Debt grow by £1000 in a month (cabot)

[Flavio]

Hallo world,

I am guilty as charged… This debt is 4 years old, (they finally find me)

After receiving their nice letters (from cabot), I phoned them up and agree over the phone to pay £ 5 a month, which they accepted, and I also clearly said that no interest or charges will be add to my debt otherwise will be useless for me to pay. They confirm that I will not pay anything and that my debt will be the same as long I keep up the payments. After one month ( well after I made my payment) I phone them again to check my balance (I had a strange feeling) and there I find out that my debt grow by £ 1000.

The girl over the phone was not able to answer why my debt grow…

I need help; I am reading all the threads which are very useful.

Hope somebody knows some quick answer, meantime I’ll be still reading away.

Thanks

[lookinforinfo]

Have Cabot bought the debt? What was the debt for and how much was it before

Cabot got it-and when did they get it?

[NailPost]

Its time for you to stop phoning Cabot and insist on getting everything in writing. Cabot don't like doing that but tough.

 

Send the the CCA S77/78 letter which places an obligation on Cabot to provide you with a true, signed copy of the credit agreement, a deed ofassignment (which proves their right to collect) and a statement of account. I your case the last one seems to be vital.

 

Cabot have a tendency to overlook the time limits the law allows for this documentation to be found-erm-supplied. They will acknowledge the letter and say it may take anythingup to eight weeks. That's complete bulls***. To be clear on this they have 12 working days from the date of receipt. Send it today, they'll get it Monday and they have until November14. If they don't they are in default and can't enforce this debt until they provide the documents.

 

You have already admitted this is your debt but make them work very, very hard for your hard-earned. If they have bought this debt they will have paid much less than the face value for it. The bank certainly won't have lost out either.

[Flavio]

thank you for your reply

 

Question:

Have Cabot bought the debt? What was the debt for and how much was it before

Cabot got it-and when did they get it?

 

Yes they have. They say that they bought it for £ 4.102.80 3 years ago.

 

thanks again

 

In reply to the other post by Nail (thank you aswell)

 

I will, from now on get things in black and white, I will send them the CCA S77/78 like you sugested. Whats going to happen if for example after 12 days and then the 30 days they do not reply? what action can I take? thanks

 

 

thank you guys, I really appriciate your help

[lookinforinfo]

That will not be what they paid for it, but I imagine that you will recognise that

it is the outstanding amount owed before they bought it.

By law, Cabot cannot then add charges to the debt as that would put them in breach of the Consumer Credit Act.

 

As Nailpost said, if they have not produced the required documents by around

15th December, then they are not only in default, but yiy do not need to pay the ]

debt until they do locate the documents.

 

If they can produce them, your next step is to reclaim that part of the unlawful

charges that are included.

[andrew1]

thank you for your reply

 

Question:

Have Cabot bought the debt? What was the debt for and how much was it before

Cabot got it-and when did they get it?

 

Yes they have. They say that they bought it for £ 4.102.80 3 years ago.

 

thanks again

 

In reply to the other post by Nail (thank you aswell)

 

I will, from now on get things in black and white, I will send them the CCA S77/78 like you sugested. Whats going to happen if for example after 12 days and then the 30 days they do not reply? what action can I take? thanks

 

 

thank you guys, I really appriciate your help

 

 

EDIT: Sorry Lookingforinfo - we must have been typing at the same time!

 

Are you saying the debt was bought by cabot for £4102.80 or was that the balance?

 

Cabot or any dca for that matter are unlikely to tell you the price they paid for it unless you already have done the CCA and received the documentation.

 

As for what to do after the 12 working days +2( delivery time) + 1 month ( not 30 days) post back here once you get that far and we'll ALL tell you. Read the other Cabot threads or as many as you can and also look at your credit files for the defaults by Kingshill No1 Ltd. By the way what exactly did your letter say which Cabot wrote ? Post it here or PM me if you want to send a copy and I'll give you my email address.

There are some fishy things going on with Cabot and we are all working to get to the bottom of it.

[Flavio]

I just phone cabot and ask to speak with a manager, they put me through a team leader... however

I asked why my total grow by £1000 and the answer to that was... because it was 3 years that they were looking for me, as soon I contact them all the past interest/charge were added to my account.

