Cabot have passed the debt to solicitors

[Diana M]

Re: Cabot have passed the debt to solicitors

That was MBNA

And when did you open the MBNA account?

Perhaps it's best to start a separate thread for this different debt to avoid confusion (as I suggested in post # 70). You can ask @Kati for help to do that if you need it.

Di

[Warpa]

Re: Cabot have passed the debt to solicitors

And when did you open the MBNA account?

Perhaps it's best to start a separate thread for this different debt to avoid confusion (as I suggested in post # 70). You can ask @Kati for help to do that if you need it.

Di

It was opened in July 2009, I'll start a new topic when on the pc this evening so I can copy and paste bits from here as I'm getting confused now

[Warpa]

Re: Cabot have passed the debt to solicitors

Still nothing to update here

[Warpa]

Re: Cabot have passed the debt to solicitors

Ok Cabot have now supplied all the relevant paper work and all is in order.
As it's not a case that can go to Court I'm now looking for some settlement advice.
They have asked for an income expenditure report. The debt is for around 5k, original loan was 12k plus interest.
Could I push for a one time settlement figure here and pay it off in full, could I ask for a one time settlement and pay reasonable amount to clear it asap, or should I just offer the minimum and have it hanging around for years?
The documents they supplied are well within the law as I have had a very reputable solicitor check them out.

[warwick65]

Re: Cabot have passed the debt to solicitors

Warpa
You know my view
Providing paperwork does not necessarily make it enforceable. Why not get some free legal advice on your position. [MENTION=87380]Diana M[/MENTION] may be able to help.

[Warpa]

Re: Cabot have passed the debt to solicitors

Warwick I did and it is fully enforceable.

Having reviewed the loan agreement, on the face of it, it does appear to comply with the requirements of the Consumer Credit Act. The amount of credit is clearly stipulated, the duration of the agreement is also clearly stipulated as is the total charge for credit and APR. In fact it does seem to me that the loan agreement contains all of the prescribed information.



Further, the fact that the loan was signed in 2010 does have a bearing on the enforceability. Loans before 6th April 2007, could be rendered irredeemably unenforceable if a prescribed term was missing. Unfortunately as this loan was signed after 6th April 2007, it does seem to me that the Court would be able to enforce the loan even if were defective.



My view would therefore be that entering into a payment may well be the best option going forward.

[warwick65]

Re: Cabot have passed the debt to solicitors

Hi
Yes it MIGHT be but enforceability is not all about the actual agreement.

Things such as default notices and assignment may come into play.

I really can't remember much about your particular loan so I will try to read back.

[warwick65]

Re: Cabot have passed the debt to solicitors

Am I right, this is not subject to a claim yet is it.

[Diana M]

Re: Cabot have passed the debt to solicitors

Having reviewed the loan agreement, on the face of it, it does appear to comply with the requirements of the Consumer Credit Act. The amount of credit is clearly stipulated, the duration of the agreement is also clearly stipulated as is the total charge for credit and APR. In fact it does seem to me that the loan agreement contains all of the prescribed information.

Further, the fact that the loan was signed in 2010 does have a bearing on the enforceability. Loans before 6th April 2007, could be rendered irredeemably unenforceable if a prescribed term was missing. Unfortunately as this loan was signed after 6th April 2007, it does seem to me that the Court would be able to enforce the loan even if were defective.

Putting the ‘enforceability’ of the credit agreement produced on one side for a minute (no harm in getting a second opinion) who is the debt owner?

Is It Cabot Financial (Europe) Ltd or Cabot Financial (UK) Ltd which is unlicensed?

There can be loads of reasons why a post 2007 debt cannot be enforced in court.

Di

[Diana M]

Re: Cabot have passed the debt to solicitors

Cabot have now supplied all the relevant paper work and all is in order.

As it's not a case that can go to Court I'm now looking for some settlement advice.

The documents they supplied are well within the law .

Says who?

Di

[Warpa]

Re: Cabot have passed the debt to solicitors

According to my paperwork Sainsbury's sold the debt 1st to Wescot, it then for sold to Cabot but I don't have any documentation saying that, only the paperwork I file away.
Nov 10 2016 Cabot UK contact me, 1st December Cabot Europe contact me, sinse then it's been Cabot UK.
This is and has been in the hands of Mortimer Clarke.
I have every bit of documentation filed in date order but would take an age to edit and upload.

[warwick65]

Re: Cabot have passed the debt to solicitors

I may be wrong but I don't think Westcot actually buy debts just collect. That's certainly how they used to work.

[MIKE770]

Re: Cabot have passed the debt to solicitors

Wescot are only debt collectors they work on commission basis if they collect anything, they do not buy debts

[Warpa]

Re: Cabot have passed the debt to solicitors

Says who?

Di

PT was the good person

[Warpa]

Re: Cabot have passed the debt to solicitors

I've only got a few days to reply within the 14 day deadline and don't know what to write :/