Sorry if this should be on my Citi thread but my Citi account has been passed on to Cabot Financial. They haven't started to get nasty yet but I'm sure that will follow shortly.

I owed them £2386.80 and I was told by my debt counsellor that if your debt is sold to someone else that you can offer them significantly less because they would have bought for a silly low price. I rang them up this week and offered them £1000 there and then. They refused and said the minimum they would accept is £2050.00!

Just wondered if anyone else has had experiences with Cabot.

I haven't told them about the charges being disouted yet either!!

There's a thread on cabot. Not a lot happened recently on it but I think people are waiting responses from them. Cabot buy the debt for about 12% of it's value. Offering anything above that is profit for them. Start low and build on it making sure they know you are borrowing from everyone you know and its a full and final offer. What you have to practice is some negotiating skills. Cabot are notorious for not having the correct documentation so you are going to have to start reading the debt collection agency threads and on some of the posters such as EDUIN who seems to have some first hand knowledge of these. Seminole gets into a froth every time anyone mentions cabot so keep an eye out for his postings too.

Thanks very much for that.

Make sure YOU keep on top of THEM though; I've read around here that they can be vicious. I would to be honest make them carry out all their communications in writing... and you do the same. They will not be amenable over the 'phone.

Try to find out if the debt was sold, or if it's being dealt with on behalf of the bank... there are loads of letters kicking around in the various threads already mentioned. You may not owe Cabot any money at all... depends if they have any documentation.

Cabot did buy the debt. I was warned in advance by Citi.

Good thing is they haven't got my phone number so have no choice but to write. They can be as viscious as they like. I'm not taking any grief off these people any more. I've become a lot more assertive in the last few months so I'm not going to bury my head in the sand any more.

I've made them another offer of £500. If they decline I've said I'll pay them at £1.00 per month as advised by my debt cousellor. See what happens now.

Maddy, can't view any of your other posts but how much do you reckon the charges are on the account? How much are you hoping to claim back?

I can't remember because it's on my spreadsheet at home. I think it's about £400.

Re:Cabot get these answers before you start.

1)If Cabot owns the debt who are responsible to supply the DPA info for the period Citi held the account?

2) Who is responsible for paying ALL the charges back now that Cabot own it?

3) Do you need to also do a DPA request to Citi?

4) Are Cabot charging you interest on any late payments?

Then let battle commence!

1)If Cabot owns the debt who are responsible to supply the DPA info for the period Citi held the account? - I've already got my statements and I'm pursuing the charges through Citi. I had already started before they sold my debt.

2) Who is responsible for paying ALL the charges back now that Cabot own it? - That's a good question. I'm not sure.

3) Are Cabot charging you interest on any late payments? - I haven't got that far with them yet. It's only in the last week that I've found out they've bought my debt.

I was just wondering who I should claim my charges back from. Citi who charged me in the first place or Cabot who have bought the debt?

I have made Cabot aware that the amount is in dispute and they're slapping on interest as well, which I have no intention of paying.

Any advice gratefully received.

Personally I think that the debt with Cabot and the charges by Citi are two entirely separate matters; and I think you should keep them separate in your head. Claim back the charges that Citi took from you from Citi. Deal with Cabot about the debt; at which you seem to be doing fine. Hope this helps! It is only an opinion though so I hope someone will back me up.

I thought the same. Right I'll kick Citi's butt tomorrow then. Thanks.

Hi Maddyrose, I have a citfiancial debt with cabot. I received the DPA info from Cabot about their charges (including interest) but I have had to go to citi for theirs.

I then sent a CCA request to Cabot enclosing the £1 postal Order seeking the original deed of assignment to them or an agreement signed by me ...of course, they havent got one and they probably haven't got one for your either. Without that they cannot collect. I wrote the letter in the templates stating that I did not owe any monies the Cabot and that the account with citi was in dispute. Haven't a twinkle since!

Will post again if I do but you might consider doing the same..

Are you saying that they have no right over the debt if they don't have this piece of paper? That we don't have to pay at all?

