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cabot full and final help please


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I owe cabot about £340 i sent them this:

 

 

Dear Sir/Madam

 

Re:

 

 

I write with reference to the money which you are claming on the above account.

I am unable to offer to pay the money which I owe in full.

 

 

However, I can raise £175 and I want to offer this as an ex-gratia payment in

full and final settlement of the account. This offer is made on the clear understanding

that, if accepted, neither you nor any associate company will take any other action to

enforce or pursue this debt in any way whatsoever and that I will be released from any

liability.

 

I also request that, if accepted, you will make an entry on a credit reference agency

file relating to the above account as "satisfied" in full and amount owed as zero as I

would like to be able to obtain a mortgage in the near future as I am finding it difficult

to keep up with rent payments as they are considerably higher than mortgage payments

would be.

 

Payment can be made immediately after receiving your written agreement of this offer.

I look forward to receiving your reply.

 

Yours faithfully

 

 

 

and got this in return

 

 

Thank you for you recent email.

 

Your account has been reviewed by our Underwriting Department and unfortunately they are unable to accept your offer of £175.00 to clear this account. They are however prepared to accept £250.00 as full and final settlement, to be paid by 19th August 2011.

 

Alternatively they are prepared to continue accepting your usual monthly payments of £10.00.

 

We look forward to your reply on the number below to put a plan in place.

 

Yours sincerely,

 

Cabot

 

what im wondering is, is it worth haggling with them to reduce the amount and if i do agree to this does it mean they have agreed to remove the default from my credit file, i really need rid of the default and if i do agree to this what letter should i send back to make it clear that the terms are that the default is removed.

 

Any help is really appreciated

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What kind of debt is this

Who is the was the original creditor

How old is it

When did you last make any payment towards it

Are you sure the balance isn't full of charges

Have you checked to see if they have any legal right to collect in the first place

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You could write and say that you can raise this sum but only if all negative markings on your credit file are removed and the appropriate instruction is provided to the CRAs within 14 days of receipt of payment (I think you'll find a letter in the library) and as soon as you receive written confirmation of this you will action the payment. ...but don't pay anything until you have the assurances in writing. Others wil have advice so I'd hand on longer to see what other people think.

:lol:

Successfully claimed back mis-sold PPI (Barclays Bank) 2009-10 (£8500)

Ran a paid-for DMP. Deeply respect those who self-manage a DMP; it is possible to do with the help of fellow CAGGERS

Offered F&F to all my creditors. All closed out including a particularly intransigent and stubborn one - who eventually saw sense after 10 months of nonsense!

Does not condone debt avoidance but violently disagrees with the antics of debt collectors and their behavior towards the ones trying to pay. I am a great believer in what goes around, comes around. Keep up the good fight!

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Hi alfwithhair

 

Its an old capital one c/c debt from about 2007 ive been paying £10 a month on and off for yrs but im now in the process of getting my debts sorted once and for all so i can get a morgage.

 

The funny thing is ive just been accepted for another capital one c/c (for rebuilding credit rating)

 

i did cca them a couple of yrs ago and all seemed above board, that was only because i was having problems with lowell for a barclaycard debt( which ended up being written off) so i cca'd all my creditors but like i said my focus at the time was lowell.

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You may run into the problem of the fact that the debt

will in law be only partially satisfied, which means that

the Data Protection Act section on recording accurate

data may be used to state that the debt is only PS

as that is the TRUE status of the account.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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Thanks for that i do understand that i would be lucky to have the default removed but i have read other post on here where the default has been

removed and marked as satisfied, i think what i need is a reply that if accepted will kinda seal the deal.

 

Surely if they agree to my request that the default is removed and file marked as satisfied they have to do that, i just need a letter that covers all bases so that it cant come back to bite me later.

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The CRA's are bound to place accurate and truthful data, it's worth

trying to get the default removed, but I do think that the will

have to place it as partially satisfied as a true reflection

of the account, it will depend how ever on the

creditors ''good will '' as to what information

they will place.

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The stumbling block also relevant to your offer is the underwriters

stating tha they will accept £250, this will be because this represent

a figure that allows them to claim the maximum tax relief etc.

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I dont really understand anything like that, i don't mind paying the £250 at all its still £80 less than the full balance which is a weeks rent for me.

 

i was just really hoping that because i stated in my letter than my terms were that the default was removed etc. and that they agreed just they want more money that the default would be removed.

 

I do just need a well worded letter along the the lines of, i agree to pay £250 as a full and final payment to settle my account and have any negative information removed from my credit file and for it to be marked as satisfied with no money owing.

 

With any luck i can have this sorted in the next few weeks then the joy of dealing with a £5500 lloyds loan:wink:

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IMHO, Id steer clear of using them for another CC, whats stopping them lumping on the debt onto your new card? Eh Eh? riddle me that. tread carefully

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Hi Brig,

Just a quick question.

