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Advice please
Hi.
Not sure if I am posting this correctly, apologies if not.
The background to my query is that on the 13th March this year I received a letter fom Cabot Financial (Europe) ltd informing me that they had purchased an account I held with Goldfish Bank (I believe this to be in relation to a credit card taken out with Morgan Stanley in 2002.) In the same envelope was another letter from Goldfish confirming that the account had been assigned to Cabot Financial. As requested in the Cabot Financial letter I contacted them through their website and offered to maintain the same level of payment that had been paid monthly to Morgan Stanley under a re payment agreement that has been in force since 1st July 2003. On the 19th March I recieved another letter from Cabot Finacial Ltd confirming that the payment offered had been agreed and detailing the terms for payment. On the 24th September I recieved another letter from Cabot again confirming the previously agreed terms for repayment. A further letter from Cabot was received on the 22nd October headed REPAYING YOUR ACCOUNT and confirming my recent payment but stating that "where applicable, we'll continue to charge interest on the account until we've agreed a repayment plan" It would appear from the current balance due that Cabot are applying interest although I have maintained the monthly agreed payment. Does anyone have any advice as to how I should respond to Cabot as my understanding is that DCA's can show interest but not apply this as long as the agreed repayment plan is adhered to. I do not dispute the debt but am confused as I understood the debt to refer to a Morgan Stanley Dean Whitter credit card. Prevoius correspondence has always been from Morgan Stanley. I have never had any communication from Goldfish Bank until the letter dated 13th March.
Sorry for the long ramble.
Not sure if I am posting this correctly, apologies if not.
The background to my query is that on the 13th March this year I received a letter fom Cabot Financial (Europe) ltd informing me that they had purchased an account I held with Goldfish Bank (I believe this to be in relation to a credit card taken out with Morgan Stanley in 2002.) In the same envelope was another letter from Goldfish confirming that the account had been assigned to Cabot Financial. As requested in the Cabot Financial letter I contacted them through their website and offered to maintain the same level of payment that had been paid monthly to Morgan Stanley under a re payment agreement that has been in force since 1st July 2003. On the 19th March I recieved another letter from Cabot Finacial Ltd confirming that the payment offered had been agreed and detailing the terms for payment. On the 24th September I recieved another letter from Cabot again confirming the previously agreed terms for repayment. A further letter from Cabot was received on the 22nd October headed REPAYING YOUR ACCOUNT and confirming my recent payment but stating that "where applicable, we'll continue to charge interest on the account until we've agreed a repayment plan" It would appear from the current balance due that Cabot are applying interest although I have maintained the monthly agreed payment. Does anyone have any advice as to how I should respond to Cabot as my understanding is that DCA's can show interest but not apply this as long as the agreed repayment plan is adhered to. I do not dispute the debt but am confused as I understood the debt to refer to a Morgan Stanley Dean Whitter credit card. Prevoius correspondence has always been from Morgan Stanley. I have never had any communication from Goldfish Bank until the letter dated 13th March.
Sorry for the long ramble.
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