I reply by saying... so you penalise me to get in touch with you... I also asked for this extra thou to be removed, but she was not for moving... I am now prepering the CCA letter and I'll take it from there

 

do you think that they can add this extra £1000?

thank you... you are keeping me alive

[Flavio]

I don’t know for sure just now if they bought the debt for that amount, I am pretty sure that… that is the balance… as lookinforinfo said I doubt very much that they did

Unfortunately I don’t have this letter anymore… long story

I only have 2 letters, one dated the 7th August and one 25th September and that’s were the different in money is in black and white.

thank you Andrew1

[andrew1]

thank you... you are keeping me alive

 

Don't EVER let these buggers get at you. You now have over 80,000 sitting right beside you, giving you hugs and being there whenever you need it. This will be sorted one way or another. We just use what they haven't been using and should have - the law. No scheming, No broken rules, nothing dishonest - just the law and they don't know where to hide, because they just aint used to having the force of so many people - just like you- coming here and learning how to defend yourselves collectively. It's called SYNERGY - the power of two providing the power of three, the power of three giving the power of 5 - team work - you can't always do everything on your own. Now you don't have to.

 

DO NOT telephone Cabot - you need everything in writing. If they phone you send them this: changing the relavent bits to suit your situation. Thanks to Hagenuk...

 

Dear Sir/Madam

 

Ref:

 

Despite my letter regarding any communication from your company, which stated that I require all communications in writing, your telephone calls continue.

 

This behaviour constitutes harassment; the letter stated quite clearly to you that I require all communications in writing for future possible Court use. Do not telephone me again and remove any telephone numbers you hold for me from your systems.

 

Your telephone calls are in breach of the Office of Fair Trading guidelines. If you continue to telephone me after the receipt of this letter an official complaint, together with a log recording the times and frequency of the calls will be passed both to that office and to the Trading Standards office. For your information note that all telephone calls are recorded.

 

This type of debt collection method is contrary to the ‘Administration of Justice Act 1970’ in that it is intended to cause alarm and distress to the recipient. Your methods will not be tolerated. Should the telephone calls not cease immediately a formal complaint, containing copies of all correspondence including yours, will be submitted to the relevant authorities. This will be relevant to questions of your fitness to hold a licence under the Consumer Credit Act, whether or not it results in a prosecution.

 

Take further note that continued telephone calls after the receipt of a request not to call may constitute a criminal offence under Section 127 of the Communications Act 2003.

 

I trust that I have made myself understood on this matter.

 

 

 

Yours faithfully

 

That'll stop them phoning.

The CCA request will sort the rest for the time being.

 

Can you tell me EXACTLY which company actually sent these to you: ( Full name or number) ? TA.

I only have 2 letters, one dated the 7th August and one 25th September and that’s were the different in money is in black and white. it would be handy to know what was actually said.

[lookinforinfo]

Flavio, send this to them,

 

Dear Sirs,

I am writing in furtherance of our earlier telephone call today.

I do not have a contract with you, nor have I ever set up a loan with you.

Therefore there is no contractual relationship that entitles you to add charges

or interest to this debt, especially one that you paid pennies in the pound for.

 

I would remind you of the article on the Office of Fair Tradings' website relating

to "the Collection of Debts". This is a highly relevant section that I suggest you

take urgent notice of-

 

"Furthermore, debtors should not be led or allowed to believe that they are legally liable to pay such

charges where this is not the case. Failure to act in accordance with these principles is likely to be

regarded by the Office as an unfair or improper business practice within section 25(2)(d) of the

Consumer Credit Act and thus relevant to the issue of fitness to hold a consumer credit licence."

 

Nor should I be penalised for your companys' inefficiency in tracing me.

 

Unless you write and confirm that both the interest and charges have been removed from my debt within 7 days, I will complain to the Office of Fair Trading

without further reference to you.

[andrew1]

LFI - Is the fact that they pay a smaller amount for the debt and charge interest on the whole original debt in anyway unlawful/illegal in your opinion? ie: £1000 debt - they pay £100 for it then charge us 12% on the £1000. Immoral if not illegal.

[lookinforinfo]

What I am saying is that it is the contention by the OFT in an earlier section

of the same report, that charges cannot be imposed on a debtor unless there

exists a prior agreement between the creditor and the debtor.

 

No such contract is in force here. They have bought a debt and been unable to

contact Flavio for three years.

 

I merely added the fact that to add interest based on the full amount of the debt

when they purchased the debt at a much lower price, could be further cause for

censure by the OFT.

[andrew1]

It's that "could be further cause for censure" that interests me. I think this is wholly unsatisfactory like you.

[lookinforinfo]

Sorry, Andrew I don't understand the point you are trying to make.

