me vs cabot can anyone advise me

[sticky29]

This is in danger of being quite long winded so i will try to break it down as much as I can.

 

My wife and I had a Mortgage in the late 80`s which also had a bridging loan attached to it with a company called nationwide credit corporation for the sum of £2888.50. This Loan then changed hands to a company called National Home Loans. When things went pair shaped and we were struggling with paying the mortgage and other debts so we contacted all our crediters to reduce payments and they all agreed including National home loans who agreed a reduced payment and to defer intrest charges.

 

We eventually lost our home which the bank sold at a lost but carried on paying the agreed amount to National home Loans then out of the blue we had a letter stateing that the account was now being handeled by a company called morley who wrote to us and agreed a payment of £30 a month and they would review the account every year and any applicable interet rate.

we then had a letter from cabot that they had taken over the account and the also agreed a payment of £30 a month and they to would review the account every year with any applicable interest.

 

We payed this amount for nearly nine years and in all that time we were never contacted by anyone to review the account.

last year i phoned cabot to see how much we had left to pay as I thought we were proberly near to having paid it of when i got the shock of my life, they told me i owed over £9000.00.

In all that time they were adding 17.09% interest. I asked for a statement and eventually they sent me one with a letter saying that they had reduced the amount to when they took the account over (Cabot) and have changed the interest from then to 5%. which left the account owing £6262.18 with interest now running at 5%.

Through this site i now now that Cabot, National home Loans and Morley are all part and parcel of the same organisation.

 

To date I have paid £7153 for a £2888.50 loan and have now stopped payments as I feel I should have been notified that i was being charged interest at some point. Do i now call their bluff and let this go to court?

[cerberusalert]

Given the age of this agreement I would first send them a CCA request to see if they are entitled to collect this debt & if it's enforcable. If they fail or the CCA is unenforcable you can legally withold any payment until they do. Send it recorded delivery enclosing a £1 postal order. When you get a reply, scan it & remove any identifying details and post it back here where we can have a look at it. We'll advise you from there;

 

Dear Sir/Madam

 

Re:- Account No: XXXXXXXX/Your Reference Number: XXXXXXX

 

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

 

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77 will apply.

 

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

 

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).

 

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

 

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

 

You should also note that I will only discuss this matter in writing and should it be your intention to arrange a “doorstep call”, please be advised that under OFT rules, you can only visit me at my home if you make an appointment and I have no wish to make an appointment with you or any of your associates.

 

There is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and if you do so, then you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, police attendance. (Optional addition)

 

I look forward to hearing from you.

 

Yours faithfully **Edit to suit**

 

(Print do not sign signature)

[sticky29]

Hi there cerberusalert thanks for the reply.

I have already requested a copy of the original credit agreement by letters and after a long time they have already supplied this so where would be best to go from here?

[Pinky69]

Can you scan it and post it on here so we can see if it is enforceable? Photbucket is good for uploading.

[Pinky69]

P.S. Remember and cover over your personal details so no one can see them.

[sticky29]

Hi pinky69

Thanks for the reply well this is my 1st time i have uploaded anything so hope i have got it right lol

thanks again

[cerberusalert]

Any chance of enlarging it to a bigger pixel size?

[sticky29]

sorry have tried to enlarge but with no success will try again

Edited March 6, 2009 by sticky29
attachments too smalll

[alfwithhair]

these links don't work

"Invalid Attachment specified"

[sticky29]

hmmmmmm not sure if this will work this time:confused:

[alfwithhair]

Working, but still too small, can't read anything on them

[cerberusalert]

If you upload them onto TinyPic - Free Image Hosting, Photo Sharing & Video Hosting & then copy & paste the link back here it should be O.K.

[sticky29]

 

http://i42.tinypic.com/2ltnd01.j

 

Thanks cerberusalert

[sticky29]

[cerberusalert]

Someone more knowledgeable will be along soon, but the monthly interest rate and the APR don't look right to me. I know there is a leeway +/- but I'm not sure how compound interest really works.

Edited March 6, 2009 by cerberusalert
deleted image because original image didn't show

[sticky29]

I have written to cabot today and told them if they wish to persue this then i will defend this matter in a court of law. Hope I have done the right thing i guess time will tell.

[sticky29]

I had a phone call today and the caller asked can i speak to mr****** ***** when i replied `speaking` they said thankyou very much and put the phone down. i did 1471 and it was the area code for cabot. I wonder whats the reasoning for that?

[Pinky69]

Probably bored because no one will talk to them.

[sticky29]

lol pinky 69 now that gave me a giggle:)

[Rhia]

I think I would also sent a Subject Access Request to Cabot and get right to the bottom of this one. Morley are indeed part of their little evil empire but are not trading at present.

I am not sure if one SAR would get you all the info so make sure you ask for the info from them to cover all the related Cabot companies - Nationwide, Morley etc.

This is a shocking story, but sadly not uncommon. However you are in the right place. I would not speak to them on the phone insist on everything in writing. If they call you either record the conversation (and tell them you are doing so) or make a note of what was said.

Welcome to the Cabot Fan Club!

[sticky29]

Thanks for the reply and advice Rhia im in the process of scanning and uploading some documents i have sent and recieved from these lovely people.

[sticky29]

Thanks for the reply and advice Rhia. i am in the process of scanning and uploading some documents i have sent and recieved from this charming establishment.

[sticky29]

thanks for everyones help so far:-)

Edited March 16, 2009 by sticky29

[sticky29]

..

Edited March 16, 2009 by sticky29
pics. too small

[BeauBrummie]

Subbing

 

Beau