Secured loan owned by a debt collector?

[Mrscurious]

Hello all, new to this forum. Wonder if you could help? I had a secured loan with welcome finance from 2008 for £15k (overall loan after adding fees, charges etc). Since the welcome finance went bust, the loan was then handled by Cabot, from Cabot to legal ascent. I am paying £100 monthly and the balance hasn't shifted much. I'm looking to claim PPI, unfair charges etc. However, a couple of months ago, I tried to apply for a transfer of names, from my ex to my now husband. Unfortunately land registry asked for a consent letter from Cabot. Going back and forth, Cabot eventually said that it isn't their responsibility and it's now with legal ascent. I asked legal ascent for the same letter and they said they will need a legal document showing that my ex agreed to transfer names. Land registery gave me a time length and eventually terminated my application because it took too long. Legal ascent paid me compensation for causing the delay. What I don't understand is why is Cabot entered as a charge on my deeds and claim that the account isn't their responsibility? The secured loan was with welcome finance. I didn't sign anything with Cabot to agree to this. It doesn't make sense. Can anyone else help? Is it legal? Is it secured?

[ploddertom]

Re: Secured loan owned by a debt collector?

Have you checked your Credit File. Sounds very much as if Cabot had a CCJ against you - otherwise how could they have a charge on the house. May be they sold it all on the new people.

[Mrscurious]

Re: Secured loan owned by a debt collector?

Have you checked your Credit File. Sounds very much as if Cabot had a CCJ against you - otherwise how could they have a charge on the house. May be they sold it all on the new people.

No, I have never been to court for any CCJs. I think welcome finance have sold the whole account to Cabot. I don't understand how Cabot could have entered a charge on the property. What forms would they need to send to land registery? What forms should they hold if land registry approved that I could request to see?

- - - Updated - - -

Also, my credit file has no mention of this particular debt with (originally welcome finance) now Cabot. It sounds strange that at the time of transfer they told me they have no responsibility over my account and is now delt with legal ascent.

[Diana M]

Re: Secured loan owned by a debt collector?

I had a secured loan with welcome finance from 2008 for £15k (overall loan after adding fees, charges etc). Since the welcome finance went bust, the loan was then handled by Cabot, from Cabot to legal ascent.

. . . . Legal ascent paid me compensation for causing the delay. What I don't understand is why is Cabot entered as a charge on my deeds and claim that the account isn't their responsibility? The secured loan was with welcome finance. I didn't sign anything with Cabot to agree to this. It doesn't make sense.

If this was a secured loan then Welcome would have had a charge on the property at the outset. This is different from when a lender obtains a Charging Order following a court claim (CCJ).

When (if) it was assigned to Cabot they may have substituted their name on the charge at Land Registry.

You need to get to the bottom of the assignment issue.

Send a Subject Access Request to Cabot to see what information they're holding first.

Is it Cabot Financial (Europe) Ltd or Cabot Financial (UK) Ltd?

Was the original 2008 loan a regulated credit agreement or an unregulated credit agreement?

Di

[Mrscurious]

Re: Secured loan owned by a debt collector?

If this was a secured loan then Welcome would have had a charge on the property at the outset. This is different from when a lender obtains a Charging Order following a court claim (CCJ).

When (if) it was assigned to Cabot they may have substituted their name on the charge at Land Registry.

You need to get to the bottom of the assignment issue.

Send a Subject Access Request to Cabot to see what information they're holding first.

Is it Cabot Financial (Europe) Ltd or Cabot Financial (UK) Ltd.

Was the original 2008 loan a regulated credit agreement or an unregulated credit agreement?

Di

Thank you, I will get the SAR happening ASAP then come back for advice.

[Diana M]

Re: Secured loan owned by a debt collector?

I will get the SAR happening ASAP then come back for advice.

I also think you should ask Land Registry for details of the charge on the property (who, when, how etc).

Di

[Mrscurious]

Re: Secured loan owned by a debt collector?

I also think you should ask Land Registry for details of the charge on the property (who, when, how etc).

Di

Thank you. ��

[Diana M]

Re: Secured loan owned by a debt collector?

Since the welcome finance went bust, the loan was then handled by Cabot, from Cabot to legal ascent.

. . . Cabot eventually said that it isn't their responsibility and it's now with legal ascent.

. . . What I don't understand is why is Cabot entered as a charge on my deeds and claim that the account isn't their responsibility? The secured loan was with welcome finance. I didn't sign anything with Cabot to agree to this.

The assignment issue is important. For Cabot to collect the loan they may have to prove they own it lawfully.

You say you're paying £100 a month but is that the full amount due (monthly repayment under the loan agreement) or an 'arrangement to pay' agreed with Ascent?

You've referred to unfair charges etc so are or have there been any arrears?

Ascent Legal is a debt collection agency and also a law firm (part of Irwin Mitchell) http://www.irwinmitchellgroup.com/co...-brands/ascent

Di

[Mrscurious]

Re: Secured loan owned by a debt collector?

The assignment issue is important. For Cabot to collect the loan they may have to prove they own it lawfully.

You say you're paying £100 a month but is that the full amount due (monthly repayment under the loan agreement) or an 'arrangement to pay' agreed with Ascent?

You've referred to unfair charges etc so are or have there been any arrears?

Ascent Legal is a debt collection agency and also a law firm (part of Irwin Mitchell) http://www.irwinmitchellgroup.com/co...-brands/ascent

Di

The initial payment was for £300 pm. Things have happened in-between which led me to pay £100 pm, welcome finance agreed to freeze the interests. A couple of months later, Cabot got in touch to arrange payments. Since then legal ascent got in touch to arrange payment with them. What I don't understand how they have a charge on deeds but when I applied to transfer names on land registery, they didn't want responsibility to giving me a consent letter as per land registery requirement? They told me to ask legal ascent!

[Mrscurious]

Re: Secured loan owned by a debt collector?

The assignment issue is important. For Cabot to collect the loan they may have to prove they own it lawfully.

You say you're paying £100 a month but is that the full amount due (monthly repayment under the loan agreement) or an 'arrangement to pay' agreed with Ascent?

You've referred to unfair charges etc so are or have there been any arrears?

Ascent Legal is a debt collection agency and also a law firm (part of Irwin Mitchell) http://www.irwinmitchellgroup.com/co...-brands/ascent

Di

May I ask another question please? I got details of the register and it's showing that Cabot has entered a charge in 2015, yet the loan started back in 2008 and I had arrangements to pay £100 since 2012. Does this sound right? This is new to me.

[Mrscurious]

Re: Secured loan owned by a debt collector?

Is this thread ongoing? Or should I open a new conversation? Not sure how to use this forum.... sorry

[Kati]

Re: Secured loan owned by a debt collector?

Is this thread ongoing? Or should I open a new conversation? Not sure how to use this forum.... sorry

it's still here

I'll tag [MENTION=87380]Diana M[/MENTION] for you (hopefully she'll see the tag and pop back on) xx

[Mrscurious]

Re: Secured loan owned by a debt collector?

it's still here

I'll tag [MENTION=87380]Diana M[/MENTION] for you (hopefully she'll see the tag and pop back on) xx

Brilliant thank you. I have an update and that I asked Cabot for the credit agreement because their name is on the land as a second mortgage. However, all they sent me was letters from welcome explaining that Cabot will now manage the account. I also asked welcome for the agreement, they told me they will send it to me but nothing has come through yet.

Now that I've established that Cabot doesn't have the credit agreement. How can I log a complaint with them? Basically I want them to unsecure it and/or take their name off the land registery. What do I say? If they reject then how do I approach court? What law can back me up?