Debt grow by £1000 in a month (cabot)

[Flavio]

Hallo world,

I am guilty as charged… This debt is 4 years old, (they finally find me)

After receiving their nice letters (from cabot), I phoned them up and agree over the phone to pay £ 5 a month, which they accepted, and I also clearly said that no interest or charges will be add to my debt otherwise will be useless for me to pay. They confirm that I will not pay anything and that my debt will be the same as long I keep up the payments. After one month ( well after I made my payment) I phone them again to check my balance (I had a strange feeling) and there I find out that my debt grow by £ 1000.

The girl over the phone was not able to answer why my debt grow…
I need help; I am reading all the threads which are very useful.

Hope somebody knows some quick answer, meantime I’ll be still reading away.

Thanks

[lookinforinfo]

Have Cabot bought the debt? What was the debt for and how much was it before
Cabot got it-and when did they get it?

[NailPost]

Its time for you to stop phoning Cabot and insist on getting everything in writing. Cabot don't like doing that but tough.

Send the the CCA S77/78 letter which places an obligation on Cabot to provide you with a true, signed copy of the credit agreement, a deed ofassignment (which proves their right to collect) and a statement of account. I your case the last one seems to be vital.

Cabot have a tendency to overlook the time limits the law allows for this documentation to be found-erm-supplied. They will acknowledge the letter and say it may take anythingup to eight weeks. That's complete bulls***. To be clear on this they have 12 working days from the date of receipt. Send it today, they'll get it Monday and they have until November14. If they don't they are in default and can't enforce this debt until they provide the documents.

You have already admitted this is your debt but make them work very, very hard for your hard-earned. If they have bought this debt they will have paid much less than the face value for it. The bank certainly won't have lost out either.

[Flavio]

thank you for your reply

Question:
Have Cabot bought the debt? What was the debt for and how much was it before
Cabot got it-and when did they get it?

Yes they have. They say that they bought it for £ 4.102.80 3 years ago.

thanks again

In reply to the other post by Nail (thank you aswell)

I will, from now on get things in black and white, I will send them the CCA S77/78 like you sugested. Whats going to happen if for example after 12 days and then the 30 days they do not reply? what action can I take? thanks


thank you guys, I really appriciate your help

[lookinforinfo]

That will not be what they paid for it, but I imagine that you will recognise that
it is the outstanding amount owed before they bought it.
By law, Cabot cannot then add charges to the debt as that would put them in breach of the Consumer Credit Act.

As Nailpost said, if they have not produced the required documents by around
15th December, then they are not only in default, but yiy do not need to pay the ]
debt until they do locate the documents.

If they can produce them, your next step is to reclaim that part of the unlawful
charges that are included.

[andrew1]

Originally Posted by Flavio

thank you for your reply

Question:
Have Cabot bought the debt? What was the debt for and how much was it before
Cabot got it-and when did they get it?

Yes they have. They say that they bought it for £ 4.102.80 3 years ago.

thanks again

In reply to the other post by Nail (thank you aswell)

I will, from now on get things in black and white, I will send them the CCA S77/78 like you sugested. Whats going to happen if for example after 12 days and then the 30 days they do not reply? what action can I take? thanks


thank you guys, I really appriciate your help

EDIT: Sorry Lookingforinfo - we must have been typing at the same time!

Are you saying the debt was bought by cabot for £4102.80 or was that the balance?

Cabot or any dca for that matter are unlikely to tell you the price they paid for it unless you already have done the CCA and received the documentation.

As for what to do after the 12 working days +2( delivery time) + 1 month ( not 30 days) post back here once you get that far and we'll ALL tell you. Read the other Cabot threads or as many as you can and also look at your credit files for the defaults by Kingshill No1 Ltd. By the way what exactly did your letter say which Cabot wrote ? Post it here or PM me if you want to send a copy and I'll give you my email address.
There are some fishy things going on with Cabot and we are all working to get to the bottom of it.

[Flavio]

I just phone cabot and ask to speak with a manager, they put me through a team leader... however
I asked why my total grow by £1000 and the answer to that was... because it was 3 years that they were looking for me, as soon I contact them all the past interest/charge were added to my account.
I reply by saying... so you penalise me to get in touch with you... I also asked for this extra thou to be removed, but she was not for moving... I am now prepering the CCA letter and I'll take it from there

do you think that they can add this extra £1000?
thank you... you are keeping me alive

[Flavio]

I don’t know for sure just now if they bought the debt for that amount, I am pretty sure that… that is the balance… as lookinforinfo said I doubt very much that they did

Unfortunately I don’t have this letter anymore… long story

I only have 2 letters, one dated the 7th August and one 25th September and that’s were the different in money is in black and white.

thank you Andrew1

[andrew1]

Originally Posted by Flavio

thank you... you are keeping me alive

Don't EVER let these buggers get at you. You now have over 80,000 sitting right beside you, giving you hugs and being there whenever you need it. This will be sorted one way or another. We just use what they haven't been using and should have - the law. No scheming, No broken rules, nothing dishonest - just the law and they don't know where to hide, because they just aint used to having the force of so many people - just like you- coming here and learning how to defend yourselves collectively. It's called SYNERGY - the power of two providing the power of three, the power of three giving the power of 5 - team work - you can't always do everything on your own. Now you don't have to.

DO NOT telephone Cabot - you need everything in writing. If they phone you send them this: changing the relavent bits to suit your situation. Thanks to Hagenuk...

Dear Sir/Madam

Ref:

Despite my letter regarding any communication from your company, which stated that I require all communications in writing, your telephone calls continue.

This behaviour constitutes harassment; the letter stated quite clearly to you that I require all communications in writing for future possible Court use. Do not telephone me again and remove any telephone numbers you hold for me from your systems.

Your telephone calls are in breach of the Office of Fair Trading guidelines. If you continue to telephone me after the receipt of this letter an official complaint, together with a log recording the times and frequency of the calls will be passed both to that office and to the Trading Standards office. For your information note that all telephone calls are recorded.

This type of debt collection method is contrary to the ‘Administration of Justice Act 1970’ in that it is intended to cause alarm and distress to the recipient. Your methods will not be tolerated. Should the telephone calls not cease immediately a formal complaint, containing copies of all correspondence including yours, will be submitted to the relevant authorities. This will be relevant to questions of your fitness to hold a licence under the Consumer Credit Act, whether or not it results in a prosecution.

Take further note that continued telephone calls after the receipt of a request not to call may constitute a criminal offence under Section 127 of the Communications Act 2003.

I trust that I have made myself understood on this matter.



Yours faithfully


That'll stop them phoning.
The CCA request will sort the rest for the time being.

Can you tell me EXACTLY which company actually sent these to you: ( Full name or number) ? TA.
I only have 2 letters, one dated the 7th August and one 25th September and that’s were the different in money is in black and white. it would be handy to know what was actually said.

[lookinforinfo]

Flavio, send this to them,

Dear Sirs,
I am writing in furtherance of our earlier telephone call today.
I do not have a contract with you, nor have I ever set up a loan with you.
Therefore there is no contractual relationship that entitles you to add charges
or interest to this debt, especially one that you paid pennies in the pound for.

I would remind you of the article on the Office of Fair Tradings' website relating
to "the Collection of Debts". This is a highly relevant section that I suggest you
take urgent notice of-

"Furthermore, debtors should not be led or allowed to believe that they are legally liable to pay such
charges where this is not the case. Failure to act in accordance with these principles is likely to be
regarded by the Office as an unfair or improper business practice within section 25(2)(d) of the
Consumer Credit Act and thus relevant to the issue of fitness to hold a consumer credit licence."

Nor should I be penalised for your companys' inefficiency in tracing me.

Unless you write and confirm that both the interest and charges have been removed from my debt within 7 days, I will complain to the Office of Fair Trading
without further reference to you.

[andrew1]

LFI - Is the fact that they pay a smaller amount for the debt and charge interest on the whole original debt in anyway unlawful/illegal in your opinion? ie: £1000 debt - they pay £100 for it then charge us 12% on the £1000. Immoral if not illegal.

[lookinforinfo]

What I am saying is that it is the contention by the OFT in an earlier section
of the same report, that charges cannot be imposed on a debtor unless there
exists a prior agreement between the creditor and the debtor.

No such contract is in force here. They have bought a debt and been unable to
contact Flavio for three years.

I merely added the fact that to add interest based on the full amount of the debt
when they purchased the debt at a much lower price, could be further cause for
censure by the OFT.

[andrew1]

It's that "could be further cause for censure" that interests me. I think this is wholly unsatisfactory like you.

[lookinforinfo]

Sorry, Andrew I don't understand the point you are trying to make.

[andrew1]

I've had a cr card debt sold to Cabot. When they began their 'arrangement' and calling every 5 minutes and putting fear into my family with their aggressive tactics after my buisness collapsed ( through no fault of my own) and we had enough on our plates, they also began charging me 12% interest on the whole £1000 if I missed payment which I found immoral. Since becoming an avid CAG supporter and learning so much I have wanted to get even and use the laws to do it. They gave me hell, the debt was ALL charges, they d