Cabot Financial. What should my next move be?

[PACKOFCARDS]

Hello,

Wondering what my next move should be?

I took a loan in 2006 (NR) that I started to default on in 2011' ish (can't remember exactly when!). Late 2013 I received a letter from Marlin Europe saying that they had taken over the debt. I didn't contact them but made a few token payments through their website. The last one being in April 2014.

After this I then changed address due to a new job.

Last week I received a letter from Cabot Financial (Deborah Green) saying that they "have recently confirmed that you live at the above address."

They (Cabot Credit Management Group) have recently bought the account that I held with NR and are now responsible for helping with management and receiving payments. The rest is just "next steps" saying they will help me in making affordable payments!! The outstanding balance, original lender and current creditor (Marlin Europe) is listed on the side of the letter.

As an aside I've checked 3 CRA and the original default doesn't appear anywhere, it did appear around 2013!

Also if my number is ex -directory could they still call me?

Thanks

[enaid]

Re: Cabot Financial. What should my next move be?

Giving [MENTION=55034]nemesis45[/MENTION] [MENTION=87380]Diana M[/MENTION] a shout

[PACKOFCARDS]

Re: Cabot Financial. What should my next move be?

Thanks

[Diana M]

Re: Cabot Financial. What should my next move be?

Hello

Your number may be ex-directory but that just means BT don't give it out. You may have given it to a third party such as on an application form etc (assuming by ex-directory you are referring to a landline).

If Cabot have written to say they've confirmed you are living at your current address they probably got the information from your credit file if/when they did a search. Are you on the electoral roll where you now live and are you linked to your old address? If, for example, you have a bank account and you gave them your address when you moved, they would have created a link on your CRA file.

Six years after an account has been defaulted the whole file vanishes from your credit file regardless of any ongoing activity. So if this NR debt is no longer showing (it would be reported under Cabot's name not NR) this suggests you were defaulted more than six years ago but that doesn't mean the account has been closed or written off.

How much is the outstanding balance which may give some indication as to how determined they'll be to pursue you for this debt?

Was this unsecured loan linked to a Norther Rock Together Mortgage?

I would suggest that you send them a s 77-79 CCA Request which they should know means they can't enforce the debt in court until they can comply with it. With any luck Cabot will put your account on hold in the meantime.

If you last paid through their website in 2014 the debt won't become Statute Barred until 2020 (unless you live in Scotland).

I'm sorry I can't say anything more cheerful but I hope I've explained things a bit.

Di

[PACKOFCARDS]

Re: Cabot Financial. What should my next move be?

Thanks for the reply Di.

The amount is just under £6800. It wasn't linked to anything. I am in Scotland.

Can I request to them that all future correspondence is by e-mail?

Regards

[Diana M]

Re: Cabot Financial. What should my next move be?

Can I request to them that all future correspondence is by e-mail?

Is there a specific reason why you would prefer email contact such as you're away from your address a lot and don't want to miss any letters? You can (and should) tell them not to contact you by phone stating everything must be in writing from now on.

Send the CCA Request and see what happens next. You wouldn't want then to say they couldn't comply because you told them not to correspond with you in writing. That excuse wouldn't work in legal terms but it's best not to give them any leeway.

I suggest you also send a Subject Access Request to Northern Rock (now NRAM) to get the full history of this debt which will enable you to check the validity of any documents Cabot produce.

Di

[PACKOFCARDS]

Re: Cabot Financial. What should my next move be?

Thanks Di.

Basically my spouse is unaware of the debt, (I had it before I met her) so any letters could prove to be cataclysmic - as would be receiving phone calls!
Could I go with the line that I am away from home most of the time?

Thanks

[Diana M]

Re: Cabot Financial. What should my next move be?

Basically my spouse is unaware of the debt, (I had it before I met her) so any letters could prove to be cataclysmic - as would be receiving phone calls!

That is not an uncommon scenario.

One Defendant used to take her dog for a walk every time she needed to ring me or I rang her so that her husband wouldn't know. The dog loved the extra treats and she kept things private so it was a win-win situation.

Give Cabot any reason you like as to why you prefer email for correspondence but don't tell them a lie because it may come back to haunt you. I don't see why you have to give them any reason at all.

If you tell them you're away from home a lot they may decide to issue a county court summons in the hope that you won't be around to respond to it by the deadline so that they'll get a Default Judgment (CCJ) against you. I've learnt to be cynical when it comes to debt purchasers' modus operandi

They will still have a duty to serve any statutory bits and bobs on you by post.

Di

[PACKOFCARDS]

Re: Cabot Financial. What should my next move be?

Thanks Di,


I received this yesterday also.






Headings in Letter




Original Acc No:
Original Lender:
Date Agreement became an executed agreement:
Duration as provided in agreement:
Amount of Credit:
Contractual Payment:
Date Assigned:



Then


Statement of Account


Covering 6th Feb 2016 to 5th Feb 2017


In this statement we give the date and duration of your agreement as provided in the agreement?? (What agreement?)


Opening balance on 6th Feb 2016:


Then box with 2 lines, headings:


Date of transaction

Transaction description

Internal write downs?

Debit £50 ?

Credit £50 ?

Balance


There is a line about no interest payable or been payable on the outstanding balance (nice of them!)


Finished with their Bank details!


To my untrained eye it's seems a bit scatter gun!

Regards,

Enjoy your weekend.

[PACKOFCARDS]

Re: Cabot Financial. What should my next move be?

Hi Di,


Received a letter from Cabot on the back of the last one (dated 11 Feb).


Saying things like, "If we can find an opportunity for you to repay this account in the short term, then we will help you make that happen..."


"We own your account and are prepared to reduce the balance in order to help you become free of this debt sooner..."




"This account may affect your credit rating (it's not on any of my history but was originally with NR?) and the ability to get credit in the future (I got a new mortgage a few years ago!)."


Their last line is "Ask our team if your account is registered." ???? (Do they not know??)

It's coming up to 3 weeks since this last one was received. The line about asking if my account is registered seems strange.

I was about to send the CCA request when I received this, then thought about waiting for when it gets heavier!

Your thoughts would be appreciated.

Regards

[ScottishSolicitor]

Re: Cabot Financial. What should my next move be?

Have you just had letters so far or has any court action been raised?

[PACKOFCARDS]

Re: Cabot Financial. What should my next move be?

Hi,
Since my last letter from Cabot in March I've heard nothing? The last one as I remember was offering a reduction in the amount to be paid and didn't appear to be "heavy" in it's tone.
Is it likely they'll come back?

[ScottishSolicitor]

Re: Cabot Financial. What should my next move be?

There is probably a good chance I think. If you made your last payment in 2014 they would have until 2019 in Scotland to sue you.