British Credit Trust - now Cabot hassling from a loan they bought

[Blondmusic]

My boyfriend has finally pulled his head out of the sand with his debts following a divorce from his ex 2 years ago.

 

When BF and his ex were still married they took out a joint loan to get some new windows from British Credit Trust.

 

Payments were made until after his ex left when he could no longer cope with paying all the debts she left behind.

 

His ex hasn't paid anything towards the mortgage or secured loan (from Welcome Finance) since she left in 2009.

He stopped paying the BCT loan in early 2010 as he had nothing left to live on.

 

A few DCA's have popped their heads up but quickly vanished when they could not provide paperwork.

 

Early last year a 'bailiff' turned up at the door demanding payment from my BF's 18 year old son.

BF phoned the 'bailiff' and made an immediate payment over the phone.

I think he was spoofed by some DCA just trying to get money.

 

All went quiet until November 2013 when Cabot started phoning non stop.

I fired off a letter telling them to put everything in writing and sent them a CCA Request.

 

They have replied saying they will provide everything in writing from now on and they have managed to provide a copy of the CCA along with statements.

I can scan these and post them up if it helps.

 

A few questions though.

 

Since the loan was joint is the ex not liable for half of the loan?

 

There was PPI added to the loan is there any way of reclaiming this with interest at their rate?

 

On the statements they have added 'repossession fees' of £114 as well as letter charges of £25 a time (total of £450)

and late payment surcharges of £42.41

 

is there any way of having these removed from the amount owed?

 

Any help will be very much appreciated.

[havinastella]

Hi BM, all charges added are unlawful and can be reclaimed. The PPI can also be reclaimed.

 

Can you post up the docs you have.

[dx100uk]

all the PENALTY fees at their int rate

as well as the repo fee.

 

using the cisheet

 

as for the PPI

 

link 1 below

 

sadly he will owe the whole lot regardless to it being joint.

if they cant fid the ex.

 

however. i'd no pay them a penny till reclaiming is done.

 

you mention welcome..

they'll have spoofed him with 'compulsory' insurances

look out for MIF too.

 

dx

[Blondmusic]

PPI already reclaimed from Welcome. They will be paid off within 2 years.

 

I will post up the docs when I get back home as I am away for the weekend.

[rdm2006]

Not sure if this helps but you should read this (I know that this is regarding First Plus but you may also have such a clause in your contract)

 

Ruling AGAINST First Plus Interest Rate Changes

[Ros1609]

His ex is 'joint and severally liable' for the loan however as DX has already pointed out if they can't contact her then they are entitled to chase your BF for the full amount outstanding

[Blondmusic]

We know where his ex lives. My BF was hoping to come to an arrangement so he only pays half.

[ericsbrother]

they can chase either or both for the money.

[Blondmusic]

Sorry for the late reply.

 

Only just got myself a day off work so I have scanned the docs and posted them below.

[2Grumpy]

This is from Jan 2006, is that before the regs changed?

 

The signature is on page 2 with T&Cs on pages 3 & 4.

 

Enforceability might apply here, although that isn't a guarantee, it might give some leverage.

 

If it becomes difficult to collect from your BF, they might go after his ex instead ...

 

There's nothing wrong with your BF telling them where his ex lives, if he starts paying, they will most likely come after him for the lot.

 

Take a look at the link in post 5 - it might apply

[dx100uk]

as a side note

 

there is PPI to reclaim there

and all those PENALTY charges

and repo fees

 

I bet that'll wipe out the debt anyhow

[dx100uk]

PS how the heck can you have repo fees on flippin double glazing!!

 

dx

[theoldrouge]

am I being thick here?

 

Total amount of credit £5357.97 (total loan £5357.97) payable by 119 instalments of £99 plus 1 of £144- certainly not £5357.97

 

now opening statement balance £11925,

 

agreement seems to fall way short of the 1983 regs Schedule 1,

 

must show amount of credit plus int and other charges as THE TOTAL PAYABLE

 

- am I missing something?

[dx100uk]

British Credit Trust were Thames Credit

they were renown for these tricks.

 

dx

[theoldrouge]

well to me your ag is totally flawed and in breach of s60/61 cca1974 and improperly executed.

 

The total amount of credit is wrong, which makes the early settlement figs a nonsense ( which they refer to as within the period of HIRE)

and secondly as a restricted use debtor creditor supplier agreement

there must be a description of the goods,

there is none

[Blondmusic]

Thats great. Thank you. So I will send Cabot a letter saying the Agreement is wrong and unenforceable.

 

About the PPI though.

 

We tried reclaiming off BCT but they told us to take it up with the broker, a company named Pinnacle Finance.

 

Unfortunately they no longer exist as they were bought out by a company called U Quote Us.

 

Despite several letters all sent recorded delivery we have not received a reply.

[Blondmusic]

Can anyone help with a suitable letter to send to Cabot?

[dx100uk]

yea 2 words in it.

 

dx

[dx100uk]

TOR

can't see your calcs are correct sadly

 

total loan 5357.97

total int £6522.03 11.880+45 acceptance = 11925

 

99*119-11881

 

the first £144 makes it 11925

[dx100uk]

BM fill this in for the PENALTY charges [late payment surcharges/letter/repo fees]

put their int rate in cell d15

CISheet v101.xls

 

for the PPI: 708.97/5357.97*100=13.23%

 

so for EVERY payment you made

 

workout what 13.23% of it was

 

and enter that figure in on the day of EACH payment.

 

StatIntSheet v101.xls

 

dx

[Blondmusic]

Right I have done both of them.

 

The charges with the interest come to over £1600 and the PPI comes to nearly £1000 so thats £2600 in total. Cabot are chasing for nearly £7500!!!

Edited January 13, 2014 by Blondmusic

[dx100uk]

attach them please

 

dx

[Blondmusic]

[ATTACH]48620[/ATTACH][ATTACH]48619[/ATTACH]

 

There you go think ive done them right.

Edited January 14, 2014 by Blondmusic

[dx100uk]

go advance/manage attachments bottom right button

 

dx

[Blondmusic]

Ok here they are