Cabot! help needed please.

[Housed]

Hi all

 

about a year ago Cabot bought my debt of an egg loan which I took out in 2004. I originally sent a CCA request in feb last year and today they have turned up with what looks like an enforcable agreement.

 

Here is the links

 

http://i874.photobucket.com/albums/ab302/Housednext/IMG_0240.jpg

 

http://i874.photobucket.com/albums/ab302/Housednext/IMG_0241.jpg

 

http://i874.photobucket.com/albums/ab302/Housednext/IMG_0242.jpg

 

 

the last link is a statement that they sent with the credit agreement

 

 

now I will admit that I’m in a better financial position now than I was when I defaulted but I still don’t want to pay Cabot the full amount as they probably bought the debt for peanuts. On the other hand I don’t want a CCJ either.

 

So my next step is offering them a monthly payment but I have to pay them the original monthly payment I was paying egg or should I offer them less? I’ve also heard about people offering them a smaller payment for full and final settlement but i could only raise about 2k max and I don’t think this would be accepted in a million years.

 

Could anybody advise me on what step I should take next?

 

Thanks for taking time to read my post.

[harrassed senior]

Hold fire for a while as there is some discussion on the site at the moment about the fact that Cabot are unlicenced and as such should not be collecting debts.

 

I am sure someone will give there advice soon.

[Bazooka Boo]

Yes, the link is here to follow what is being said about them collecting unlawfully..

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/261864-cabots-licence.html

[Bazooka Boo]

Did you fill that in on their premises? Or at home?

[Housed]

the credit agreemnt must have been signed at home as ive never been to their premises.

 

2004 was a long time ago i dont even rememeber doing it

[Bazooka Boo]

If you filled in the application at home away from business premises, then IMO as there is no 'right to cancel' it is unenforceable.

 

EGG seems unable to issue correct CCA's for any of it's customers!

[Housed]

Thanks everyone for replying so quick.

 

what should i do from here though it says in the letter i have 14 days to respond and arange a payment plan or they will send it to their collections depatment?

 

Thanks

[Fred Bassett]

The other thing you'll need to watch is that Cabot will now start to add 12% interest.

 

Fred

[Housed]

where do they pluck the 12% figure from? do they have a legal right to do this?

[Fred Bassett]

Well they obviously think they do. I'm not sure if it's legal or not.

[Bazooka Boo]

Once their time is up (12 days from their receipt of the request) send them the failed letter, again via recorded delivery and print your name, don't sign it.

 

http://www.consumeractiongroup.co.uk/resources/templates-library/86-debt-collectors/571-failiure-to-provide-a-copy-of-the-agreement-within-the-prescribed-timescale

[Housed]

im still not 100% sure if this is unenforceable. dont want push them into taking me to court.

[spamheed]

Another route you may wish to consider, did you receive one of their famous Notices of Assignments? was it sent to you by Egg or by Cabot themselves? did it arrive in the same envelope as the Cabot welcome letter?

 

If it was produced by Cabot then you might want to question whether they are in some way associated with Egg, to the point that Egg will allow them to use their letterhead and write letters on their behalf. I happen to know that they aren't associated with Egg in any way shape or form, other than they buy Eggs more unenforceable debts.

 

I mention this because the LOP states that the NOA must be created by the hand of the assignor (Egg) and the debtor must be notified prior to the assignment.

 

If you have had an NOA from Cabot, you may wish to look at it to see if it has any coding on it to link it directly to the Cabot letter

[Housed]

I have another thread regarding this matter I will post a link later.

 

I know for a fact that Cabot used egg headed paper and sent the noa themselves. If you can veiw my last thread you will see what I mean.

I'm on mobile Internet at the mo so it's very slow but il put a link to it later.

 

Thanks for the reply

[spamheed]

My opinion for what it's worth would be to refuse to accept their claims of ownership on such flimsy evidence and if you have actual proof of their actions, because after all, a DCA writing letters which pretend to be from a bank is forgery/deception

 

in the current climate I wouldn't imagine they would be in too much of a hurry to take the argument into any court

 

My belief is that even if they can prove they have Eggs permission to produce the NOA, rather than exhonerating Cabot, it instead implicates Egg in the fraud and would open Egg up to a whole bunch of questions.

 

The LOP is clear about what should and shouldn't be done when assigning a debt and this is as much a law as the CCA and just as enforceable

[Housed]

Sorry but what is the LOP?

[spamheed]

The Law of Property, it's the legislation which covers the assignment of assets/debts between banks and DCAs and also the Law which Cabot used for many years to con people into believing that the CCA didn't apply to the debts they had bought.

 

The LOP clearly states that the debtor must be informed prior to any assignment and that the NOA must be created by the hand of the Assignor,

 

This is in black and white and set in statute for all to see. So either Egg have given Cabot permission to write letters on their behalf (which would drop Egg right into the Do Do) or else Cabot are forging NOA and trying to pass them off as being created by Egg (which wou8ld drop Cabot right in the Do Do)

 

Either way, they have not proven that they own your debt

[Housed]

So should my next step be asking them to provide proof that they own the debt and maybe also ask why there is no right to cancel on the credit agreement they have provided?

[Housed]

Cabot have also put a default notice on my account about a year ago when they claimed to have bought the debt, do they have to notify me off this as i have never recieved a letter regarding a default notice.

[BuzzMan]

So should my next step be asking them to provide proof that they own the debt and maybe also ask why there is no right to cancel on the credit agreement they have provided?

 

Why would you give away something that you can use to get a summary judgment against them if they ever took you to court? It seems that a lot of people here don't appreciate that a court action revolves around strategy as well as facts and law...

 

For example, Carter decided to take me to court over some debt by issuing a claim in winter, so far I've not even filed a defence, as I've put in an application for summary judgment and already had agreed to an adjournment for hearing so they can sort themselves out... Carter & Co, in their haste, have already submitted three conflicting statements and different versions of contract with none of them matching...

 

Just say the agreement doesn't appear to be enforceable under §127 of CCA 1974. Let them worry about it....

 

Remember, if they ever take you to court, they have to prove the allegation, unless you explicitly admit it!

 

 

PS: if it ever got to court, you can always dispute the document they claim is an agreement, as there can be no conceivable reason why the front of a document would have horisontal crease marks and the reverse of allegedly the same document have vertical crease marks...

Edited June 2, 2010 by BuzzMan
added the PS

[BuzzMan]

Cabot have also put a default notice on my account about a year ago when they claimed to have bought the debt, do they have to notify me off this as i have never recieved a letter regarding a default notice.

 

Have Egg already defaulted you on that and sent you a termination and "pay up" notice before that?

[Housed]

Before Cabot bought the debt it was with several DCA's who could not provide an agreement. When it was still with egg there was always a default notice from Egg on my credit file but when Cabot bought the debt it was changed to their name. I can’t remember for sure if egg sent me a pay up notice but I’m pretty sure they must have done. I will send a letter to them soon like you said.

 

buzzman- well done for spotting the vertical/horisontal thing I didn’t see that and probably never would have

 

Thanks for the help I appreciate it

[harrassed senior]

Did you actually receive a Default Notice, and if so, who from and what was the wording.

[Housed]

I think I must have received a default notice from EGG though I don’t have the letter still, but I defiantly did not receive any letter from Cabot about a default notice. I still have all the letters that I have received from Cabot.

[Housed]

The default is on my credit file though as I was with Experian for a while.