When an account has been sold on...

[andrew1]

If the debt has a new owner then it is for them to take up any repayment issues with MBNA so it is not your problem. The current owner will have to repay the charges and reclaim them back from MBNA I believe

[invernessguy]

what about in my case, where my account accrued debts (charges and interest) over a period of a couple of years, then a debt collector appears on my doorstep.

 

After a couple of weeks negotiations i agreed to repay 1500 which was mainly charges and interest!

 

So who, now do i chase for the refund? I appreciate that IF have been paid for this debt, so do i chase them? (im in contact with them at the moment to see the extent of the charges etc) or do i chase the last owners of the debt, the debt collection agency, who have also been paid out, and who, (probably) only paid a couple of hundred pounds for my debt of 1500?

 

also, what about in the situation, where my refund of charges could be greater than the amount that the debt collectors took from me? Who pays then?

 

Im getting a bit confused here, and i hope somebody will help me....

 

donnie

[Seminole]

To put it simply, go after the current debt owner. They have purchased the all the rights and responsibilities under the debt. The fact that this means that they will have to go after previous owners is their responsibility. As the person who has been unlawfully charged, why should you have to sort out the clusterf**k of a mess that those who have mismanaged the debt have created?

[Candice]

After my £1 statutory fee to Cabot Financial for my request under the CCA, they have finally written to me with a non-standardised response. SHOCK HORROR!! Having received 20 standardised responses over the last month it's quite novel to get something that's actually about me

 

Karen George, the Operations Manager for Cabot Financial (Europe) Ltd, wrote to me to tell me I would receive a full response in 10 days. If this turns up I think I'm going to buy me a lottery ticket

[vogelrok]

pretty much in the same boat as a few in this thread. just got off the phone to Cabot. they was asking me to make them a offer on the debt that i owe of £2221. and some odd pence. when they took the debt on it was £1860 so i belive, the original debt was for £1500. so just over £700 in intrest and charges from cabot. on a debt they brought for say 12% at the max.

now i ranted on about why they had phoned me when i was waiting on statements from them that they havent sent. was told once again the conversation was being recorded. i stayed calm and said tahnk you i hope this one is recorded as i would like a copy of it. to which the reply was for a small fee yes. ok not a problem

ok at one point during the conversation i asked for them to disclose the amount the debt had been brought for. advised them that they had brought a debt that had been filled with unlawful penalty charges. they wouldnt give me a total or any amounts over the phone when requested, even though i had meet with and filled there DPA request to confirm who i was. so in affect i have it on a recording that the DCA' cabot dont have to tell me how much they brought the debt for. im shocked and amazed that they wouldnt give me the info. but was happy to ask how i would like to make the payments on the debt. i have always madea offer from the begining of £20 a month to clear the debt. i was saving it up for ages, almost 15months. but my car died and i need to buy a new one, so used the money saved up. i didnt want to give them the money till it went to court, to prove i had stuck to my side of a deal i was prepared to carry through, but barclaycard refused the money everytime(is this legal to refuse a payment on a debt)

so i watch these threads with great intrest, as i would so like to be debt free and back to a normal life of not being hassled and harrased by dca's.

at one point i did try and failed to take my own life due to the stress of it all. i never set out to get in debt.

sorry didnt mean to rant on your thread, but felt i had to have a say about Cabot and the way they deal with people that are very down on there luck. they are parasites, i cant understand how the staff of these places can sleep at night knowing they are causing people to want to take there lives at the worst instance.

[andrew1]

Remember what I said about the interest charges Cabot take from you. The interest it COSTS them is only what they originally paid for the debt not what you owed them. They are taking this interest as a profit not a cost. Maybe someone else can advise on how best to tackle this in legal argument but it is immoral what they are doing. Finding out what it cost them to buy the debt could be more useful than you imagine although they are not obliged to tell you. I know what they pay because I work on the fringes of the credit industry and doing some work for a Debt Collection Agency Director who works in competition to Cabot and knows all about them - 12% max! I was told they rarely ever take anyone to court and rarely have the proper documentation to authenticate the original default notices. His final word to me " don't bother paying them! " ( I am not advocating not paying your debts, just ????..........!

[clonedeux]

Thanks for all the advice in here guys, I've written to all the DCA's requesting information on who actually owns the debt, so that I can approach them for repayment of excess charges.

 

I'll note back here what happens, and how I get on with my claims in due course.

 

Incidentally, I notice that a number of people mention Cabot purchasing their accounts - there is a standard letter on DebtHelpUk forums that you should send to these parasites that should throw them off their stride: http://www.debthelpuk.co.uk/cgi-bin/yabb/YaBB.cgi?board=On_Topic;action=display;num=1132168759

[vogelrok]

thank you clonedeux for the link. will be sending them a copy of the letters.

 

i have no intension of paying someone i dont owe money to. also if it isnt no more than 12% of the debt, well i will make a offer to that amount. see what they have to say.

 

thank you.

[andrew1]

Okay, I have set the 12% benchmark, but... I also mentioned that these people are a business and if it wasn't for people getting into debt they wouldn't exist and we have to take a degree of responsibility for that. They need to see a profit whether you like it or not. I have previously mentioned that your negotiating skills are a key to dealing with these people and there has to be a win-win situation. If you only try to pay them 12% you'll get short shrift from them and win nothing. You owe more than 12%, set a responsible limit to what you'll pay and can afford and acknowledge you owe what you owe. Anything less that you negotiate is a bonus. Lets be sensible here, if the debt was not sold - on you would have had to repay the original company, the fact we know the DCA pays less is a bonus for us in the negotiating stance. I have on my desk a table tennis ball, one half painted black, the other white. It's a reminder to me constantly of what life is about. From one side it looks black if you hold it in front of you - to the person you show it to it's white, but it's the same ball you are looking at, (same set of circumstances you are arguing about, same debt you are negotiating). Move slightly to the side and you begin to see that from the other persons point of view the colour/vision/their take on the situation is different - that my friends is the beginning to negotiating skills - begin to see things as the other person sees it then you know what you are up against if you see things from their position. You can apply it to anything - arguments with the missis, talking to a bank manager - try to see their point of view, respect them their right to have their opinion, beg to differ, whatever, but use what you observe wisely by knowing the opponants position set yourself a benchmark to aim for in what you might pay, will pay, can get away with and then negotiate - it's amazing the power it gives you so do the same with the DCA's.. you have been warned!

[Candice]

A very inspiring post Andrew, thanks

[andrew1]

Thank you, made my day!

[Candice]

Hi folks,

 

That information is very helpful - thanks I'm sent a CCA to Cabot who responded to me with, under their defition of "statement of account", is just a chronological list of all activity on my account, from the date the debt was purchased to the letters and telephone calls they made right up to my CCA request.

 

They make no note of the initial amount of the debt, how much they paid for it, what it currently stands at or anything other information relating to charges applied on it. I feel that there are lots of things missed off my request.

 

Also it advises me that Cabot are chasing the original creditor (Barclaycard) for the original agreement and this process may take 2 to 8 weeks and they "request my patience".

 

So does this means that, 12 days after my CCA request, and the fact they have yet to provide me with all the information including the original agreement, that they have broken the law? I'm unsure as to what to do now, but am happily your pawn if you want to use me to experiment. I'm up for a fight so if you suggest things for me to try out I'm more than willing.

 

Cheers for any advice and suggestions

[clonedeux]

This topic was closed on 03/08/19.

If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support there.

If you would like to post up some information which is relevant to this particular topic then please flag the issue up to the site team and the thread will be reopened.

- Consumer Action Group