CABOT - Another BIG nail in their coffin?

[ODC]

[jaxads]

Fantastic thread - I've two accounts in dispute with Cabot so will watch this thread with interest, keep up the good work guys (and gals)

[volvo]

I am the same with two Cabot 'accounts'

 

The future looks promising!!

 

Well done Fan Club

VOLVO

[blipvert]

I wonder if this will get reported in Credit Today ?

[andrew1]

I wonder if this will get reported in Credit Today ?

 

If somebody tells them it might...;-)

[ODC]

Hopefully it will be a talking point at the Crudit Toady grand awards pi55 up

[bobbysox]

well done cabot fan club. this is excellent news.

[pmhcfc]

Great news:D....................who's next;)

 

Shall we have a poll ? ;-)

 

Could be any one of about 15 eh? I'd vote for Ruthbridge

 

All we've ever strived for is to get these companies to do things legally and above board - that

might be a little too much to ask, but it's baby-steps for now.

The real trouble is that companies like Cabot have had it easy since 1999, happily lining their fat

pockets with easy money, with no comeback from anyone. But as these people tend to always do,

too much wasn't enough and they got greedy- and now their a*ses are getting kicked. CEO's like

Ken Maynard can dress their company up as much as they want, but strip away the pretty layers

of spin he has shrouded Cabot with and you'll see what they really are.

 

Using his call centre (as he did) to host Children in Need made me feel sick to my very core, because

he is, in effect, prostituting a grubby industry and using a charity as his 'Madam'. But then this sort

of practice is something he's passed down to the fruit of his loins (allegedly) - if a certain Land

purchasing company is anything to go by - so he obviously stands by his dubious morals. I mean, how

many of us can afford to buy a £4m mansion...or indeed an Aston Martin car or four.

 

The (real) Cabot Fan Club was 'set-up' by seven individuals over two years ago and those seven continue

to work very hard at helping others, dig around for information and promote the need for Cabot (and

many other DCA's) to fall into line and do their business by the letter of the law. If, as is suspected, banks

and loan companies cut corners in their attempts to give people too much credit with unenforcable

agreements then so be it. If on the back of that DCA's purchase these unenforcable debts then they must

accept the public will bite back. If in turn this means they lose millions, well that's just tough ***t. The likes

of KM and GC at Cabot know their business is (allegedly) built on shaky foundations, it's just a crying shame they

won't be investigated properly.

 

If Cabot actually realised the extent of the information we have on them they would be more than a little

concerned., of that I'm sure, but until we can get the proper authorities interested we'll just keep that

information to ourselves.

 

If nothing else, sites like this one has cost DCA's millions of pounds - which is no bad thing. However, it's

our estimation that less that 10% of Cabot's 'customers' know of their rights. Just imagine if we can

get 90% aware of those said rights, what then for Cabot and others?

 

The meeting was just the start, we wish to continue the good fight- tell everyone and anyone you

know about the need to question the validity of any loan agreement they have, especially if it dates

between 2000 and 2006. The snowball is at the top of the hill, it just needs a bit of a push- and we

can all do that.

 

We don't condone a 'Won't Pay' attitude, we just want Cabot (and every DCA) to abide by the laws

of this land and do their business properly- that's all we've ever wanted.

 

Rant Over

Edited February 24, 2009 by pmhcfc

[twofoot]

Just a bit surprised that it was Cabot. I'm of the opinion that there are far worse **** than them. I had one particular **** waving my credit file to all and sundry.

[andrew1]

Just a bit surprised that it was Cabot. I'm of the opinion that there are far worse **** than them. I had one particular **** waving my credit file to all and sundry.

 

Over two years ago as pmhcfc says, we focussed our attention on Cabot. This site only came into being just over 3 yrs ago and it was the fact that Cabot had a high profile of complaints on here that we like minded set about helping each other to home in on what exactly they were up to. As a result of the intensity and success of what we were doing CAG set up a special sub-forum just for Cabot and it perhaps got a little too successful and for reasons best known to those in higher places on here who knew less than we did decided without consultation with us that Cabot should be merged into a general Debt Collection section as it was felt all dca's were the same. That lead to many of the Fan Club vacating the site and one, who was at the heart of it 'Seahorse' actually banished at a great loss to many a Cabot victim on here and he still is but works from his own blog quite effectively. However, we had as a unit gone far too far to stop altogether so our work continued off-site and we've exchanged thousands of emails between us and built a massive library of cases Cabot have won, lost and messed up. We have much information provided by 'sympathisers' from within Cabot past and present.

 

So it is not surprising to us that Cabot are the ones, we have encouraged others to do the same, but the Fan Club are a rather unique combination of people who have research facilities in various walks of life which combined gells us into being a rather mean machine and woe betide any company that takes any one of us on as they are taking the whole 7 of us plus the backing of various forum like CAG. As pmhcfc says, we have without question cost Cabot millions, slowed the whole Debt Collection business down by getting them to conform, something they and the others - and there are indeed far worse out there, are totally unaccustomed to, but then it's up to you guys to go out and make sure their clients, like this one we went to see, are advised of the reflection these dca's are bringing to their businesses. The legal team members who were in this meeting were extremely interested in what we had to say as it showed them what they should be doing and could easily be doing -the fact they sell off the accounts is not having the desired effect of washing their hands anymore and they realise this. Taking accounts back in-house is a distinct possibility again. We'd like to encourage more banks and finance companies to do that as JonCris stated but it needs you guys and gals out there to advise these original creditors of the damage these dca's are doing to their businesses.

