Some advice please Citi Credit - F&F?

[whatamess]

Hi

 

I have not heard anything from citi card for at least 8 months since sending them a letter to say that the account was in dispute.

 

This morning i recieved a letter from Cabot Financial to let me know they have bought the count from citi financial.

 

The debt seems to have gone up about £600 since i got my last statement from them as well.

 

Do i sent the usual letter back to cabot to let them know the account is in dispute?

 

Thanks

[silverfox1961]

Hi

 

I have not heard anything from citi card for at least 8 months since sending them a letter to say that the account was in dispute. This morning i recieved a letter from Cabot Financial to let me know they have bought the count from citi financial. The debt seems to have gone up about £600 since i got my last statement from them as well.

Do i sent the usual letter back to cabot to let them know the account is in dispute?

 

Thanks

 

Yes and report Citi to trading standards

[GeoffreyAlby]

Not withstanding the fact the Cabot have unlawfully bought an alleged debt that is in dispute. I presume a DN was served, which terminates the alleged agreement with Citi.

 

Are Cabot then allowed to start charging interest on said alleged debt , as they seem to be saying?

[silverfox1961]

A DN doesn't terminate an agreement. Failure to act on a DN might.

 

You want Cabot to send this back to Citi.

 

If they decide to keep it you could screw them down with a formal complaint and by asking, "By what written authority do you have to charge interest on this debt."

[GeoffreyAlby]

If Citi send a letter stating that they have assigned the alleged debt to Cabot , then isnt that terminating?

[silverfox1961]

Yes you are correct. I was just correcting your statement that the service of a DN terminates the account

[zander]

They ignored my request for over three years until the same letter arrived on my doorstep from Cabot this Saturday (25/9/10). I'll be writing to Cabot to tell them to feck off and return to Citi. They are in very big trouble.

[WelshMam2009]

I'm in the same boat also.

 

As regards the accounts being terminated, doesn't that depend upon the type of assignment i.e. equitable or absolute? Although Cabot are claiming to have bought the debt, searching around I read somewhere that Citi may still have an interest in the account and consequently, there is no guarantee that the account has infact been terminated.

 

Also, Cabot are stating that they will be charging interest at 12% which implies to me that these have to still be "live" agreements.

[GeoffreyAlby]

It would appear that Citi had a clear out of their unenforceable alleged debts to Cabot.

 

Furthermore, Cabot seem to be chancing their arm with this 12% interest charge. Are they unilaterally resurrecting unenforceable terminated agreements? Let alone that they have no claim on the disputed amount , how on earth can they try to start claiming interest on the disputed amount?

[silverfox1961]

Cabot are pulling 12% out of thin air. If they were following the terms that were with the Citi card, they should be much higher.

 

The letters I have seen recently are all saying "sold" to Cabot and they still put 12%

 

What I would like to know is by what authority do cabot have "in writing" to charge this amount

[avarose]

I don't usually jump on other threads but this seams to be relevant to quite a few of us at the moment - as mentioned in GeoffreyAlby's thread, it seams that Citi are having a clear out. So hope no one minds me joining onto this one.

 

I have also had a letter from Cabot. I am one of those that had a letter from Citi a year ago saying that they were returning my £1 paid in relation to a CCA request as " We have to inform you we are under no obligation to comply with a request for a copy of your agreement under the Consumer Credit Act as we no longer have a contractual relationship with you, not are we seeking to enforce any agreement against you. Your right to be provided with this information from Citi ended with the closure of your account."

 

So I have never had a copy of my CCA. But i never put the account in dispute either - by letter.... I had a baby shortly after that letter got to me and then after that I put all my efforts into avoiding court with another creditor...

 

Can anyone confirm for me what I should be doing now - as I did not put it in dispute - should I ask Cabot for my CCA?

[silverfox1961]

This is just my thinking on this.

 

If Citi closed an account, that is it-closed-no arrears. If they terminated the account due to arrears then the account is not closed as the obligation to repay endures.

If they terminated and sold the debt then the CCA request goes to the DCA dealing which is fine but;

 

If you CCA'd Citi before the account was sold, they still have a responsibility to supply and if they are trying to say the account is closed then they are trying it on IMO

[the_shadow]

Keep in mind that responses to s78 requests are legally binding under s172(1)

 

 

I quote "We are not seeking to enforce this agreement"

 

It can be given relief in court but they would probably have to show the original agreement to get relief if battled correctly.

 

S.

[Concertpianist]

Reading this with interest. I received a mailing from Cabot yesterday morning saying that they have bought a Citifinancial account, which has been dormant since 2005. In the same envelope was a letter on Citi headed paper saying that the debt had been assigned to Cabot. Interesting that both documents have a slight error in my address, replicated in both documents - they have clearly originated from the same database.

 

Never heard of Cabot until Creditexpert notified me that they have done an unrecorded search on my file in the last couple of weeks. Was rather hoping this would go away having heard nothing for 5-and-a-half years. I notice the phone calls began last night when I returned home to 5 missed 0800 calls. Have no intention of ringing them back.

 

THe search on my credit file also included the addition of the line 'File updated September 2010'. Does this mean that any chance I might have had of this debt dropping off my file has gone and I'm back to square 1?