You said in a previous post that the dca would only acept £250 as this would allow them to full tax relief.

Do i take it that the OC has sold the debt and probably offset against tax and now the DCA can offset against tax aswell because he didn;t get the full amount even though the DCA probably paid 5p in the pound for it.?

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Hi bazaar,

 

i see what your saying but could capital one do that as they no longer own the debt, the only reason i went for capital one is because i was 99% sure that i would be accepted i just buy stuff on it come home go on-line and pay it straight off.

 

oh and a bit off topic but i've got a few catalogues that are almost clear i've had them for years now always been up to date no missed/late payments ones just raised my credit limit, should i close the accounts as i've read that having access to too much credit can be negative when a creditor looks at a CRA file.

Its not loads of credit probs about £3500 worth over 3 catalogues.

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Yes do that I can be seen as you could be overstretched,if not now

but in the future.

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Basically restate the offer made to clarify exactly

what is being agreed to, then add the following wording,

The offer is made or accepted (edit to suit) on the strict

understanding that:

1. Any remaining balance will NOT be sold or assigned to ANY third party.

2. All adverse entries on ALL credit reference agencies forthwith.

send it RD.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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  • 2 months later...

Ok a few letters have gone back n forth in each letter ive sent to cabot ive added the

 

All negeative info should be removed, balance set as zero etc.

 

which they have marked the file as satisfied and balance to zero but the default is still there and in missed payments the [8] is still there.

 

Ive tried to get a mortgage and the only thing stopping me is the [8] as long as this is on my file only one company will offer me a mortgage at 11% which as you can imagine is out of the question.

 

Is there anything i can do? im really desperate now

 

Its a council house and the offer only stands for 3months which is more than half gone already, i know i can apply again but its paying rent in the meanwhile, which seems like such a waste of money, money i could really do without spending.

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You should make a formal complaint

to the company that placed the default

entry, the letter should be sent to the

compliance manager with a copy to

their data controller, as the CRAs

cannot unilaterally amend or remove entries

you should copy in the compliance managers

and data controllers of the CCAs showing the

entries.

 

Brig.#

 

BRIGADIER2JCS

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Well that was capital one, they defaulted me and it was with them i missed the payments.

Then when cabot took over they just changed the name on the entry.

 

I sent them a bit of a begging letter to try and get the negative info removed but i've not even had a reply guess they don't really care now.

 

So exactly who do i complain to and what should i say?

 

Thanks by the way Brig really grateful x

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Well that was capital one, they defaulted me and it was with them i missed the payments.

Then when cabot took over they just changed the name on the entry.

 

I sent them a bit of a begging letter to try and get the negative info removed but i've not even had a reply guess they don't really care now.

 

So exactly who do i complain to and what should i say?

 

Thanks by the way Brig really grateful x

 

There is very little you can do without taking court action, this is the problem with DCA's and why it's frustrating when people get a black mark on their CRA for menial amounts. Until the powers that be sort these DCA's out it is often better to pay these smaller amounts to keep your CRA file clear. I know this is contentions but I'm being pragmatic towards the future.....

 

EDIT:

 

I'm not suggesting your amount is menial!

Andrew

 

Escaped the DCA nightmare, now helping others start businesses

www.ukleakdetection.co.uk

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It wasn't a large sum at all but i wasn't in a position to do anything about it untill now (given full time hours and a promo at work)

 

would i be able to go down the route of they shouldn't of defaulted me in the first place, they bought the account from capital one and i was already defaulted by them before i even missed a single payment to them, my financial advisor said to try and get the info removed or wait 6mth whats waiting six month going do? the default will still be there so will the [8] in the missed payments bit.

 

I'm really sick it would save me so much money having a mortgage and not paying rent.

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Were two seperate defaults posted or did Cabot just

amend and update the original one which is the usual

method.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Cabot just put their name where it said cap1, i've had replies back but im just getting the same thing about your file has been ammended it now says satisfied and ammount owed is nil but still the default and [8],

 

My FA said its the [8] thats causing the problem with mortage companies and if i cant get them to take it off to wait six months but that [8] in the missed payments has been there for yrs so i don't understand what waiting will do.

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Then the file is now upto date and correct, the default

will automatically be removed after 6 years,what is the date of the

default not the date of the amendment.

Your FA should also be aware that the debt has been sold on

it is not settled or satisfied by you Cabot paid C1 for it so you now owe it to Cabot

The entry is correct and I have very great doubt that it will be removed

as it is a true updated picture of the conduct and status of the account.

So unless there is only 6 months before the entry is due to drop off

I can see no way you will clear this.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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