Cabot adding int to old Providian card debt = Can they?

[tifo]

Hi,

 

Regarding the recent change of name of Kings Hill (No 1) Ltd to Cabot Financial (UK) Ltd

 

Does this affect debtors like me who have accounts assigned to Kings Hill and defaults are registered by Kings Hill (No 1) Ltd?

 

After all, the info on credit agencies is now wrong plus Data Protection etc.

[pmhcfc]

Tifo-- haven't you read the thread ' Cabot again!!!

Urgent Help Needed '

[tifo]

Tifo-- haven't you read the thread ' Cabot again!!! Urgent Help Needed '

 

Yes, i've read tberns excellent thread, but not recently. I need to site down and catch up on what i've missed.

[pmhcfc]

Yes, i've read tberns excellent thread, but not recently. I need to site down and catch up on what i've missed.

 

Read the last 25 odd posts on the thread especially

[tifo]

To date :

 

I made a CCA s.78 request for two accounts with Cabot.

 

Cabot defaulted and committed an offence.

 

I sent a letter for each account stating they refund all monies paid, remove defaults, offer compensation etc as accounts are unenforceable.

 

I've now received standard letter from Cabot stating they don't agree with anything i say and they have legally been assigned the accounts but are not the creditor as defined in the CCA 1974.

 

I don't understand how an account can legally be with two people, one who collects the money but says we are not the creditor and the other one who says they no longer own it.

 

So, what shall i do now?

[Seahorse]

Well, taking them to court is an option.

 

But maybe you'd like to wait until we have more ammunition to give you?

 

And I'm assuming they still haven't sent anything at all? If there IS an enforceable agreement somewhere, but they've yet to get their sticky little mitts on it, you could be on dodgy ground, court wise. But if they have sent you a copy of something they are trying to pass off as an agreement, you'd be in safer territory.

 

As for this nonsense about not being a creditor, I keep coming back to the same question. IMHO, it is ONLY the creditor that has any right to any money. And if Cabot are not the creditor......?

 

Fill your posts with as much as you can... information is king.

[tifo]

Thanks ... i've been keeping abreast of most of the threads i can in the time i have.

 

They haven't sent anything yet, and i am not about to take them to court.

 

I'll keep quiet now and every time they ask for any payment i'll ask them to prove they own the account. But then they'll just go back to their standard 'we are not the creditor' routine.

 

I agree with you in that i should only pay the creditor as that is who owns the account.

 

Maybe Cabot should have the CCA 1974 s.78 changed as it doesn't suit their needs?

 

I've not had any other DCA state this, only Cabot.

[pmhcfc]

Any News ?

[tifo]

no news yet.

 

sent them a letter this week stating i dispute their right under s.136 of the LoP Act 1925 and that the agreement was regulated by CCA 1974 so they will be the creditor if they can prove they legally own the debt.

[Rhia]

And of course if they can prove it and they are the creditor and the original lender has properly handed you over to them you can pursue them for penalty charges etc etc...What a shame.

[tifo]

i'm still going to chase the original lender for the penalty charges anyway because i assumed that was a different thing to DCA's. I can then use the money as a settlement amount.

[tifo]

the original lenders being Associates and Providian who charged £25 x 2 every month for about a year ish, so they actually owe me more than the account with Cabot.

[Rhia]

And if that's the case you have a good claim for having the default removed.

[tifo]

yes, thanks.

 

lets wait and see what Cabot say.

[tifo]

Cabot have written to me again after nearly 4 years. They've offered a 30% discount on the account which is now £2,588 from £1,200 in 2007.

 

I asked why the balance has increased and am told it's due to the 1% interest they apply every month and that's it much lower than the original interest rate from the credit card provider (am I meant to be grateful to them?).

 

I asked under what agreement can they charge me any interest and am told under the same agreement I had with the lender. I told them they haven't supplied this after my request in January 2007 made under s.78 CCA and the £1 fee, which they returned for their own reasons. I'm then told the 'agreement' was the reply card application form they sent to me in 2007 because it had the words 'this is an agreement regulated by CCA 1974'.

