1st Credit/Cabot Finance

[norfolkchanter]

Several years ago I got into pretty bad debt with a number of credit cards. One of these was an Aqua Mastercard. The debt was taken over by 1st Credit who pestered me with letters. The existing balance was £2537.82 and the settlement figure was £1903.50 paid on the 8 March 2010. You would've thought this was a satisfactory conclusion .... but I recently was sorting out some old papers and came across correspondence from Cabot Financial saying that they had taken over a debt on an Aqua card I'd had and that they would be prepared to accept £560 in settlement. I paid this amount in May 2011 not realising at that time that the debt had been supposedly settled with 1st Credit in 2010.

I have in effect been chased by two different DCAs for the same credit card! I am assuming the £560 Cabot got is more or less the difference between the original amount owed and the settlement amount 1st Credit got.

Am I right in believing that when I paid 1st Credit the agreed settlement figure that should've been the end of it? Can I get the money I paid to Cabot back and how?

[IdaInFife]

When a full and final settlement is made you need it in writing that the account has been cleared and they or no-on else will pursue you for the remainder.

 

When you have accepted their offer, they can sell the remainder off to other leaches until the above is done.

[norfolkchanter]

Thank you for your reply... I didn't get a letter confirming "full and final settlement" from 1st Credit surprise surprise!! I just have an "authorisation code" nothing else. I did, however get a confirmation letter from Cabot which I still have. I suppose that is some small comfort. Again many thanks for the clarification.

[havinastella]

Would there have been any charges on this account you could reclaim?

[norfolkchanter]

The answer to your question is no - I don't have any of the original paperwork/letters etc At the time all this originally manifested itself I was embroiled in a legal case with my then employers plus other dire financial problems and I passed all the paperwork in my possession to my solicitor who no longer is in practice. So I doubt I can glean anything there. Thank you for your interest.

[havinastella]

You could always SAR the original lender. They will send you notice of any charges.

[Bandit127]

You could always SAR the original lender. They will send you notice of any charges.

And also (possibly) evidence of your F&F offer - and acceptance thereof. If so your complaint is with the original lender - for the amount the latest creditor is claiming.

[norfolkchanter]

Thank you for both the above replies and suggestions which I will look into further. I will let you know how I get on.