[andrew1]

I've had a cr card debt sold to Cabot. When they began their 'arrangement' and calling every 5 minutes and putting fear into my family with their aggressive tactics after my buisness collapsed ( through no fault of my own) and we had enough on our plates, they also began charging me 12% interest on the whole £1000 if I missed payment which I found immoral. Since becoming an avid CAG supporter and learning so much I have wanted to get even and use the laws to do it. They gave me hell, the debt was ALL charges, they defaulted me immediately in Kingshill name, cost me a fortune in additional interest % on future finance and now I've learned different I want them to answer for their irresponsible, unlawful and callous methods by using the laws they have ignored. I have already stopped their phone calls using the laws at my disposal, managed to show them up for their CCA non compliance which expired in July and taking steps to have them investigated, I am getting to the bottom of their Data Protection Act breaches with Cabot Financial(Europe)Ltd and Kingshill No1 Ltd antics and if I can get the OFT involved from observations such as yours then the point I am trying to make is - I will. The interest immorality on the full amount is just a part of it.

 

What you and the many others have disclosed and shared about Cabot just fuels my desire to put these people through the mangle - but I want to do it right so my day in court is totally effective.

 

Then I'll start on Wescot and a few others who also gave me grief threatening me and my family on the phone with bailiffs without ccj's and the likes. Before all this happened I was on a 6 figure salary and running a damned good business, banks fell over themselves trying to sell me finance - when it went wrong all hell broke loose and they ran like mice into the woodwork then stuck the boot in when I was at my most vulnerable and my family at it's wits - end, we paid a heavy price for all that financially and emotionally. These crass, degenerates are bringing the best out of me and although I was knocked for 6 in the aftermath of losing the business and depressed and not working for 2 years I have now re awoken with the help of this forum and all my skill-sets are beginning to come alive again - I was bloody good at my job and I'll be bloody good at putting these **** where they belong in the business pecking order.

 

I guess that was what I meant !

[lookinforinfo]

Oh what a relief Andrew. I totally misread your previous post and thought you

had said that my advice to Flavio was wholly unsatisfactory.

 

Sorry to get you to explain yourself when we were singing from the same tune

all the time. LOL

 

 

Perhaps we should all be making stronger representations to the OFT objecting

to the fitness of some of these companies to hold a Consumer Credit Licence.

If the licence is taken from them, then they are not allowed to continue to trade.

 

Among the criteria that the Consumer Credit Act 1974 s25 [2][d] would consider

likely to remove the licence are

 

"engaging in Business Practices that appear to the Director to be deceitful or

oppressive, or otherwise unfair or improper [whether unlawful or not]"

 

and

"contravening any provision made by or under this Act, or by or under any other

enactment regulating the provision of credit to individuals or other transactions

with individuals."

 

So I feel that threatening their credit licence may well pull them back into line

quicker than other threats.

[Flavio]

Thank you guys, please lets try to stay calm...

 

I have sent the CCA letter and also the other one suggested by you lookinforinfo. Thanks for that

 

At the moment I am actually dealing with 2 of them, one is cabot and the other one is thames credit limited... I am assuming that the procedure is the same for both of them.

 

I really appricaiate your help, both of you, I just hope you can help me with the next stages.

 

Can I ask you one more piece of advice please.... this one is for my wife...

 

she owes £600 and we want to clear this one, its a bit of a long story, this is related to us asking for charges back from the bank of scotland... as soon as we asked for it back, they sold my wife's account to cabot. We've already submitted the summons against bank of scotland and we are waiting. However, because we feel quite confident that we will eventually get the money back from the bank, we wanted to clear the debt with cabot. I was thinking to just pay it over the phone with a credit card, but somehow I don't think that's a good idea. Can you please tell me what is the best way to pay them off?

 

thank you once again Flavio

[lookinforinfo]

Why pay it back yet? As the amount is under dispute Cabot cannot chase you for the debt. In fact it may have been very wrong of RBS to sell on the debt when it did. But you will have to confirm to Cabot that the account is in dispute and they cannot claim against you until the dispute is resolved.

 

Once you have agreed with the bank how much they owe you, you have the choice

of getting a cheque from them or letting the bank and Cabot sort it out. Then pay

Cabot the balance. The ideal way to do that would be for you to get their bank address and account number and pay them through a bank by credit transfer.

 

Rest assured Andrew and and myself were fine and calm all the time.

