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two old co-op debts sold to cabot - for how much?

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Well, thank you for that explanation and so it gets worse for Cabot, because I never agreed to have an overdraft of such a large sum of money because the Co-op merged the loan account with the current.

 

But they are saying they don't have to provide the documents to prove that I agreed such a massive O/D - really?!?!?!?!?

 

Ho hum.

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Write to them saying as far as you know you do not owe anyone anything and until they can prove that you do, no further correspondence will be entered into. You have to draw the line somewhere.

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Wonderful - although I wish it didn't take me so long to grasp the legal speak these days.

 

I'm not writing to Cabot any more - it's going to the FOS, along with the complaint about the Co-op and they can explain themselves to the Obudsman.

 

I've gone through it with the guys on the phone and they've given me some very good advice and directions.

 

I know it's generally held that the FOS are not always that helpful, but at least I'll get an independent view of this mess and hopefully a more effective outcome than the weasel ones so far.

 

They were immensely helpful in resolving a couple of complaints some years ago, so apart from the cost of photocopying everything and the postage, I don't think I have anything to lose really.

 

So, I may be gone some time now - may not even be back before my first op at the rate things have been going.

 

:juggle:

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yo were advised not to write to them last time.

 

requesting the deed [which is freeman of the land twaddle]

 

will almost certainly invite them to send you more letter tennis.

 

please ignore then,

if/until they issue a claimform.

 

you also need to re-read post 36.

 

that pretty much explains what has gone on.

 

dx


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An update and would be grateful for some more info if possible

 

The FOS got Cabot to finally agree to write off the debt which they cannot legally enforce, so that's confirmed and one finally out of the way.

 

This then leaves the other debt which was mostly the Loan account, which the Co-op amalgamated with my old current account overdraft to create the one debt, initially 'handled' by Fred Int before being sold to Cabot.

 

So, to get my mind clear again after so long, can I challenge this as still being mostly the old Loan debt and therefore require Cabot to provide the relevant documents under a CCA request?

 

They have said they don't have to provide anything because it's a current account debt. It was not a current account debt that I agreed to.

 

Second, when they request my income and expenditure, if I do supply the information in the hope of getting this debt written off, do I have to put down my Disability Living Allowance as "income" given that this is paid solely to help me get out and about which I otherwise would not be able to do, and to help a bit with my daily living?

 

Does a creditor have the right to add that payment as income to use for paying off a debt?

 

Onwards and upwards - and a belated happy new year (well, it's a happy Chinese New Year anyway) to one and all.

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you should not be providing any pers detailsto a fleecing dca

 

 

but no dla is not included

 

 

however.

what was the last letter cabot sent you

can we see it?

 

 

are they still recently chasing this supposed merged debt?


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Oh drat - I've done it again - clicked on the wrong wretched button and lost my reply!

 

GRRRRRRR

 

Hang on and I'll try againl.

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I don't have a way of putting up the letters here - no scanner or anything.

 

The first letter confirmed the agreement with FOS that the Credit card account has been written off and that they've closed the account.

 

With regard to the "above" account (which they insist on referring to the Current Account) they are willing to review the matter further once they have received up to date evidence of my ill health and details of my income and expenditure. They were sending a form separately for me to complete my income and they've placed my account on hold for 30 days to give me time to provide the information.

 

** At no time did I request a write off on the grounds of ill health - what I said in my letter of complaint back in June was:

 

"...... I was asking for Cabot to give serious consideration to writing off my debt due to my continuing straightened circumstances which are never going to improve."

I had only mentioned that I was disabled because having to send the letters which they kept ignoring was costing me a lot of money as the only way I could get around was by taxi.

 

I have no intention of getting into another round (as with Cap One) of arguing about my health and it's irrelevance. The issue is about the fact that I am on basic State Pension which does not keep up with real life inflation and that I am not going be increasing my income by some magical means.

 

If I do manage to improve my mobility with operations, I lose the DLA anyway!

 

 

The second letter includes their budget form which is so inadequate and mostly useless, and they ask me to fill it out and return with my offer of repayment so they can then agree an affordable and fair repayment plant and that if I'm having difficulties to contact the same wretched organisations that tried to shaft me last time.

 

Just not going there at all.

 

I am paying Cap One £1 per month after the intervention by the FOS on that one as a long term agreement so Cabot (which is a smaller debt) are not going to get any more than that at best.

 

BUT - where do I stand with this whole mess of the Co-op selling on a Current Account debt which was in the main, a Loan debt with a Loan Agreement (forceable or unenforceable)?

 

Does Cabot have the right to pursue this without proving anything?

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hey no sweat.

 

I quite understand

I know the co-op system very very well.

 

when they gave pers loans

they used the sort and the account number of your std bank account

then added 2 additional digits at the end.and called it P loan no .1/2/3 etc etc

 

so the loan will have the same number[start numbers] as your bank account

 

which is another thing.

 

i notice you have a priv account

you got charged the monthly 'packaged account' fee

this is reclaimable

 

as I bet you were told that to get an OD account [as you 'upgraded from a std current account]

you had to use the priv AC and this was an account fee for the OD

in fact the OD was 'free'

you paid for all manner of insurances you never used.

