Lloyds/cabot help please

[sancov]

lloyds bank/cabot,

Hi All, help needed, i have three debts with lloyds bank , (1) current account (2) loan (3) credit card ,up until about 3 years ago i was paying these off every month but have fallen on hard times ,so i made arrangements with lloyds to pay £1.00 a month on all 3 debts as i say for the last 3 years i have been doing this ,then on thursday last i received a letter from cabot saying they had taken over the debts and could i please telephone them ,so i did (stupid i know ), the boy on the other end agreed i can carry on paying the £1.00 a month to them this morning i received paying in slips from them .it didn,t dawn on me till the weekend who they were and i remembered the name from on here ,can they do anything if i gnore them and continue paying into the local branch of lloyds with the paying in book supplied by lloyds or can they insist i pay them (cabot) thanks sandy

[BRIGADIER2JCS]

There are various things that can happen Lloyds will return the payments and refer you to Cabot as I expect as they are now the owner of the debt, Cabot after awhile wiil press you to pay more.

Or depending on the amount owed may consider other action.

 

It's your choice.

[sancov]

thanks for the info ,just read through the first letter i received from cabot said that they had bought the debts from lloyds ,also in the same letter was one from lloyds stating they had assigned all of its respective rights title and interest in respect of the referenced accountsto cabot then further down the letter it says they have sold them to cabot ,any more help would be apprieciated ,and what further action can they take please if i havent got the money. thanks sandy

[BRIGADIER2JCS]

As beneicial owners of the debt, Cabot can make a court claim and depending on the amount could seek a charging order on property if you own a house, if over £750 issue a statutory demand and seek to petition for Banruptcy, or sell the whole thing on to another DCA.

[redbat]

You asked what they could do and the Brigadier ahs told you. However that is what Lloyds could have done as well.

If it was me I would continue to pay the arrangement but pay it to Cabot . I think short to medium term it is highly unlikely that they will take any action.

Also before they can get a charging order etc they would need to obtain a CCJ which you would then have to default on

[BRIGADIER2JCS]

The easiest way to pay is to insist on a standing order giving you total control over the payments.

[redbat]

I would add, just to cover all bases. When did you take out your loan and credit card, I assume that you have defaulted on them so do you have the default notice and maybe a termination notice. Theses could affect what Cabot could do.

For example I believe that if they have terminated your agreement based on a defective Default notice, all they can claim back is what the arrears were at the time. I may be wrong and someone will correct me if I am.

[sancov]

i took these out over 7 years ago but as stated i was making the monthly re-payments on time until 4 years ago when i got made redundant from work and my wife became ill ,so i became her carer, i tried to make the payments but found i couldnt,so i got in touch with the national debt counselling service and they suggested i pay lloyds a £1.00 a month which i have been doing for 3:5 years now ,i even got letters from lloyds solicitors S.C.M.in brighton and they seemed happy the debt counselling said that as i was paying something there was nothing that the bank or anyone can do ,once again any advice would be helpful.redbat can you please explain what a default and termination notice is ,i am afraid i am not up on this sort of thing .thanks sandy

[ims21]

On the loan and credit card you could also look at reclaiming any penalty charges that have been applied to the accounts.

 

Also was there any PPI on these two accounts which you could reclaim.

 

If there are charges and/or PPI to claim back then that would reduce the amount owing.

[redbat]

Hi Sandy

A default notice is when they write to you telling you you need t pay x by x date. I will try to find an example that I can post, give me a day or two

[BRIGADIER2JCS]

A default notice gives you the opportunity to remedy the default (usually arrears on an account) within a specified time limit if the arrears are paid in time there is no default placed and the account continues as normal.

[redbat]

Trying to upload one but not working sorry

[redbat]

[ATTACH]38575[/ATTACH] [ATTACH]38575[/ATTACH]

 

Here are a DN and a termination notice.

[sancov]

hi redbat, thanks for sending those docs, to tell the truth i can,t remember getting any of these ,it looks like i will have to pay cabot but will carry on paying a £1.00 a month

[redbat]

If i were you I would send a CCA request for the loan and credit card and see what they send back. IF they don't have the agreement you can feel safer