recte agens confido

                            ~~~~~

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                            Comment


                            • #15
                              Re: Cabot Financial (uk) limited - Unlicensed trading?

                              Originally posted by Kati View Post
                              So ... if they're bringing claims to court using Cabot Financial (UK) Ltd they're breaking the law?
                              If they arent authorised then yes
                              I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                              If you need to contact me please email me on Pt@roachpittis.co.uk .

                              I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                              You can also follow my blog on consumer credit here.

                              Comment

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