 

so in a way cabot are correct about the priv/OD in that theres no CCA.

 

so the loan and the priv/OD are not merged.

 

hth

 

dx

 

 

I hark you back to the above post 35.

 

 

if cabot are using a number with the two extra digits

in their letters or on THEIR statements [ignore stuff you have from the co-op..its what cabot hold and supply]

then its a loan..end of.

 

 

dx


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This is a ruddy nightmare for me to get my brains around, but here goes.

 

The Co-op "amalgamated" the two accounts (current account and Loan account) in September 2008 and "transferred the balance of the Loan Account to the Current Account" and subsequently sold that one debt in 2013, which they called the Current Account to Cabot.

 

BUT - I've looked through all the bits of correspondence I can find from the Co-op to get to what I think - God I hope I'm getting there - you are talking about.

 

So - in a letter from the Co-op dated 11 October 2008, they clearly have both the Loan Account number (which is the Sort Code, CA account number and the magic extra 2 digits) AND the Loan Account balance at that time which clearly proves the Loan Account number with the debt.

 

This number is exactly the same one that is used by Cabot although obviously the amount has reduced AND is the same extended number that the Co-op used on their letter of notice of assignment to Cabot in March 2013

 

Have I finally got it now? Please tell me I'm getting the hang of this.

 

Does this mean that Cabot DO have to provide the Loan Agreement, even though a small amount of that debt was part of the current account?

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" Does this mean that Cabot DO have to provide the Loan Agreement, even though a small amount of that debt was part of the current account? "

 

Yes the personal loan content of the amalgamated debt still requires that a section 77 must be complied with.

 

Regards

 

Andy


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Oh frabjous day

 

Bloomin wonderful

 

I've finally got it ........................................................................................ and Cabot haven't!

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Hugs and kisses to you all - off to compose my response.

 

:cheer2:

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Cabot will not know the history of what they have purchased...just a debt.. an account number.. your name and address.


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Oh lordy - that wretched wrong button strikes again.

 

But surely Cabot would know, as professionals with long term working with the Co-op, that the account number they have is not just an ordinary current account?

 

I'll give it careful thought how to handle this next and hope the magic is still working for me.

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" But surely Cabot would know, as professionals "

 

:spit::lol:


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lets put it this way

 

 

if cabot are quoting sort / account/ + the two extra digits [which denotes in co-op terms] it IS a LOAN.

 

 

then they have to provide the agreement.

 

 

I quite successfully proved that that format of numbering is the way the co-op number their personal loans..

 

 

and won my case in court several years ago.

 

 

it was a 1998 overdraft that a dca took me to court for

but they quoted the extra 2 digits. thus a loan

they could never get the agreement, as there was never one signed..game over


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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Well, I have dug up the proof too so crossed fingers, and eyes, I'll be able to push for this one to be resolved before too long.

 

I have to go as I am not supposed to sit at the pc for very long now as it causes me health probs but a big thank you all, again!

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Agree with advice so far - if it is a loan then an agreement needed, as stated DCA will have no paperwork - just and account number and a value.

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Update

 

I received a very nice letter from Cabot (seriously - not a euphemism) in which they state that they cannot obtain the further documentation I requested (CCA) from the Co-op due to the age of the account.

 

So, taking this, my health and financial situation into account, they have decided to accept the payments I have already made since they acquired the debt in partial settlement.

 

My credit file will be updated to show it has been partially settled, I will not have to make any further payments and the account will be closed on their system.

 

Now, I know this means the account will show as partially settled (not so good) on my credit file for 6 years. Apart from the fact that I'm never going to be applying for a mortgage or any credit cards, how could this affect me in other ways?

 

It seems that this is their decision and not one I have any choice over - or do I?

 

I cannot offhand remember when the account was defaulted by the Co-op, way back when - probably 2008/2009 but it has not been since then as far as I can recall.

 

Do I sit back and just accept their decision or is there something else I could do / would be better doing?

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the ac can only remain on your cra for 6years from the original default so if def was 08/09 should be long gone

 

have cabot been reporting this ac?


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the ac can only remain on your cra for 6years from the original default so if def was 08/09 should be long gone

 

have cabot been reporting this ac?

 

 

Ahhh - not sure what you mean by that. Is this when I have to go back to something like Experian or Equifax and look at my file again?

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look at noddle and see whether cabot are still reporting this account


PLEASE HELP US TO KEEP THIS SITE RUNNING

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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Well, I'm in there now and the first thing I've found is there is still a very old store card account which has been updated on 29 Feb (zero balance) which was supposed to have been closed something like 10 years ago - Creation Financial Services????

 

The next thing is a search showing from two companies I've never heard of and for nothing I've applied for

Insurance Initiatives Limited (Iq)

http://Www.Iil.Co.Uk/Consumers

 

They searched this year at the beginning of Jan and last year on Jan 30th!

 

And I've searched everywhere but there is nothing showing about Cabot (or Cap One which is my other bugbear at the moment).

 

The only financial information showing is my two bank accounts and all is well there.

 

My credit score is 650 which they say is high and my rating is 5/5.

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