Cabot Financial - Defending a court claim

SHERLOCK · October 4, 2010

I haven't counterclaimed because I wanted to get the whole thing rendered unenforceable. cASH INTEREST 1.999% and MERCHANDISE INTEREST 1.666% (MONTHLY)

Morgan's state they refund to the account as a process in preparation for assignment where they split different items into different accounting books, however this does not represent a decrease in the balance of the account!!!!!!! cabot still claiming the 3900.

Problem is how do I put together a case to get it thrown out, gonna look for the interest calculator.

IS IT A CASE OF LISTING ALL THE ERRORS WITHIN THE CLAIM, EXPLAINING THEIR RELEVANCE TO THE CLAIM, AND THEN ASKING FOR A DISCONTINUANCE ON THE OFFICIAL FORMS?

SHERLOCK

Rhia · October 4, 2010

What utter drivel they come out with. Refunding basic charges splits the claim to put people off going after the interest. Yes you need to draw up a list and refute it all point by point. You also need to state that you do not accept nor recognise the refund as you need to keep it intact to counterclaim. If they wish to do that to fit in with accounting practices that's a commercial decision they take but nothing to do with you and you intend to pursue the entire amount with contractual interest and compound contractual interest in restitution as they have been unjustly enriched. Failing that you will ask the court to order an account of profits.

Further if they get on with it and supply the sales doc/assignment you will find that they shouldn't be assigning any account which is subject to set-off which includes yours.

SHERLOCK · October 4, 2010

Lots of information Rhia thank you, however, Morgan / Cabot haven't actually taken ANY money off the account balance, Monument/B'card did this but only to break the debt down to actual money items purchased and fees that had been added.

Morgans claim is for the full amount of 3900. With any/all charges taken off the debt amount (without interest ) would be nearer 3000.

Thanks again, SHERLOCK

SHERLOCK · October 11, 2010

Hi all, I am just recalculating the charges/fees on this credit card account and would like to know where / how is my interest worked out - I have 2 interest rates- merchandise interest at 1.666% and Cash interest at 1.999% monthly.

Thanks, SHERLOCK

Edited October 11, 2010 by SHERLOCK

Rhia · October 11, 2010

I used the merchandise rate as rarely used a credit card to withdraw cash. The free spreadsheets here and elsewhere will help you do the calculations. Whatever you do - go after the contractual rate as, if you get the credit card providers's calculations, they only pay back interest added onto the charge and don't take into account the "front loading" that takes place and how that rolls forward on to the outstanding balance. They will probably only offer you 8%.

I have had success in claiming back compound contractual interest using Sempra Metals as the authority. Depends how brave you feel.

SHERLOCK · October 11, 2010

Don't think the charges and interest will cover 4000 so will need to obtain largest amount possible. 2 payments per month of 24 pounds each between 06/2004 and 01/2005. Was using the 'complex-credit-card-calc' but it says: The calculations do not compound the interest, i.e. interest on previous unlawfully charged interest has not been included.

While we are at it, I saw a solicitor this morning (family friend, unpaid) and his best advice (he doesn't cover consumer law) after looking through my papers was to work out a reduced figure and monthly payment, and write my own Tomlin Order! Suggestions?

Edited October 11, 2010 by SHERLOCK

Rhia · October 11, 2010

If you would feel easier negotiating a settlement I would still work out the charges and use it as a basis for settlement. However, bear in mind Cabot may say you have to claim these charges from the original creditor and you will still have to negotiate based on the full amount.

If the latter applies offer as little as possible and see what they come back with. Bon Chance!

SHERLOCK · October 11, 2010

Thanks Rhia, can you inform me where you got the compound calculator please, will have to go down that route me thinks. I will put it to Cabot, they seem to be the one's sending out statements etc. but will fall back with Barclaycard if they have a problem with it.

As an aside, I went to hand in a request for an extension to the stay (had 3 previous to this) and was told that they are now charging 40 pounds a time. I asked why I hadn't been charged before and they said they hadn't been charging out of error. They have now sent out lots of letters to various businesses to inform them of this new stance!! Anyway, I didn't pay it so it is destined for a hearing now.

Regards, Sherlock

andrew1 · October 11, 2010

I claimed over £1000 back in charges from Citi Financail and they paid £500 to cabot as a settlement and nothing to me - be careful - I still haven't finished with them yet! They have still to feel the Fan Club treatment :lol:

SHERLOCK · October 18, 2010

They're a real pain in the *rse me thinks. Struggling with the compound interest thingy, can someone enlighten me?? Heres a list of charges + dates,

regards, Sherlock

SHERLOCK · November 8, 2010

Hi Andrew, Rhia,

OK, I worked out my compounded interest and submitted to Barclaycard (received nothing yet), however, also sent the repayment request for Morgan's notice and a redrafted 'Tomlin Order' with the figure reduced by the repayment amount. Cabot agreed to it, returned the order signed, and all I have to do now is sign it and send it back.

£400 charges increased with compound interest to £1350. I think this is maybe the best I could hope for without going to court, although I am sure this is still a healthy profit for Cabot on this account. It is also a reasonable monthly payment.

Not sure what happens with the Monument / Barclaycard request? Would it be the case that Cabot have ok'd this with Barclays? :???: