Thread: Home owner.cahoot flexi loan. cca

Hi,
The way things are going at the moment I expect Cahoot to completely default my unsecured flexi loan some time soon. Does anyone have any idea how soon after that they would go to the courts to seek a charging order against my home ?
Thanks.

Hi

I have no experience of Cahoot as such but the following is a typical debt collection cycle:

1. The internal staff call and write to try and restore the account.

2. Internal staff pretending to be debt collectors take over.

3. A solicitor's letter may be sent.

4. If no joy at this point they may send a default notice.

5. They may involve external debt collectors.

6. You get a termination letter.

7. They sell the debt to a DCA.

8. You get a notice of assignment from them (telling you who they have sold it to).

9. You are called and written to by the DCA.

10. At some point if they know you have a house (or maybe even if you don't have assets) they may issue county court proceedings. They prefer not to do this as it is hard work and they don't always win, particularly if you are following advice on this site.

11. If they get the CCJ you will be required to pay. However, you can ask the court for time to pay and the court will set a repayment level.

12. If you don't maintain the repayment schedule the DCA may apply for an Interim charging order. This may happen without you being aware.

13. Another court hearing is then organized which you can attend where the order is made final.

14. If you fail to maintain payments after this point they may apply for your house to be sold. This is a difficult thing to achieve but not impossible.

The order of some of the items can be changed and some items are repeated many times by different parties. It is also possible they would try backruptcy proceedings.

I would say the process above is typically not less than 3 months and could take years or may never fully play out.

Please wait for some other CAGers to come on here and comment on my post in case I have some things wrong and I invite other CAGers to correct me.

I should also say there is no guarantee Cahoot will follow the events in my last post. The last post is typical but other things can happen instead.