Citi credit card debt now with Cabot

[sporty]

Hi,

I had a credit card from Citi with a rather high limit for which I always paid on time through my linked bank account. However, in 2008, due to urgent relocation, I _did not_ ensure to pay them before I left.

Citi didn't contact me at my email or phone and as I had changed country, I didn't get any posts. Now I come back to UK and find an entry against my name in equifax - default from Cabot. I called Cabot and they say that I owe them a HUGE amount of money because Citi sold the debt to them. I am willing (and able) to pay the debt, but don't want to pay the ridiculous amount of charges to either Citi or Cabot. My understanding also is that Cabot would have bought this debt from Citi at 15% to 20% of what they are asking me now.

My questions are:

1. Shall I pay to Citi or Cabot? So far, I haven't got a letter from either Citi or Cabot. I proactively called Cabot to know what was happening after seeing default against my name in equifax. Also to note is that my other cards/accounts with other banks are fine.
2. How do I ensure that I don't pay the charges but only the amount that was due.
3. What are the steps involved in making sure that I pay to the right party, pay the fair amount and get my credit rating cleared

Any help/guidance will be much appreciated.

Thanks a lot

[ODC]

Re: Citi credit card debt now with Cabot

How long since you last made a payment or WRITTEN acknowledgement of the alleged debt

[toomanycalls]

Re: Citi credit card debt now with Cabot

You need to find out first if Cabot are just collecting for citi or own the debt so that you deal with the right people. You need to SAR citi to get the information and find out exactly what charges were added. You could then adapt the letter that Tools used against Barclaycard to reclaim charges. Getting the credit file clear will be harder though.

[LuggerBugs]

Re: Citi credit card debt now with Cabot

If Cabot have taken over the recording of the default with the CRA, then it is Cabot who now own the debt.

Morally, I'd say it's quite right and proper to fight Cabot. Cabot use one law to hound peole for money with most debtors never envisaging their contract would be transferred to the bottom feeders of the industry. Similarly, I can see no reason whatsoever to fight debt collection companies with whatever law has been drafted. The principals are the same, so don't be fobbed off with protestations of morality from Cabot Towers.

[dantheman]

Re: Citi credit card debt now with Cabot

What happened to the Cabot fan club - not so many postings of late?

Cabot don't go away and they never give up. The did with Alliance and Leicester due to not being able to fulfil s77/78 and I issued a Stat Barred on 10th February - heard nothing since. The point for Sporty is from my experience of Cabot - they will have bought the debt. But you should check.

Also start with issuing the s77/78 and edge forward as you learn a bit and keep on here at LB for great support and information.

Good luck and try and not let then get to you.

[ODC]

Re: Citi credit card debt now with Cabot

Cabot do give up. I had them on my case and found they soon crawled back under their stone when I ccaed them.

[dantheman]

Re: Citi credit card debt now with Cabot

I wish they would do the same for me. They have only gone silent whist the prepare the SAR. I have no idea what to expect. From my experience so far the definitely don't give up too easily. Sorty like myself needs to find out how busy Cabot have been and what they have, then we both can make a plan.

Good luck to Sporty... we both need it.

[golanchi]

Re: Citi credit card debt now with Cabot

What is a 's77/78' and ' stat barred'?
I am due for a redetermination hearing on the 27th June to reduce the asking monthly payments. Can I ask for a SAR now or is it too late?

[WendyB]

Re: Citi credit card debt now with Cabot

It is never too late to ask for SAR. Statute barred is if the debt was over 6 years old when you last acknowledged it. Debts whih have a CCj never become statute barred, although if it was SB before the case was brought you may possibly have a case for getting it set aside, I'm not sure on that though. S77 and 78 are sections of the CCA regulations.