[andrew1]

 

Rest assured Andrew and and myself were fine and calm all the time.

 

 

Calm ?? %4$$&JJ)({{O^&£!£_)*&^&%^%!!!!! :D

 

The good thing about everyone on the site and that includes you Lookinforinfo is that we draw out the strengths in everyone. I've learned alot from you too. This forum is a united front drawing brilliant extracts out of all the Acts, out of lawyers, accountants, and good ole joe public who the banks are learning are not dumb customers at all. There's some amazing people with considerable knowledge pulling together and whacking these outfits for six and I really don't mind what or how pepole put their veiws across they are all an important part of the jigsaw.

 

One of my most strongest negotiating tools is a .......

.

.

.

tabletennis ball - yes a tabletennis ball. Half white the other half black and I keep it on my desk to this day.

 

Hold it up in front of you: From where the other person sees it - it's white, from where I see it - it's black.

 

Start to come around to their side and you begin to see things the way they are. Once you know the way they see things you have opened the window to their thoughts - and you're IN. And thats what I am doing here and to Cabot & Wescot and the banks - and I'm winning everytime.

 

Lookinforinfo - same song, same hymn sheet, same objectives - and we'll win.

 

Flavio - fear not - it's like a group love-in this forum, we are all here for the same reasons and it only gets better - Now, what were you saying about your wife and Cabot ? :D

[Flavio]

What a relief! You two had me worried there for a minute...

 

Thanks again! I think we'll take your advice and hold off paying cabot until the dispute with the bank of scotland is settled. The summons is about to be served!

 

As for me, I've sent CCA letters to both cabot and thames credit so let's hope they can't produce any documentation about me.

 

Both of you take care until the next installment!

 

Flavio

[lookinforinfo]

Good news Flavio. Hopefully you will get to the bottom of that extra £1000 for a

start.

Still surprised at your concerns about Andrew and myself. All that happened was

that I was on a different page of the hymn book-silly me.

 

Anyway Andrew, now that I have found the page again this is my view, which

may be of help to Flavio also. when a dca buys a debt, the original agreement

will have already been cancelled. So there is no contract between the dca and

the debtor. Therefore the dca cannot charge interest since Flavio, in this instance

has not agreed to anything with them. Also, because there is no contract, there

is no facility in place for them to impose collection charges either.

 

If indeed,they have charged Flavio for interest and collection charges, then they

are in breach of the Consumer Credit Act 1974 , under unfair business practices

in contravention of section 25 [2][d]. OFT "Debt Collection Guidance 2003" expands

the argument. As the OFT can and do, revoke Consumer Credit licences on a

regular basis, I imagine that Cabot would not wish to fall out with them.

 

So to answer your question Andrew, yes I believe it is unlawful. And if it has given

you any extra ammunition, feel free to use it if you want.

[andrew1]

Great, thanks LFI - all goes in the melting pot, but I have a lot of reading and digesting to do because we have to be sure and I thank you for clarifying this for me, Flavio and everyone else.

 

Okay, then lets take it a step further: Card and debt now duly sold to DCA.

 

Our contract with the bank/card company/finance company has now ceased.

 

The DCA write to us telling us they have bought the debt - please pay up or be squashed.

 

We have no contract with them (the dca) at that point - They now have our details ( Data) given to them by the finance company

 

 

Q) In what format, according to legal procedures / Acts and in Laymans terms so we all understand, should the Debt Collection Agency in your opinion then REQUEST our permission to part with our data to register a default with the Credit reference agencies? In fact do they have/need our permission at all?

 

.

[redfox]

Hi,

 

I'm new to your thread and it is very interesting. However, where can I find the CCA letter template?

 

Thanks

[demon_x_slash]

Here.

[andrew1]

Great, thanks LFI - all goes in the melting pot, but I have a lot of reading and digesting to do because we have to be sure and I thank you for clarifying this for me, Flavio and everyone else.

 

Okay, then lets take it a step further: Card and debt now duly sold to DCA.

 

Our contract with the bank/card company/finance company has now ceased.

 

The DCA write to us telling us they have bought the debt - please pay up or be squashed.

 

We have no contract with them (the dca) at that point - They now have our details ( Data) given to them by the finance company

 

 

Q) In what format, according to legal procedures / Acts and in Laymans terms so we all understand, should the Debt Collection Agency in your opinion then REQUEST our permission to part with our data to register a default with the Credit reference agencies? In fact do they have/need our permission at all?

 

.

 

 

anyone want to add an answer to this?