Cabot Financial UK Ltd

[meellis]

Re: Cabot Financial UK Ltd

This thread is just highlighting the grey areas all of these companies thrive and take advantage in with their operations. When it was questioned about the licences held by a sub prime lender the info given by the OFT was that each separate entity should be licensed for each and every category they operate within. It seems that again the rules and regulations we all interpret as black or white get twisted to suit the situation. As for the last section of that document they are trying to say they can buy and enforce a debt that they cannot prove exists, what tosh.

[pt2537]

Re: Cabot Financial UK Ltd

Group permissions are dead and buried, stop and look at the solicitors industry for an example of that. All solicitors were covered by the group licence but that provision was withdrawn

i cannot see how the rules which have been revoked can be relied upon, it makes no sense.

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The second part of that document shows just how much power undemocratic pressure groups have on legislation.
Because they fear it will reduce their profits they will do everything they can to stop it in its tracks

Do group licences still exist, I thought that they were being phased out

exactly, they dont any more.

And of course we have the Appeal Court decision of Hicks which confirms the use of an agent cannot oust the licening rules under the CCA.

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i would say this, there is an appeal on going which raises the question of licensing, i must stress the licence part of the appeal is a new limb as it wasnt argued below, but FCA guidelines do not change the statute, they do not give the Court a right to ignore the will of parliament, and if the FCA was to be given powers of altering the statutes, then parliament would have passed law to allow for this.

The appeal will answer these points soon enough, in the mean time i see no reason why people cannot raise a challenge of illegality in their defences. Look up Ex Turpi on google

[FlamingParrot]

Re: Cabot Financial UK Ltd

Group of companies' accounts made up to 31 December 2014

[ATTACH=CONFIG]20197[/ATTACH]

Slightly off-topic, but I notice a mention of the proposed Debt Pre-Action Protocol and how that would impact their ability to issue claims due to the fact they do not hold documents, so it looks like they've all been rushing to issue claims in anticipation of such a protocol being implemented which, as stated on the letter, "may limit our ability to commence proceedings to recover a debt". :mmph:

It also says that the much-awaited protocol wouldn't be released in April 2015, they may think it could be released in April 2016 so are trying to get in before that, just like Lowell issued SDs before the FCA took over regulation.

As it stands now, the helpful Annexes A and B of the PD Pre-Action Conduct that referred to money claims got removed in April, presumably to make room for a proper Pre-Action Protocol for those claims, yet the Debt Protocol wasn't released, very likely due to pressure from the credit industry.

[MIKE770]

Re: Cabot Financial UK Ltd

Group permissions are dead and buried, stop and look at the solicitors industry for an example of that. All solicitors were covered by the group licence but that provision was withdrawn

i cannot see how the rules which have been revoked can be relied upon, it makes no sense.

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exactly, they dont any more.

And of course we have the Appeal Court decision of Hicks which confirms the use of an agent cannot oust the licening rules under the CCA.

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i would say this, there is an appeal on going which raises the question of licensing, i must stress the licence part of the appeal is a new limb as it wasnt argued below, but FCA guidelines do not change the statute, they do not give the Court a right to ignore the will of parliament, and if the FCA was to be given powers of altering the statutes, then parliament would have passed law to allow for this.

The appeal will answer these points soon enough, in the mean time i see no reason why people cannot raise a challenge of illegality in their defences. Look up Ex Turpi on google

Time the Judiciary got off its backside and enforced logic & Regulators Regulate, also stop so called Recorders (District so called Judges) ignoring Legislation regarding CCA1974 and non-enforcement/enforcement of the same, whereby a lot are ignoring quotes from Government Legislation referring and stating oh! it is in the White Book!

[Nibbler]

Re: Cabot Financial UK Ltd

Slightly off-topic, but I notice a mention of the proposed Debt Pre-Action Protocol and how that would impact their ability to issue claims due to the fact they do not hold documents, so it looks like they've all been rushing to issue claims in anticipation of such a protocol being implemented which, as stated on the letter, "may limit our ability to commence proceedings to recover a debt". :mmph:

Yes, I left that on the screenshot as I thought people would find that interesting.

[pt2537]

Re: Cabot Financial UK Ltd

Group of companies' accounts made up to 31 December 2014

[ATTACH=CONFIG]20197[/ATTACH]

Nibbler could you perhaps email me that document please? if you have the complete document that is?

My email is paultilley@howlettclarke.co.uk

[Nibbler]

Re: Cabot Financial UK Ltd

It's on the company house beta website. Should have linked first of all. For Cabot Financial Limited, which seems to be one layer up in their 'web'?

Filing history: https://beta.companieshouse.gov.uk/c...filing-history

Doc link: https://beta.companieshouse.gov.uk/c...pdf&download=0

08 May 2015 Group of companies' accounts made up to 31 December 2014, so not sure at what exact point in time that really represents their intentions, or whether it's is also the complete picture, as there are 7/8 linked and tiered companies that make their "group" up.

[mystery1]

Re: Cabot Financial UK Ltd

http://www.specialistautomotivefinan...-authorisation


This is a three-month calendar window during which a firm must submit their application for authorisation in respect of credit-related regulated activities (see ‘Full or Limited Permission’). The first application period started on 1 October 2014 and the final period ends on 31 March 2016. Any firm which fails to submit its application within its three-month application period will lose its Interim Permission, which will lapse, and the firm will need to submit a fresh application for authorisation. It will not be able to continue carrying out regulated consumer credit activities until such time as its application is approved, which may take some time given the volume of applications the FCA is expected to receive.



