Cabot debt

[Clive23]

Hi ,
I am 77years of age and have been paying Cabot for a number of years on a Marks & Spencer loan of £14,000 way back around 2013.

I get the usual call and occasional letter to say "We can Offer you" a reduction in your debt etc.

I list below my thoughts and just want to get rid of this company. As you will see from my notes I currently belief I have paid off whaCabot: Payments and history:

Had a Loan from Marks & Spencer of £14,000
At some period, we had a letter from M&S March 2013 that they had sold it to Cabot £12,987.16
When in fact Experto Credit 10/10/12 advised of the debt of £12987.16
Then another letter from Experto Credit on 7/2/12 stated £13267.16

The above dates do not really marry up.

So now Cabot have the arrangements. @ £12,987.16
I assume that Cabot would have paid 25p per thousand for the debt. = £3,246.79
The last Statement of Account was 1/5/2016 from Cabot showing outstanding £11467.16 on 28/9/15
Last letter from Cabot was 7/7/20 offering for me to pay £5,941.02 to settle the current loan value of £8,487.16
The further contact is my mobile messages to make contact.
I therefore make the following assumptions
Cabot bought the then debt of £12,987.00 @ 25p in the pound = £say £3,246.79
I have made payments to date of ?
Cabot base the debt on £12,987 when they have bought for £3,246.79 But say I owe from the £12,987.00 figure.
Therefore in my mind it was £3,246.79 Of which I have paid off on instalments Approx £4320.00 paid
t Cabot paid M&S. But I do not know which way forward.

[MIKE770]

When in fact Experto Credit 10/10/1???? alarm bells ringing - PRA etc in that era have , cabot? have you ever requested an CCA agreement and if so is it out standing?

[Guest]

I doubt they paid 25p in the pound. But let's see what other members suggest.

[GoodOldBoy]

It seems to me that you are being "cash-cowed" here.
I think your estimate of 25% is very high - 10% or 12% is more likely.

I would send a Subject Access Request and see what you get back before you decide on a way forward. You need a full account statement before making your decisions or plans.

[MIKE770]

CCA Request send with £1.00 postal order keep copies of everything get proof of posting

[Matty B]

Hi

I am not sure who actually owned this. Did experts say they owned or were collecting for M&S?
Were you retired when you got this loan? That in itself worries me, was it unaffordable.

the mention of PRA put me in mind of this

https://legalbeagles.info/forums/for...ana-mayhew-win

[Clive23]

I doubt they paid 25p in the pound. But let's see what other members suggest.

Ok sent in post today request for SAR. to Cabot with £1 .
My next issue will be to negotiate with them. Do you stir up a Hornets nest or ask a Company to deal with my claim?

The loan goes back to approx 2006 and payments where regularly paid back to M&S. (I was 62 at the time)

[MIKE770]

Dsar request needed no cost. Only CCA request needs one get a request off as if they cannot supply an actual correct copy then unenforceable ???

[Matty B]

I certainly would not pay anyone to negotiate with them. If you send a CCA request you will find out if they actually have a copy of the agreement. If they don't , why would you pay any more at all regardless of how much they paid for it.

[Clive23]

Ok sent in post today request for SAR. to Cabot with £1 .
My next issue will be to negotiate with them. Do you stir up a Hornets nest or ask a Company to deal with my claim?

The loan goes back to approx 2006 and payments where regularly paid back to M&S. (I was 62 at the time)

OK SAR and CCA sent to Cabot. I await answers

[Clive23]

Hi,

Can I post onto this web site copies of letters that I am looking at regarding Cabot. I still await an answer from Cabot. But I will detail some documents I have turned up. Letter from M& S saying Cabot dealing with debt, letter from Intrum Justia saying debt and now Experto Credite saying pay them on behalf of Cabot. Experto Credite was wound up in 2016-2020 by Receiver.

[MIKE770]

keep letters on file do not post on here unless told to - a lot of experto etc problems for them

[Clive23]

Dsar request needed no cost. Only CCA request needs one get a request off as if they cannot supply an actual correct copy then unenforceable ???

I have received my first reply from Cabot today. They have not sent through a complete payment schedule yet but the following reply
We have received your request

Thank you for your request for information under sections 77-79 of the Consumer Credit Act 1974. Unfortunately we currently do not have the relevant information on file, so we will be requesting a copy of the credit agreement and terms and condition from your original lender, as well as a statement of your account. This may take sor time, but we will write to you within the next 12 days with an update.

For information on what to expect from making a CCA request there is further information available on the National Debtline website on their 'Credit agreement getting information' factsheet.

Your account

Thank you for making payments on your account, we ask that you continue these payments while we manage your request.

[Clive23]

Hi,

Had another letter today from Cabot regarding SAR,s of which they require by email 2 copies of items to prove my identity. Which after sending will take 60days to return details

[Matty B]

Hi Clive
What were you hoping to find out from Cabot with your SAR. Usually it is the original creditor who get sent the SAR to see what they have (for example default notices, agreements etc).

I bet they are using Covid as the excuse for 60 days

You do know that until they send you the agreement , the debt is unenforceable in court so some may wonder why you are still paying- of course if they do produce the agreement it may well be enforecable - if they can also produce all the correct documents.

I have also read somewhere else that if it is Cabot financial UK who own the debt they do not have a license and in another case where experts credit had the debt and it was owned by Varde before hand there were problems.