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icebakan
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Hi Everyone,

 

Can anyone help please? Due to loosing my job, i defaulted on a loan in May 1999. I had agreed with the bank to make a much reduced payment each month. I have and still am making these payments to the bank every month since May 1999 without missing a single payment.

 

To my great surprise, ive just received a letter from ECI debt collectors stating, They have been instructed to collect this outstanding debt by Cabot Financial Ltd.

 

I have wrote to ECI saying i dont know anything about any debt owed to Cabot, but they replied with my loan reference number and a default date of 10/05/1999.

 

I dont know what to do, can anyone please advise me? Thanks icebakan

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You can begin by making them prove they have a valid agreement for the debt. Send a CCA request, include a £1.00 postal order, not a cheque.

 

Letter N.

Edited by rippedoffagain
  • Haha 1

Please note: I give advice, in good faith, based on my reading and experience. Please satisfy yourself, that any advice given is accurate in content before acting upon it.

A to Z index

http://www.consumeractiongroup.co.uk/forum/site-questions-suggestions/53182-cant-find-what-youre.html

 

...........................................................................

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Hi icebaker and welcome to cag

Send letter N from this link http://www.consumeractiongroup.co.uk/forum/debt-bailiffs-advice/20758-creditors-dcas-letter-templates.html

to ECI put on the top I DO NOT ACKNOWLEGE ANY DEBT TO YOUR COMPANY and do not sign it with your normal signiture. Send a £1 postal order with the letter not a cheque so they havn't got your real signature. Send recordered delivery and sit back and wait to see what they come back with. Let us know please.

 

In the meantime carry on making your payments in the usual way:)

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Hi, Many thanks to rippedoffagain and Wino for responding. I have sent out the letter you advised and will post the response if and when i receive it. Any further advise will be very much appreciated. Thanks again, icebakan

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Thread moved to DCI forum.:)

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Hi Everyone,

 

Can anyone help please? Due to loosing my job, i defaulted on a loan in May 1999. I had agreed with the bank to make a much reduced payment each month. I have and still am making these payments to the bank every month since May 1999 without missing a single payment.

 

To my great surprise, ive just received a letter from ECI debt collectors stating, They have been instructed to collect this outstanding debt by Cabot Financial Ltd.

 

I have wrote to ECI saying i dont know anything about any debt owed to Cabot, but they replied with my loan reference number and a default date of 10/05/1999.

 

I dont know what to do, can anyone please advise me? Thanks icebakan

 

Hmmm, this is interesting....Why does Cabot, once again, use a 'tin-pot' company to try and recover one of their debts. ECI is relatively small as far as debt collectors go, it's total assets in 2006 were less than £50k, at the same time having no credit rating. Owned (it seems) by a one, Stanley Silver.

 

If you've had no NOA re this debt, then Cabot are in the poo to begin with. You have to remember that Cabot and Barclays are very much in each other's pockets.

 

A CCA request to ECI is a good idea. Be great if there isn't one as I note from ECI's T & C's to their customers (in this case, Cabot) that they say:

 

H. If the Client should require ECI to make a vexatious claim and no claim or right to action exists, ECI shall be entitled to charge for time it incurs at the rate of £75 per hour plus VAT

 

Be nice to see Cabot wasting £75 an hour on a debt that's unenforcable :grin:

Having said that, this will give you a good idea how ECi works and thinks..Taken from their website, they say:

 

Many clients that we act for would love to see us return to the days of debtors’ prisons, and having witnessed the various predicaments they find themselves in as a result of being owed substantial sums; it is easy to understand their wishes. But the laws that protect debtors by allowing them to ignore their financial obligations are often the laws that allow them to take advantage of their creditors and will continue to do so for some time in the future; and even ease the financial pain of debtors further.

Edited by pmhcfc
  • Haha 1

Just hate every DCA out there

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It sounds as if they are pretty well resigned to the fact that the consumer has laws to protect them tho. Is that a warning to their potential clients so they can turn around and say told you so, but we'll have our 100 hours worth of fees, please? I do hope Cabot use them more often. They'll be out of business in no time and ECI will be rolling in it. :)

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