Cabot was Morgan Stanley then Goldfish

[lorri-croft]

Hi,

I wonder if anyone could help with advice regarding the above debt my husband has.

 

Financial problems arose through genuine circumstances around 8 years ago.

 

There were a number of creditors, most of which were very helpful in agreeing minimal repayment programmes,

to which we have gradually increased payments as circumstances improved.

 

Total debt has reduced considerably but, at current levels, still a few years to go before being 'free'.

 

Recently, my husband unexpectedly came into a small sum, so he decided he would try to get one of the creditors to accept a reduced payment in full and final settlement,

 

so that it was one less to deal with.

 

This was a Morgan Stanley Card from around 2003 with agreed repayment programme that went to Cabot (received a few Goldfish letters in between).

 

Cabot declined what was a fair offer (with this they would have had in total over 80% of the original cabot debt figure repaid) which means that,

assuming we continue to pay at the current level there will still be over 4 years left.

 

As we know Cabot would have purchased the debt for such a small amount and we've already repaid that many times over, he was naturally a bit put out.

 

I did try some time ago (2009) to SAR Morgan Stanley but, after receiving responses from Barclaycard,

I only got old statement copies, nothing else,

 

then a letter saying the account was transferred by Morgan Stanley to another creditor prior to MS business being sold to Barclaycard so they hadn't owned it.

 

Would it be too late to query the debt now, as we've been paying for so long?

 

I've looked at old paperwork more thoroughly and, we received no written letter from OC to say Cabot were taking over the debt,

only the Cabot 'hello' letter (p1-3) with a page supposedly from Goldfish but clearly annotated down the side as p4

showing no card number or balance on this 'Cabot' NOA.

 

We just never queried it before.

 

Could we at this late stage withhold payments pending proof of legal right to chase the debt

and ask for the CCA agreement to show they have the right paperwork to claim on?

 

Do you think it would be worth the hassle?

 

Any thoughts on the SAR fiasco?....Can't get info from OC as they pass to Barclaycard, who don't want to know?

 

Any thoughts/suggestions apreciated.

[dx100uk]

CCA cabot - yes.

 

ideally you should do this on all your debts

 

if a debt does not show on your CRA file

then, ultimately, theres little point in paying it off.

use the money to improve your currently showing debts.

 

old not showing debts are doing you no harm & cant comeback on the file either.

 

whom have you been paying all these years?

 

have they EVER sent you a statement better than once a year?

 

dx

[lorri-croft]

Hi,

Thanks for your response.

 

We had an agreement with MS but, when they went to Goldfish, they defaulted us and sold to Cabot.

 

We've just been paying them ever since (they continued the existing agreement we'd had and we gradually increased payments).

 

Have't checked Credit file to see what's currently on there (this was originally defaulted in 2008 so I think may still be on there as agreed repayment programme?

 

Cabot haven't sent any statements at all.

..however, from the last letter we'd had April2013, the balance was what it should be (no interest ever added to date as we'd kept to repayments).

[dx100uk]

if goldfish sold the account

then theres something wrong with it

 

could be PENALTY charges

could be PPI

 

quite honestly, it sounds to me like you are being cash cowed.

 

I hope none of your other debts are the same...blindly paying someone a small token payment for years without QUESTIONING the debt .

 

dx