 

Any advice?

[citizenB]

Well now, until they (or someone) fulfills your s78 request and confirms that the original DOES contain a clause that allows not Just Cabot, but anyone to add interest at any rate, along with all the other prescribed terms as required by law.. !!!

 

And of course until they DO provide a copy then how do they know there even was such an agreement with the original lender !

 

Did you ever acknowledge such a liablity to Cabot?

 

Did you ever receive a Notice of Assignment ?

[dx100uk]

ignore

 

anyone offering a discount knows it wont stand-up in court and are out to fleece you.

 

it'll either be unlawful charges &/or PPI

or

the paperwork is un-en .

 

dx

[alfwithhair]

Had all this before with cabot, they can charge interest because the agreement said so, but no sight of said agreement ever seen

£6k debt now over £10k in two years, Cabot/FIRE/Clarity now Robbinscum Pay on it. Still no sign of the court action they threaten in every letter. Cabot work under a different set of legislation to all other creditors, the ones marked

'here a mug lets fleece him'

Just ignore, only time you need to contact these idiots is when a N1 court paper arrives with a OFFICIAL COURT stamp on it

[tifo]

Well now, until they (or someone) fulfills your s78 request and confirms that the original DOES contain a clause that allows not Just Cabot, but anyone to add interest at any rate, along with all the other prescribed terms as required by law.. !!!

 

And of course until they DO provide a copy then how do they know there even was such an agreement with the original lender !

 

Did you ever acknowledge such a liablity to Cabot?

 

Did you ever receive a Notice of Assignment ?

 

I received a NoA many years ago, prob 2002 when they bought it and stopped paying after the s.78 request, which is STILL outstanding (does it ever expire?).

 

I've asked them for a list of transactions, which the lady said will be sent to me from 2002 - present plus the reply card 'credit agreement' as proof they can charge interest.

 

I made it clear to her that, since the conversation is being recorded (she said), i do not acknowledge the debt or balance in any way until it is proven.

[citizenB]

When was the last time you made any payment or acknowledged this account ?

 

Who was the original creditor ?

[tifo]

ignore

 

anyone offering a discount knows it wont stand-up in court and are out to fleece you.

 

it'll either be unlawful charges &/or PPI

or

the paperwork is un-en .

 

dx

 

Well, she did say 'dont worry about the balance, we can work that out' ....

 

 

And yes, it contains default charges and PPI from the original lender. Cabot say they haven't applied any charges, only interest at 1%.

[tifo]

When was the last time you made any payment or acknowledged this account ?

 

Who was the original creditor ?

 

I stopped paying around Jan 2007 after my s.78 request. Original creditor was Providian.

[tifo]

they've sent me a list of transactions going back to 2002 when they purchased the account.

 

they started adding 'penalty interest' the following month and this was stopped while I was paying.

 

they starting adding 'penalty interest' again when i stopped paying in 2007 and this carries on up to present.

 

they're adding 1% a month which is around 12.75% APR .....

 

the 'agreement' is again the reply card from the car issuer which refers to terms and conditions etc and has 'subject to approval' at the bottom. This is half an A4. Nothing else has been sent, especially anything referring to any interest the creditor can charge.

 

the principle amount they bought includes default charges/PPI which the original creditor would not refund to me so their offer was never accepted.

[PriorityOne]

They don't have a leg to stand on with this and know it, hence the discount offered to you..... CCA 1974 is quite clear re. what the requirements are and an application for credit ain't it!

 

I will expect to receive similar from Cabot in a few more years then.... lol!

[tifo]

I will expect to receive similar from Cabot in a few more years then.... lol!

 

Yeah, probably ....

 

Should I deduct the 'penalty interest', default charges and PPI plus associated interest on these from the balance to see what it 'might' be, when they can finally find an agreement?

 

They've asked me to 'please pay now because we've supplied the documents you requested'.