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Cabot Credit Card Statements?


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Cabot recently bought a load of Barclaycard accounts including one I've been making reduced payments to for over 6 years..

 

Instead of the usual Cabot letter saying contact us to make arrangements to pay this total outstanding amount blah blah , Cabot have sent what 'appears; to be a monthly credit card statement , with things like how payments are allocated etc etc as if to indicate this is still a live credit card account and not a defaulted debt account from many years ago. So long ago any Barcalycard default would have dropped off my account years ago.

 

I know Cabot have a Consumer Credit Licence, but do Cabot give out credit cards to the general public - I think not, so why are they doing this.?

 

I can only surmise that in a few months they are going to try adding a shedload of interest back onto this account, and then default it all over again in which case I wish I'd never paid a penny to it, because there was no point.

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When a debt is sold the debt purchaser has all the benefits resposibilities

as set out in the original agreement you signed, the CRAs allow the term ''Credit

Card From xxxxx'' to be used on the file.

 

As you have been making payments the debt is not Statute Barred

technically the account is live and Cabot are correct so far.

 

What default date is showing on your files or has it now dropped

off, defaults are removed from files after 6 years from the default

date paid or not.

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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This is different from the normal Cabot debt collection letter Brigadier. This is a normal monthly credit card statement they've sent. It shows interest rates, how payments paid are first deducted from cash withdrawals and then from purchases, etc etc, as if it has been sent from Barclaycard, or another bank.

 

In effect Cabot are acting as if this account has been sold not as a defaulted account to a debt collection agency , but a running live credit card account from one bank to another bank. If a credit account has been defaulted and sold on no more interest or charges can be legally added. A running live account which hasn't been defaulted can have normal interest re-instated at any time as well as charges, underpayment and late payment fees at any time at the discretion of the bank.Which is why I said there was no point in me having made reduced payments for all these years, because Cabot is just going to shove it all back on again.

 

Any default would have dropped off years ago , and it wouldn't stop Cabot adding another one anyway.

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AFAIK Brig, if the account has been terminated, then no further interest or charges can be added as the original agreement no longer exists?

 

VW has this account been terminated? Or have you ever been asked to pay the 'FULL' balance owing on the card?

If so, then IMO, and I may be wrong here, but if you failed to rectify the default, and they terminated the agreement, then no further interest or charges can be applied.

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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Hi Boo I don't think this has been terminated, I have seen others like this recently,

now the CRAs acknowledge that a debt purchaser has all the rights, obligations and

responsdibilities laid down the original agreement accounts now show the ownership

of the ACCOUNT not just as the ownership of a debt.

Eg.'' Credit Card From Cabot Financial'' how they format their statementsis I suppose

their perogative.

I do think this is going to become growing trend.

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

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Hmm, food for though I guess.......

IMO, if they or any of their chosen third parties have ever demanded payment in full then AFAIK that terminates the agreement?

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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Cabot probably state the payment plan you have in place and they will state if interest is applicable or not. Is this the first you have had from them. In the process of this recent sell I had numerous letters from BC and then Cabot explaining the process etc. It struck me they were both keen to 'get it right'!!!!

: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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  • 3 weeks later...

See someone else has asked the same question in the Barclaycards forum on whether Cabot can legally add interest to an account they've bought which hasn't been defaulted. The standard Barclaycard letter sent out says interest will remain stopped for 6 months after which Cabot will review it agree the monthly payment.

 

According to the ICO, to maintain information being standard etc, defaults should be registered within 6 months of the contract breaking down, eg full payments not being made or terms changed eg removal of credit facility etc. Now how can Barclaycards say this contact didn't break down being paid at tiny fraction of the minimum for 10 years?

 

What happened to the unlawful recission question which used to be discussed on these forums,. Before an account was sold to a DCA it had to be defaulted as Cabot couldn't fulfill the credit card contract conditions to a consumer, which meant the contract terms were broken at point of sale. They have a licence to give out credit but they don't issue credit cards. This will be why Cabot are issuing look alike monthly statements and avoiding asking for the full balance.

 

If as the Brigadier has said this is a new trend, accounts not being defaulted and sold on to DCA's like Cabot , who can then legally resume full interest and the rest then DCA's have won the lottery.

 

If this is possible , one thing's clear, there's is no point in making any reduced payments to a debt until it's been defaulted . Only then can someone be sure no further interest is added, unless a judge decides otherwise. Because the way this looks to me is if Cabot can legally resume full interest I've wasted my time payiong anything for the past 10 years and will very shortly be back at the balance I started at, as well as having a nice new shiny default on my record. .

 

Something doesn't seem right about this?

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The default does not terminate the account, the debt

is sold as a ''live'' account with all the benefits and

obligations of the original agreement.

It also seems to me that defaults are being placed

on smaller amounts of arrears and placed more quickly.

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 are very slowly and reluctantly coming around to understanding that this behaviour means that PPI or unlawful charges which were added to the account can now be reclaimed directly from Cabot not the OC. In my case the charges, PPI and interest thereupon far exceeds the value of the alleged debt, it wont always but this is a very bitter pill for them to swallow, I'm at final demand stage now having issued a formal LBA.

As of 03/03/12 please do not under any circumstances wait for my further input or guidance on any current thread or defence of a court claim I might have been involved in on or through Cag.

Jasper1965

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