Cabot Financial in behalf or Merlin Europe

[dawn389]

Hi everyone,


For the last year or so I've been trying to get Cabot to remove the default on the credit file, here's is what happened so far:

Credit file:





05/02/2016 - My letter:






Cabot's reply:
NO REPLY


02/03/2016 - My follow-up:



11/03/2016 - Cabot's reply:






22/03/2016 - My reply:



31/03/2016 - Cabot's reply:



29/03/2016 - My new letter:




14/04/2016 - Cabot's reply:
[/b]


22/04/2016 - Cabot's new reply:



30/04/2016 - Cabot's new reply:




16/05/2016 - Cabot's new reply:



27/05/2016 - Cabot's new reply:



02/06/2016 - My letter:



03/06/2016 - Cabot's new reply:



16/08/2016 - My new letter:



08/09/2016 - Cabot's reply:


14/09/2016 - Cabot's further reply:


08/11/2016 - Cabot's "offer":



20/12/2016 - My offer to Cabot:



13/01/2017 - Cabot's reply:



25/01/2017 - Cabot's latest "offer":



Any suggestions in what to do next would be much appreciated! I know this will come off automatically in October 2017, but I was hoping I can remove it before then.

Many thanks,
D.

[Amethyst]

Re: Cabot Financial in behalf or Merlin Europe

Is there a specific reason you need this default removing before October?

( just it's likely to take until then to be removed if you managed to get them to agree to - and it's due to fall off then anyway )

The Default Notice is entirely separate from reporting to the CRA. Is there actually a dispute on this debt - ie was it from identity fraud / a mistake on their part etc etc ?

[dawn389]

Re: Cabot Financial in behalf or Merlin Europe

Reason: mortgage application, offer accepted and AiP offered, but able to cut the rates by nearly 1.5% if this is removed, as advised by the lender.

I can not remember what this alleged debt could be for hence I've asked for all information they held on me etc trying to understand what's what. I've looked through all my paperwork and files! I only have a current bank account and credit card with Barclays, nothing else. I've called Barclays and asked about any further details, they can't find anything else. It's the only default on my credit file and only found about it last year while we started looking for a mortgage deal.

In desperation, I even called them today and made an offer to pay 75% of this debt if they can marked it as fully settled, or pay the debt in full if they offer to completely remove the default from the account. Awaiting a call back from a senior manager later today I've been told. If I pay this, can I still legally challenge it at a later stage? Need need to deal with the mortgage now...

[dawn389]

Re: Cabot Financial in behalf or Merlin Europe

What puzzles me is that the account was opened in January 2008 apparently and the default recorded in October 2011, 3 years 9 months later. Shouldn't a default be recorded within the 3 months since no payment / agreement is breached? 3 months before October 2011 should be June / July 2011, so it would have been 3 years and 6 months since the account was opened. They're saying the account initially belonged to Barclays Finance, what sort of retail finance will be longer than 3 years?...

[dawn389]

Re: Cabot Financial in behalf or Merlin Europe

So I spoke with a senior manager from Cabot and they've started a 3rd complaint.

They're saying:

Original amount was £789 over 36 months starting 11 January 2008.
APR @ 19.9% - £322.68
Total balance - £1111.68
Outstanding balance in the default was £929.22 although the letter I had from Cabot said £706.22?!

Going with the original amount of £929.22, that means £182.46 was paid, that's 6 months from January 2008, but the Default was issued in October 2011, which is a lot later. Even if we go with the £702.22, it would be 13 months paid since January 2008, which brings us in February 2009.

They didn't send me any copies of the Notice of Arrears and Default Notice from Barclays as they claim in the letter dated 13/01/2017 and I've been promised copies will be sent next week via post and maybe via email, too.

Is there a specific guidance how long the creditor has to issue a Default Notice after the last payment was made? Can they take more than 2 - 3 years to issue it?

Thanks,
D.

[dawn389]

Re: Cabot Financial in behalf or Merlin Europe

Some further news, just called Barclays Partner Finance, they were closing at 8:00pm, so just in time.


I have confirmation that the last payment was made on November 2009 and it would have taken a maximum 6 months for them to issue the Default.


They will investigate the exact date when the default was registered and asked me to call again on Tuesday next week so they can advise.


Going by that, it looks like the Default should have been registered latest by May 2010 and not October 2011! This means the Default should not show on the credit file from last year!

[dawn389]

Re: Cabot Financial in behalf or Merlin Europe

Update, Barclays Finance finally admitted they had the Default Notice wrong by 18 months!!!

Cabot is now updating the Credit File which means the default will be removed from the file.



Barclays is now asking me basically how much would I want to be paid not to file a complaint with FCA for not being able to get credit for all this time. They have asked for letters from the Mortgage Broker or Lenders to prove I was unable to get mortgage.

It took me one year to have this sorted, during which I was declined any mortgage offers from the high street lenders, causing me a lot of grief and stress...

Well, at least is done now! Thanks everyone for help and suggestions! :beer: