Welcome/cabot

[CHERRYTREE8]

Hi everyone

Quick question hopefully -

I have a very old welcome secured loan
I had been writing with a formal complaint.
They 'sold' it to Cabot.
Cabot now writing and put their name on the Credit Reference Agency.

I am still paying Welcome direct and they are accepting it and the balance is going down.

They have ignored my complaint.

I feel they should not have 'sold' it during a complaint? Am I correct? Is there anything I can do?

Also, Welcome never entered a DEFAULT on my CRA File - and I have had this confirmed - but this Cabot lot have put it down as a DEFAULT on a 2nd charge secured loan/mortgage.

I thought that Cabot cannot do this - only the original creditor could - and they did not...........

So can I get Cabot's entry removed and if so how?

How can I DEFAULT on a secured loan - surely it should show up as an 8 or 6 or AP - not default - as I havent defaulted anyway.

Please help.
many thanks

[CHERRYTREE8]

Re: Welcome/cabot

Have I submitted this properly as had no replies at all?

Thank you

[nemesis45]

Re: Welcome/cabot

Have I submitted this properly as had no replies at all?

Thank you

Good afternoon, I don't know what went wrong here your post only just showed up.

Let's see if I can help.

1. There is nothing to stop them selling the account at any point. I suspect at some point Welcome may have issued a letter which amounted to a final response.

2. A common Welcome dirty trick not defaulting until just before selling or not defaulting at all.

3. Cabot's credit file entry will not be removed they now continue to report to the agencies.

4. You default on a secured loan just as you would on any credit debt, by not paying the contractually required monthly payments. Failure to pay can lead to the creditor seeking passion of the property on which the loan is secured.

5. Any payment of less that the contractually required amount is technically a default on the original agreement.

6. What is the complaint you refer to?

7. When did the arrangement to pay start?

nem