If they can't produce a true copy of the original signed agreement then that provides an absolute defence to any proceedings that they may try to bring against you. However, they can bring proceedings if they obtain or find the documents within the normal limitation period.

Don't have any qualms about not paying these ****. They scour the dustbins of the financial services industry looking for old debts, buy them for a pittance and then try to bully their victims into paying the full value of the debt. They trade in human misery and produce nothing of value.

What a surprise! I received two letters from our friends Cabot today.

1) you have previously received letters warning you that failure to repay the above detailed ( detailed? it's just a figure!) account will result in further action being taken. The next contact you have....blah blah.. will come from External Debt Receovery Agents ( In bold to frighten me!)

I sent a £1 postal Order for my CCA request and disputing I owe Cabot any monies ( as per Template)

Letter 2) Thank you for your recent payment ...interest will be added etc....

what twots!

But also received by special delivery ( Citi finacial stements covering 3 yrs requested. Also states that manual intervention info could only be provided after I supplied proof of identity which they apparently requested but in the absence of that identity they can't provide any. Then went on to breifly say there were some relating to default notices.

So they can supply all the statements not knowing who I am but not their manual intervention because they don't know if I'm who I say I am !!

I don't know which of them is the worst.

I suppose I'll have to call Cabot ( god forbid ) and ask them what they've done with my £1 ! - or maybe not because they will default and I wont have to pay anything!!!!

My advice would be to let them default.

Cabot have just six days left to reply to me or they are in default and I will not be reminding them just yet...

My advice would be to let them default.

 

Cabot have just six days left to reply to me or they are in default and I will not be reminding them just yet...

I completely agree. There is no need to remind them. They are under a legal obligation to reply and they kniow it. If they fail to do so within the 30 days, make a complaint to your local Trading Standards.

Actually, this is only a technicality, but how does one treat this particular response from Cabot ( apart from with contempt!)

This is in response to my CCA letter from the Templates Library:

"Dear Andrew1

Outstanding Balance £1000

Thank you for your recent payment.

We would advise that interest, where applicable, will continue to accrue on your account until we have a repayment paln agreed.

It is to your advantage to contact us on the number above immediately to discuss your offer of repayment.

If you have already made an arrangement then please ignore this letter.

YS

Lindsey Thomas

Recoveries Manager

Cabot financial "

Would that be in any sense of the imagination deemed as acknowledgement of my CCA request? ( depite the idiocy of sending it to me and the irrelevance of it to my letter)

No. Not in any way is it an acknowledgement. The ONLY valid acknowledgement of your s.77(1)/s.78(1) request is you receiving the requested documentation. However, it IS a recognition that you sent them a payment. Which could be used by TS in court as evidence against them...

Where will I find the CCA request please?

Dear Sir

 

I do not acknowledge ANY debt to your company. I require you to supply the following documentation before I will correspond with you further on this matter.

 

1. You must supply me with a true copy of the alleged agreement you refer to. This is my right under your obligation to supply a copy of the agreement, under the legislation contained within s.78 (1) Consumer Credit Act 1974 (change this to s.77 (1) for fixed sum credit such as loans etc).

 

2. A full statement of account.

 

3. A signed true copy of the deed of assignment of the above referenced agreement that you allege exists.

 

You are notified that you are obliged to supply these documents, whether or not you are the original creditor, under s.189 of the Consumer Credit Act 1974. I enclose a £1 postal order in payment of the statutory fee, PO Serial Number xxxxx.

Non-compliance with my request is a criminal offence under the above Act and will result in a report being submitted to the relevant statutory authorities.

 

As you are aware, a credit agreement that is not properly documented and signed by the customer is totally unenforceable under the Consumer Credit Act and therefore is a complete defence to any court claim that is issued.

 

Take note at this stage, that any legal action you may contemplate will be both vigorously defended and contested.

 

Yours faithfully

That's it right there chuck

Thank you. You're a star!

How long do they have to come up with the info? Is it 40 days or 14?

Neither.

It's 12 days until they have to gain a court order to pursue you for the debt and if they have not provided the information within 30 days then the debt becomes unenforcable.