Morgan Stanley/Cabot Question

[spartathisis]

Cabot will be recording the interest, usually 12%, but not adding it to your acc yet, sneaky;) They will claim the assignment is equitable, but in reality it is absolute. Hence the adding of interest.

 

Is there a legal requirement for an account to be defaulted and terminated before assignment? I dont think there is, the T & C's I have been sent from creditors all state the account can be assigned, nothing says after default n termination. This would then mean Cabot can issue a DN as one has not already been issued for the debt in the past.

 

I have had no interest added to a Cabot account for 7yrs until I sent a SAR and said the account was in dispute, they added £1700 on an alleged debt of £8000, equal to 60%pa in the time scale used.

 

Crackbot are the lowest of the low, they give an air of respectability, but ignore the law and hide behind the bits they want to quote. Have a look at some of the other Crackbot threads to see how bad they are. You have now been crackbotted:)

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/223570-cabot-financial-dealing-cabot-3.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot-4.html

 

http://www.consumeractiongroup.co.uk/forum/dca-legal-successes/36665-cabot-again-urgent-help-101.html

 

http://www.consumeractiongroup.co.uk/forum/legal-issues/95027-cabot-county-court-claim-23.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/115280-useful-information.html

[spartathisis]

I had a Goldfish account pre MS (HFC Bank), that was sold to TBI Financial 9yrs ago. All TBI could provide was an app form, HFC had no record of me nor any docs. Most CCA's were micro-fiched and then destroyed to save space, so there will be few about, I have read that few before 2004 can be produced.

 

There should only be 1 default, but if the debt has been sold the name can be changed to the current holder of the debt. If not then I would complain to the ICO and the CRA's over the wrong use of data and its recording.

[spartathisis]

Have they, Cabot, sent a termination letter? If they havent then they can issue DN's as many times as they like until they get it right:( This also means they can add the interst on at any time, but not above what was being charged by the OC at the time of assignment.

 

They wont add interest or charges to the DN as they will know they could stuff themselves if the charges are found to be unlawful.

 

Send them a letter stating you do not acknowledge the alleged debt and the account is still in dispute as they have not provided you a copy of the CCa as is your legal right. Make it short and sweet. There is very little you can do at this stage with regard to the DN being reported to the CRA's, DCA's are a pain for doing what they want with impunity.

 

http://www.consumeractiongroup.co.uk/forum/legalities/20118-default-hell-23.html

[spartathisis]

I notice also that the discussion on securitisation appears to have gone, in all likelyhood few OC's actually owned the debt when they sold it to the likes of Cabot.

 

Is your card listed here? http://www.securitization.net/pdf/credit_card_index_Q3_Dec03.pdf

 

MS, MBNA, RBS, EGG, B Card abd Capital One all listed. There is a thread on CAG http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-92.html#post2516403 on how the fringe mortgage lenders only lend money so as to securitise the debt and then make it difficult for debtors so they then either default or find another mortgage elsewhere. Beleive it or not Cabot arent probably the worst out there no matter what we think.

[spartathisis]

so they have added interest after the termination letter? if the "contract" has been terminated how can they add something later? methinks they have shot themselves, hopefully in the temple.

 

Sit back let them do the work and see what they come up with, though never ignore any letters they send as it wouldnt look good in court.

 

AC, I raised secuiritisation with a DCA who were chasing on the back of a GM Card debt bought from HFC with app form only. Their solicitors stated the account had not been securitised and so it had no relevance, when asked to prove it they said they would not be able to! After looking into it I now realise that everything financial, and beyond, is securitised and they wonder why the world is in the state it is;)

 

Securitisation explained and why we should hope it begins again!!!!

http://www.imf.org/external/pubs/ft/gfsr/2009/02/pdf/chap2.pdf

Edited October 21, 2009 by spartathisis
missed link out

[spartathisis]

Just received latest letter from Cabot, "We have recently purchased your debt from MBNA" theres me thinking they bought it 10yrs ago:eek:. It has gone up £100 since last letter 10 days ago, can anyone point me in the direction of what to look for as far as unfair interest etc?

[spartathisis]

Thanks for the link AC

 

Cabot have not to date supplied a copy of the MBNA DN, I would imagine they cant get hold of it. Oh hang on, I have the original and its defective;), 4 days to remedy and no termination notice before sold to cabot.

 

Dont you just love badly run businesses?

[spartathisis]

unfortunately not , it was over 10yrs ago so I dont think im doing that badly keeping everything else.

[spartathisis]

well cabot now saying they will take of the interest (£1800 now!) if I start paying them!!! Their underwriters have cleared it? "Wotcha talkin about Kenneth".

 

They talk about the app form stating credit agreement at the top showing it is a CCA, ohh dear, and they have a legal duty to report to the CRA's. If I dont start paying towards a lawful debt they bought then they will escalate to collections, looks like im going to court for the first time .

 

I want my mummy, or big brovver!

[spartathisis]

Cheers pinky, actually got the thread open.

 

AC I hope to goodness you are female, "x" Thanks for the support .

 

Anyone know their "Underwriters" position in this? I assume it is to cover bad debt, but why would they contact them to remove the interest?