Cabot tactics?

[GiveCredit]

I am currently in the process of defending a claim by Cabot, and in my research found something that I thought might help, that being, if a default notice has not been made against a creditor, then a CCJ may be invalid and could be removed. I thought this was worth pursuing so inquired at the online company (Liberty Debt Solutions Ltd) what they might be able to do for me.

In the end it appears they cant do anything because the original default notice from the credit card company would still be in force - ie its not necessary for Cabot to make a new default notice.

Then the guy at Liberty said something a bit worrying, which was when Cabot get a charging order on my property (which they already have an interim order) their next step will be to make me bankrupt - not with a view to getting their money of course, but just to be bloodyminded about it as I will still owe them the money anyway.

Has anyone found this to be true? Do Cabot indeed take this sort of action?

Many thanks

[Pursuit of Happiness]

Re: Cabot tactics?

Either the information you have been given is wrong or perhaps you are someone posting from the "dark side."

Cabot are a nasty organisation, but they are not completely stupid. They won't bankrupt you after getting a charging order for the following reasons:

1. Mainly because it would cost them hundreds of pounds extra which they would never recover.

2. Also should your house be sold as part of bankrupcy proceedings, it may be sold cheap and there may not be signficant equity released meaning they could end up with nothing at all including their charging order (which would disappear completely along with their CCJ)

3. They would have to have a VERY large (significant percentage of the house's value) charging order before they could force a sale of the house (that would be a seperate action from bankrupcy).

That is not say that they won't threaten you with bankrupcy to try and trick you into finding a way to pay them (even if they did bankrupt you, if you could find the money to pay them off the bankrupcy would fail - costing them their bankrupcy fees).

Cabot say a lot of things, i wouldn't trust anything they say, in my opinion they are a bunch of cowboys, resist them at every turn.