 

I find it hard to believe that Citi did not pursue me for this 5 years ago - my other creditors sold on their debts to collection agencies and I paid all them off years ago. Tried for hours searching for non-existent paperwork on whether this happened to Citicard too - couldn't find anything though.

 

I did have an Associates Card (?sold on to Citi?). I suppose the REAL question is........despite my slight doubts......and the fact that I don't dispute there was a default in 2005..........should I just swallow the bitter pill and pay them?? What I don't want is another black mark on my credit file for 6 years......given that the last of these....the Citicard account, was due to be the last to go next year???

 

CP

[the_shadow]

I hope you had a printout of the original default showing on your credit file, not essential but a nicety.

 

They CANNOT change the date of default, the ICO have given guidelines on this, once a debt has been sold they are allowed to update the NAME of the debt owner and the monthly status updates which will no doubt just show either a D or an 8 to show in default plus the balance outstanding.....but that is it.

 

If they have updated the date of the default to try and reset the Stat Barred clock, I personally would wait until in month 8-9 and then write immediately to them stating they have changed the date in error and to put back to the original default date. If they refuse make a complaint to the credit reference agencies... (all three of them) and then if that fails (which it shouldnt) the ICO is the last port of call.

 

DONT let them get away with changing the date, the debt will still exist but the default should not show on your record past year 6.

 

S.

[the_shadow]

Oh and as its Stat barred in a matter of months you could always wait for it to go stat barred and then offer a very very small full and final offer, once stat barred it can never be unbarred and anything you give them would be like a gift tbh.

 

S.

[Concertpianist]

Excellent advice. Thank you. I suppose the issue for me now is trying to stall on a payment agreement schedule with them because by doing so I am acknwoledging the debt aren't I? You know........if I thought they would accept a payment of 20% of the o/s sum to go away I'd pay that just to get them off my backs. I wonder whether it's worth going through the motions of asking them for paperwork and proof on this card account which goes back to 2001, was defaulted in 2005 and for whichthey are now seeking payment in the hope that this can drag out until the 6 year timeframe is hit???

[the_shadow]

CCA s78'ing them is probably the easiest way to stall, they will say they are not obliged to respond to you but will attempt to get hold of the agreement from the original creditor who as we know dont like sending agreements out at all.

 

S.

[GeoffreyAlby]

Reading this with interest. I received a mailing from Cabot yesterday morning saying that they have bought a Citifinancial account, which has been dormant since 2005. In the same envelope was a letter on Citi headed paper saying that the debt had been assigned to Cabot. Interesting that both documents have a slight error in my address, replicated in both documents - they have clearly originated from the same database.

 

Never heard of Cabot until Creditexpert notified me that they have done an unrecorded search on my file in the last couple of weeks. Was rather hoping this would go away having heard nothing for 5-and-a-half years. I notice the phone calls began last night when I returned home to 5 missed 0800 calls. Have no intention of ringing them back.

 

THe search on my credit file also included the addition of the line 'File updated September 2010'. Does this mean that any chance I might have had of this debt dropping off my file has gone and I'm back to square 1?

 

I find it hard to believe that Citi did not pursue me for this 5 years ago - my other creditors sold on their debts to collection agencies and I paid all them off years ago. Tried for hours searching for non-existent paperwork on whether this happened to Citicard too - couldn't find anything though.

 

I did have an Associates Card (?sold on to Citi?). I suppose the REAL question is........despite my slight doubts......and the fact that I don't dispute there was a default in 2005..........should I just swallow the bitter pill and pay them?? What I don't want is another black mark on my credit file for 6 years......given that the last of these....the Citicard account, was due to be the last to go next year???

 

CP

 

I cant see how you would be back to square one. You have the letter from Citi saying that debt has been assigned, so you have proof it is that original alleged debt. And if you havent acknowledged the debt or made any payments, and they have not taken any legal action , then Id say it becomes statute barred in 6 months time.

[Concertpianist]

Can I string them along with half a dozen token monthly payments and then pull the SB card when the time comes? Or by making a payment am I acknowledging the debt and liable again for the whole lot?

[GeoffreyAlby]

Can I string them along with half a dozen token monthly payments and then pull the SB card when the time comes? Or by making a payment am I acknowledging the debt and liable again for the whole lot?

 

By making a payment you are acknowledging the debt. From what you have said the alleged debt is unenforceable , else they would have complied with your CCA request.

[the_shadow]

By making a payment you are acknowledging the debt. From what you have said the alleged debt is unenforceable , else they would have complied with your CCA request.

 

Geoffrey is spot on Concert, if you make any payment or written acknowledgement of this debt it resets the 6 year sb period. There must be a clear period of 6 years between your last payment or written acknowledgement of the debt to claim sb status and deny the dca the chance of taking you to court.

 

S.

[Concertpianist]

Nice one. Will fire off a CCA request later today. I'll bet they can't provide me with what they are required to do. Thanks for the advice.

[silverfox1961]

Nice one. Will fire off a CCA request later today. I'll bet they can't provide me with what they are required to do. Thanks for the advice.

 

Hi, when you get something back, it would be better to start your own thread. Two reasons,

1, your posts on this thread could get missed

2, you will get more assistance when you have your own thread (so long as it's in the right forum)

 

If you need help starting a new thread, just shout.

 

fox

[zander]

Citi are sponsoring the Ryder Cup and need as much money in as possible to cover their deal. Clutching at straws & producing numerous bogies.