 

We didn't quite know what to expect when we were asked to go, we were excited though nervous, we took as much as we could carry and most of it was spread around the table and discussed. It was a VERY good meeting not just from our perspective, but apparently from theirs. So all I can say to all out there is keep up the pressure for Cabot to abide, COMPLAIN to the OFT and Trading Standards about anything they do wrong and also let the company you are dealing with know what they have done to their reputation.

 

Thanks for the input pmhcfc, you skillfully hogged the meeting, now it's my turn

Edited February 24, 2009 by andrew1

[ScarletPimpernel]

Well done to you all - good effort!

 

In another area of interest of mine, much the same thing happened - a small group on a forum had had enough and got together. A couple of years later, and we were being invited to ministerial meetings. Progress continues, but now as a formal organisation that grew from our little group.

 

This must be the way ahead. The debt industry has got away with non-compliant behavior for too long, because it has not been effectively regulated. No-one has presented 'our' side of the story effectively. I think that can now be done through CAG; meetings like the CFC's is a first step.

[NailPost]

Cabot are a very big fish in a very murky pond. Many of the bottom feeders live off scraps from the Cabot table. Look through the threads about other debt collecting firms and you will see they claim to be collecting on behalf of their client, Cabot Financial - under one of their guises (UK, Europe, Kingshill, whatever)

 

Bring down the king of the castle and you will bring the rest of the **** to heel. This is a very good start and one which needs more publicity. The more we can do to highlight the dubious practices of this so-called industry the better. For the government, struggling in the opinion polls, the answer couldn't be simpler. They bwon't have to pass any new laws just tell the OFT and the FOS to apply the laws as they stand. That will stop the grubby, greedy barstewards line their pockets on the backs of people's misery.

[Luminol]

I think its great news, best Ive had today, grats to all and thanks for all your hard work and persistence!

[pmhcfc]

Over two years ago as pmhcfc says, we focussed our attention on Cabot. This site only came into being just over 3 yrs ago and it was the fact that Cabot had a high profile of complaints on here that we like minded set about helping each other to home in on what exactly they were up to. As a result of the intensity and success of what we were doing CAG set up a special sub-forum just for Cabot and it perhaps got a little too successful and for reasons best known to those in higher places on here who knew less than we did decided without consultation with us that Cabot should be merged into a general Debt Collection section as it was felt all dca's were the same. That lead to many of the Fan Club vacating the site and one, who was at the heart of it 'Seahorse' actually banished at a great loss to many a Cabot victim on here and he still is but works from his own blog quite effectively.

 

Thanks for the input pmhcfc, you skillfully hogged the meeting, now it's my turn

 

You hog away Sarah, I think you're going to anyway...but there are just a couple of other points I want to make...

 

Firstly, you have to ask yourself why Ken Maynard & Glen Crawford 'sold-out' a few years ago. OK, they got a handsome payout for doing so but why sell something that was so 'successful' at the time? Was it because they knew what could be to come - i.e. the public realising how many of their agreements were unenforceable? - You decide.

 

Also, we at CFC can 'sort-of' understand the business sense in doing what Cabot do. Buy something for £100 and collect £1000 for it isn't bad business practice (if it's not restitution of course), albeit with questionable morals, and it's not that much different to any one of us buying antiques at an auction for £50 apiece and selling them on Ebay for £250. That's good business as well, unless of course the authenticity of the said pieces was in question. That's what this is all about, not the fact they buy £5000 debts for 50, 100 or £200 - but the fact the agreements attached to the debts are quite possibly unenforceable- and they (Cabot) know it. Is that why banks sell these debts in the first place? The banks know they are unenforceable, so they sell them, grab the tax relief from the government and wash their hands of them all. It's a bit rich that Glen Crawford calls us all 'Rogue Debtors' when the bosses of these DCA's are nothing more than glorified Arthur Daley's.

 

By the way, we've seen a number of these agreements between banks/lenders and Cabot and it really opens your eyes.

 

Lastly, to all those who've commented that Cabot are not necessarily the worst offenders. That may be the case but it still doesn't make it right, does it? But what's to stop any other group of people 'getting together' and collaborating to do the same to another DCA?...nothing. Yes it's hard work, yes it can be a thankless task and yes you can spend many many hours seemingly getting nowhere, BUT it's hugely rewarding at the end of the day. It's not so much us helping ourselves but us helping thousands of other people in their fights with Cabot and any other DCA- and getting this 'grubby little industry' (Seahorse quote ) to do their business by the book. Happily, this part is agreed with by ******** ......the (real) CFC know who I mean.

 

I know not all of you will remember this programme, but in the words of Citizen Smith ........ "Power to the People"

Edited February 24, 2009 by pmhcfc

[blipvert]

You hog away Sarah, I think you're going to anyway...but there are just a couple of other points I want to make...

