lloyds Current account

[McGinty]

Re: lloyds Current account

Another letter from Cabot today-potential legal action. How should I respond on this please? Mc

[Diana M]

Re: lloyds Current account

At present I would not be relying on the alleged " non licensed " claim and it is only conjecture.

nem

Not necessarily.

If court judgments have not been published/posted on an internet forum or in cyberspace that doesn’t mean they don’t exist on ‘terra firma’.

Di

[Diana M]

Re: lloyds Current account

Thanks Di. I have sent you a PM. Mc

Yes you have.

I’ll reply tomorrow.

Di

[McGinty]

Re: lloyds Current account

Thanks Di. I have sent you a PM. Mc

[Diana M]

Re: lloyds Current account

I posted on your thread yesterday but they’ve been deleted.

We (Joanna Connolly Solicitors) hope you and your wife achieve your desired result.

Di

[warwick65]

Re: lloyds Current account

If you want to make an offer that is up to you and I would never say yes or no.

It is up to you to decide if this is what is the best choice for you and your wife although it seems Di's firm have successfully used in a defence but how..I have no idea.

There may be other routes you could follow and one of them is just sit it out and wait and see if they turn up the heat

[McGinty]

Re: lloyds Current account

Just to recap on the above so as everything is in the one place; The account is in my wifes name and was a Lloyds 'Gold' Account.. The last payment through a DMP was made 15th December 2014. Lloyds sent a letter in July this year saying it was being assigned and at the same time my wife received a letter from Cabot. The most recent letter from Cabot on the 18th September mentions possible legal action if she does not contact them within 28 days. Apologies if I have missed any essential details.
Am I right in thinking I should now make an offer in the region of 10%, sourcing funds from a third party, as a full and final settlement or is there another route? Thanks, Mc

[Amethyst]

Re: lloyds Current account

Until there is a judgment confirming the issue it is too much of a risk to use as a defence on it's own as a Litigant in Person defending a claim. If there are additional strong defences ( such as non compliance / statute barring etc) then the licencing issues can be added in to bolster the defence. Once there is a judgment or some evidence that making the point affects the claim postively on the defendants behalf, then it'll be better, else it's stabbing in the dark a bit.

On the asking where the settlement money is coming from - they have to do that under CONC rules - as well as Money Laundering - they have to ensure you aren't putting yourself into more debt etc.

[nemesis45]

Re: lloyds Current account

If the payment is coming from a third party then it's not unreasonable for a business to ask for further information to comply with Money Laundering Regulations.

The OP says this is not his debt which he is negotiating and intending to pay.

Although I agree that asking a third party to complete an I & E is intrusive.

Di

As I understand it Mc will be paying with money from a third party but paying it himself??


At present I would not be relying on the alleged " non licensed " claim and it is only conjecture.

nem

[Diana M]

Re: lloyds Current account

As to Moorcraps " request to know where the funds are coming from for the offer it's none of their business!!
DCA's believe that they have a " right" to see detailed financial details but no such " right " exists.

It is your money and your right to make an offer

If the payment is coming from a third party then it's not unreasonable for a business to ask for further information to comply with Money Laundering Regulations.

The OP says this is not his debt which he is negotiating and intending to pay.

Although I agree that asking a third party to complete an I & E is intrusive.

Di

[McGinty]

Re: lloyds Current account

Thank you. Does this mean they could not currently enforce?

[Diana M]

Re: lloyds Current account

. . . . assigned the debt to Cabot Financial UK.

Cabot Financial (UK) Ltd are not currently authorised by the FCA.

Di

[McGinty]

Re: lloyds Current account

Good evening Di, please see my post earlier this evening. What potential assignment issues might I be looking for? Please forgive my naivety but again what issues would I be looking for in a packaged account. We have never raised any issue with Lloyds in respect of the account in the past. Needless to say in the last year or two of the account there was bounced debits etc.
Any more information required please ask. Mc

[McGinty]

Re: lloyds Current account

We were in an arrangement with a debt management company and the last payment made was on 15th December 2014 and that was for the sum of £3.38 paid to Lloyds. The chap who was running the debt management company fell into bad health and retired at the end of December 2014. My wife had a letter from Lloyds on 18th July this year saying it had assigned the debt to Cabot Financial UK. We also received a letter from Cabot saying they had bought the account around the same time. Their most recent letter dated 18th September stated my wife had to make contact within 28 days from that date. They also state in the letter 'as a reasonable next action to recover the outstanding balance the account has been reviewed for legal action'. Mc

[warwick65]

Re: lloyds Current account

Is this the first letter you have received from Cabot i.e. a Notice of Assignment?

Which Cabot now owns the debt? Is it Cabot Financial (UK) Ltd or Cabot Financial (Europe) Ltd.

Maybe check if there are any potential assignment issues before making an offer.

When a debt changes hands the purchaser doesn't always inherit all the information they need to enforce it.

What do you mean when you say the letter contained ""the usual threats" - were legal proceedings mentioned?

Di

To add to Di's post. I notice it is 2 1/2 years since you made an offer- or at least posted on here about it. Now while that would be seen as an admission of liability, it maybe that Cabot know nothing about it so:

How long is it since either the last payment was made on it or the account was terminated (whichever is the more recent)