Seems on the face of it to explain what happened.

M1

[Sparkie1723]

Re: Cabot Financial UK Ltd

I have been reading this thread with some interest and the arguments about if or not Cabot being a creditor conducting regulated CCA business.
I have mulled all this around, as I have had arguments in Court about assignments. I am no legal mastermind of any description, and can only think logically.

In the twilight zone where I spend most of my time, I considered this;
Cabot are debt collectors and have the category on their FCA licence to do this …..No problem. They can collect debts on behalf of other parties/creditors;

This is the argument I would put forward if I was Cabot
In the case of legal assignments the discussion/ argument is if or not Cabot are in truth and fact acting as a creditor conducting consumer credit/lending business.
I don’t think they are;
They did not lend the money in the first instance.
I agree absolutely that they are conducting “a category of consumer credit business”, but not actually lending money…… They are collecting debts that they have bought. The “DEBT” belongs to them.
It is fact that No person or financial Institution needs to have a licence to collect their own debts.
They are not collecting a third parties debt, they are collecting their own……..No licence is required.
They would be collecting or attempting to collect that debt under common law.
I hope I’m wrong in this and it needs better brains than me to think about this angle. But every angle should be considered.

From the twilight zone
Rambling meandering
Sparkie

[mystery1]

Re: Cabot Financial UK Ltd

Post 15 Sparkie covers it pretty well.

I'd also say, if what you say is correct, then when a debt is assigned then that would mean there is no creditor and as such you wouldn't have anyone to send a s77-79 request to as these go to "the creditor" s77 & s78 or "the owner" s79.

M1

[Sparkie1723]

Re: Cabot Financial UK Ltd

Post 15 Sparkie covers it pretty well.

I'd also say, if what you say is correct, then when a debt is assigned then that would mean there is no creditor and as such you wouldn't have anyone to send a s77-79 request to as these go to "the creditor" s77 & s78 or "the owner" s79.

M1

Hi M1,
I'm not saying I'm correct .........but I think it must be considered..........IMO Cabot or any other debt collector has bought the debt relating to a credit agreement .......not the credit agreement.............77-79 requests must be made to the original owner...................I have noticed on a lot of threads that when one is made to a debtor collector /buyer they have to obtain a copy from the original creditor to pass on to the "alleged" debtor.
There is a creditor.....but not one actually under the CCA ........it is just a debt " allegedly owed" to the buyer.
I'm just thinking what the debt buyer "could argue" if they thought about it........... most definitely not taking their side.
I'm trying to help someone with practically the same problem with Cabot
Sparkie

[mystery1]

Re: Cabot Financial UK Ltd

Hi M1,
I'm not saying I'm correct .........but I think it must be considered..........IMO Cabot or any other debt collector has bought the debt relating to a credit agreement .......not the credit agreement.............77-79 requests must be made to the original owner...................I have noticed on a lot of threads that when one is made to a debtor collector /buyer they have to obtain a copy from the original creditor to pass on to the "alleged" debtor.
There is a creditor.....but not one actually under the CCA ........it is just a debt " allegedly owed" to the buyer.
I'm just thinking what the debt buyer "could argue" if they thought about it........... most definitely not taking their side.
I'm trying to help someone with practically the same problem with Cabot
Sparkie

http://www.bailii.org/ew/cases/EWHC/QB/2012/2402.html

M1

[nemesis45]

Re: Cabot Financial UK Ltd

From M Renner - Thomas
Authorisations/Licensing
FCA,

Received 5 minitues ago

I Confirm the following are authorised to carryout Authorised Consumer Credit Activities
Cabot Financial Europe Ltd
Cabot ( Marlin) Ltd.

Cabot Financial Uk Ltd TP's lapsed and is no longer authorised.

***The FCA Cannot comment on the ability of Cabot Financial UK Ltd to issue claims in County Courts of England & Wales.**** Seek Legal Advice.****

I have already seen amended claim forms replacing CF UK Ltd. with CF Europe.

nem

[pt2537]

Re: Cabot Financial UK Ltd

From M Renner - Thomas
Authorisations/Licensing
FCA,

Received 5 minitues ago

I Confirm the following are authorised to carryout Authorised Consumer Credit Activities
Cabot Financial Europe Ltd
Cabot ( Marlin) Ltd.

Cabot Financial Uk Ltd TP's lapsed and is no longer authorised.

***The FCA Cannot comment on the ability of Cabot Financial UK Ltd to issue claims in County Courts of England & Wales.**** Seek Legal Advice.****

I have already seen amended claim forms replacing CF UK Ltd. with CF Europe.

nem

exactly Nem, sorry if my post caused any offence, the bolllocks comment wasnt meant at you merely at the fact that this point keeps being raised and cabot seem to keep slipping the noose.

[nemesis45]

Re: Cabot Financial UK Ltd

exactly Nem, sorry if my post caused any offence, the bolllocks comment wasnt meant at you merely at the fact that this point keeps being raised and cabot seem to keep slipping the noose.

Hello PT no problem!!
I've seen exactly this scenario before some years ago where a similar reorganisation in a group of companies
caused some claims issued to have name of claimant amended but it took some time for this to happen and
as far as I can remember no claims were discontinued or withdrawn.
The amendment process is underway on the Cabot claims, what I can't tie down is the actual date of the lapse.

The register was supposed to be updated by 2nd week of this month, but it's not happened some other data
is outdated as well.

Nem