 

Firstly, you have to ask yourself why Ken Maynard & Glen Crawford 'sold-out' a few years ago. OK, they got a handsome payout for doing so but why sell something that was so 'successful' at the time? Was it because they knew what could be to come - i.e. the public realising how many of their agreements were unenforceable? - You decide.

 

Also, we at CFC can 'sort-of' understand the business sense in doing what Cabot do. Buy something for £100 and collect £1000 for it isn't bad business practice (if it's not restitution of course), albeit with questionable morals, and it's not that much different to any one of us buying antiques at an auction for £50 apiece and selling them on Ebay for £250. That's good business as well, unless of course the authenticity of the said pieces was in question. That's what this is all about, not the fact they buy £5000 debts for 50, 100 or £200 - but the fact the agreements attached to the debts are quite possibly unenforceable- and they (Cabot) know it. Is that why banks sell these debts in the first place? The banks know they are unenforceable, so they sell them, grab the tax relief from the government and wash their hands of them all. It's a bit rich that Glen Crawford calls us all 'Rogue Debtors' when the bosses of these DCA's are nothing more than glorified Arthur Daley's.

 

By the way, we've seen a number of these agreements between banks/lenders and Cabot and it really opens your eyes.

 

Lastly, to all those who've commented that Cabot are not necessarily the worst offenders. That may be the case but it still doesn't make it right, does it? But what's to stop any other group of people 'getting together' and collaborating to do the same to another DCA?...nothing. Yes it's hard work, yes it can be a thankless task and yes you can spend many many hours seemingly getting nowhere, BUT it's hugely rewarding at the end of the day. It's not so much us helping ourselves but us helping thousands of other people in their fights with Cabot and any other DCA- and getting this 'grubby little industry' (Seahorse quote ) to do their business by the book. Happily, this part is agreed with by ******** ......the (real) CFC know who I mean.

 

I know not all of you will remember this programme, but in the words of Citizen Smith ........ "Power to the People"

 

An excellent thread, good to see that peopleare starting to open their eyes.

[dave354uk]

Great news guys!! I am now taking on Crapbot, it is disgusting how they lie to people. They sent me an unenforcable agreement, and when I questioned the NoA they sent one through with a date on it of the day I had spoken to them on the phone. They have been processing my data for nine months already.

 

Their latest trick is to mark your credit file as 6 payments late, they seem wary about placing a default on file. I have been 6 payments late for the last four months but have never paid them a penny.

[noomill060]

Well done CFC!

 

(Freedom for Tooting)

[ODC]

Great news guys!! I am now taking on Crapbot, it is disgusting how they lie to people. They sent me an unenforcable agreement, and when I questioned the NoA they sent one through with a date on it of the day I had spoken to them on the phone. They have been processing my data for nine months already.

 

Their latest trick is to mark your credit file as 6 payments late, they seem wary about placing a default on file. I have been 6 payments late for the last four months but have never paid them a penny.

 

Unless the N of A was sent recorded or registered delivery its not properly served.

[NailPost]

Credit Today say

 

CSA executive director Kurt Obermaier said 1st Credit was working with the OFT to address the problems. "It can happen to any company. It doesn’t mean to say the company is a bad company or the president is a bad president," he said.

[Alphageek]

Well done to everyone who has helped the CFC over the years.

 

I used to think complaining to OFT et al was a waste of time, but stories like this make you realise that with enough weight behind our complaints the regulators will act.

 

I'm not sure if it's a sad reflection on the regulators that a bank chose to act first to address Cabot or not.

 

Still, as someone's sig says on here "slowly, slowly, catch the monkey"

 

Well done all!

Edited February 26, 2009 by Alphageek
spelling

[deepdebt]

Unless the N of A was sent recorded or registered delivery its not properly served.

 

Is that true ODC, very interesting!!! does this mean that N of A in normal post from worst credit could be a forgery or constructed??? same from CL Finance which was back dated 4 months.

 

Are there any implications to this.

[Alphageek]

If the NoA has not been served properly, then it is not worth the paper it is written on.

 

I'm not sure improper serving would make it a "forgery" however.

 

If the NoA is imperfect then the, usually, DCA has no rights to attempt to collect the debt.

[amtired]

may I ask a daft question regarding N of A?

 

how do you prove it wasn't sent recorded (not on the day) but in the future when they come to claim payments,

 

I say what recorded number is on letters when I send them, banks etc wouldn't!!!!

[Alphageek]

You cannot prove a negative. It would be up to them to prove it was served correctly.

[ODC]

may I ask a daft question regarding N of A?

 

how do you prove it wasn't sent recorded (not on the day) but in the future when they come to claim payments,

 

I say what recorded number is on letters when I send them, banks etc wouldn't!!!!

 

You cannot prove a negative. It would be up to them to prove it was served correctly.

 

If they sent it Recorded Delivery or Registered Post then you would have to sign for it and they would have proof you got it. If as they usually do and stuck it in the post then they would have NO proof you ever received it. As Alphageek says you cannot be asked in Court to prove you didnt get it. That would be impossible.