Vanquis debt

[ocean2208]

Hi

Dont know if anyone can help but i took a vanquis credit card out in 2005 only had a limit of £200 which i maxed but then failed to make any repayments - I have just been contacted by Cabot financial wanting £440 to settle the debt. I did not have the cash and feel is unfair as original debt was only £200 was wondering if i could get the interest charges back to lower the debt. Would i get in touch with Vanquis or through Cabot - have starting paying Cabot through standing order £10 a month but would be great if i could get some interest back. Also does this work for every credit card because previously had a capital one card but transfered to another account due to the charges every month. What do i need to do first????

[maroondevo52]

Hello and Welcome,

 

I'll move this thread to the appropriate Forum.

 

Regards.

 

Scott.

[ocean2208]

Also on the Experian report it says that the defaulted debt is £364 but the balance is £444??? how can this be??

[drob]

Cabot will be adding Interest to your balance.

[havinastella]

Hi Ocean and welcome to CAG.

 

You have 2 choices here

 

1) Send off a CCA request to Cabot (this is a request for a true ENFORCEABLE credit agreement) I have never know Vanquis to have one.

 

2) Reclaim all the charges on the account (With the contractual interest and 8% court interest this will probably wipe out the debt.

 

Now, No1 leaves the debt open, they just can't enforce it, but they can issue court papers and they can sometimes win. They can also sell the debt on to other pondlife who will also hound you.

 

No2 clears the debt (or will nearly) and the debt has gone (but you may have to issue court papers and follow it all the way) This may sound complicated but is really quite straightforward.

 

Let us know if you require any help.

 

Jogs

[ocean2208]

Great thanks. Am going to send the CCA to Cabot tomorrow. How do I go about reclaiming the charges? Do i do that through Cabot or do i have to go to Vanquis? I have 2 defaults on my experian check and want them cleared off as my partner has an excellent credit history and i worry if we become financially involved it will detrimentally affect his credit.

[havinastella]

Oh and stop paying them ASAP!

 

To reclaim charges you will have to go via Vanquis, you can put default removal on the claim form against them.

 

Jogs

[ocean2208]

i already paid them £11.00 when they phoned up for debt then agreed would set up standing order for £10 a month (which have just cancelled) - they offered me £320 so settle the debt in full but couldnt access the funds so offered them £200 but they declined. So if i still get CCA of them and await the claim back off vanquis do i still have to pay the debt off to get the default removed? sorry am new to all this stuff! find all this financial stuff v confusing but think that is why they do it so they get more money out of people who dont know.

[havinastella]

We are all still learning

 

When you send the CCA request to cabot, be sure to include this

 

(a) the total sum paid under the agreement by the debtor;

(b) the total sum which has become payable under the agreement by the debtor but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due; and

© the total sum which is to become payable under the agreement by the debtor, and the various amounts comprised in that total sum, with the date, or mode of determining the date, when each becomes due.

 

 

This will put them to strict proof of what you owe and messes them about a bit more.

 

If you are reclaiming and do not have a copy of your statements, you will have to send a SAR to Vanquis, this will show exactly what charges have been added to the account.

 

When you Issue the N1 (court claim form) You put in the claim form that you require the defaults to be removed (we will cross that bridge when we get to it)

 

Have a good read through some of the Vanquis, Cabot threads (just type either in the search bar at top of thread.

 

Jogs

[ocean2208]

great thanks for all your help appreciate it. will get the ball rolling and no doubt will be in touch.

[ocean2208]

hi

I have had letter back from cabot saying that they do not have the information on file and have sent my £1.00 back. They advise that they will be able to provide this information within 12 days but if not will write to me again. I did notice on the balance it says that i owed £442.03 now - when they intitially said they wanted £444 (i paid £11.00 off this) will they continue to put interest on - is that legal? If i reclaim the charges back off vanquis if cabots keep putting the debt up i wont have enough to pay it off? Am confused if debt is £444 and get money off vanquis because charges unfair how can cabot justify charging that amount to pay the account off?

[ocean2208]

Hi

Dont know if anyone can help but i took a vanquis credit card out in 2005 only had a limit of £200 which i maxed but then failed to make any repayments - I have just been contacted by Cabot financial wanting £440 to settle the debt. I did not have the cash and feel is unfair as original debt was only £200 was wondering if i could get the interest charges back to lower the debt. Would i get in touch with Vanquis or through Cabot - have starting paying Cabot through standing order £10 a month but would be great if i could get some interest back. Also does this work for every credit card because previously had a capital one card but transfered to another account due to the charges every month. What do i need to do first????

[havinastella]

Cabot have no authority to add anything to your account.

 

FULL STOP!

 

Thats why I told you to include the paragraph in post 9!