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Defaulted HBOS AA loan from 2004 sold to Cabot


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Yes...dont talk or agree anything with Debt Collectors...they are not creditors but debt buyers and have very little powers to change the T&Cs of a loan or handle any disputes with the OC...the debt should be returned to AA whilst an ongoing dispute is in force.

 

Andy

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  • dx100uk changed the title to Cabot and AA loan - Breaking Arrangement
  • 3 months later...

Its been a while since I have posted on this.

 

My complaint with Cabot has been drifting on,

 

I received letter from them yesterday saying that my complaint had gone for "independent review." 

 

Anyone any idea what DCAs mean when they say that??? 

 

Who could they  possibly use for an "independent review"?  

 

 Are they implying they are taking counsel's opinion? 

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doubt it can mean anything but I bet it means nothing.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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wetcloths are not affiliated to the cabot group 

and even so they say 'their client' so anyone that says that can be ignored

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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"independent review."  in the terms of a debt buyer means the bloke on the next desk who sits on his own and has a full desk to himself will read the dispute...as long as someone hold the papers for him.:becky:

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

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  • 4 weeks later...

Looking at my CCA from 2004, the AA added £3,862.40 interest to my £14,350 loan.  APR 9.5%. 

Says total amount of credit was £18,212.40. 

 

When it defaulted in 2006, the AA didn't rebate the intertest, and I ended up repaying the full total amount of £18,212.40 down until they flogged it to Cabot in February.

 

The circumstances seem very similar to my Masterloan thread i.e. is this pre-loaded interest that should have been off-set against the principle at Default)? 

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no.

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

They're allowed to claim the pre-loaded interest even if the loan does not go to term?

 

What should their CCA state to make that enforceable?

 

Also, how does this scenario differ in any material way from what Masterloan have done (my other thread)? 

 

There were express terms of repayment of the capital plus interest over 60 monthly instalments.  However, you are saying the Default has no effect, so that when charged-off the interest did not have to be rescheduled?

 

P.S. It may be irrelevant, I don't know, but I can’t see an acceleration clause in the CCA allowing them  to ‘call in’ the entire amount of interest on the 5 year loan Copy of the Ts & Cs from my original CCA attached. Clause 2 (c) refers to interest being charged until settlement, but I’m not sure that is an acceleration clause.

 

If you have any thoughts on the above they would be greatly appreciated.

20191120102845876.pdf

 

Post 24 on my earlier AA thread for this loan...

 

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  • dx100uk changed the title to Defaulted HBOS AA loan from 2004 sold to Cabot

threads merged

 

as has been stated 3 times in the now merged thread

there is no there there over the interest.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

they have done nothing wrong.

you keep making trump there there's that there is something wrong...

there is not..

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 3 months later...

Dear all,

I have an old loan started in 2004. Defaulted 2006. On CCCS DMP until 2008 and then back to original creditor. OC sold it to Cabot 2018. 

 

I made a complaint to the OC last year querying the correct balance sold on to Cabot.

 

Essentially that the amount was incorrect because they added the 5 years' worth of preloaded interest at default in 2006.

 

They have written back saying tgat because this happened more than 6 years ago I cannot go to the FOS.  

 

Is this correct? 

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4 threads merged

please keep to one thread per debt..

 

new question already answered 2 posts up last time you asked

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Helps if you read the question properly rather than firing from the hip like you usually do.

I was asking if the bank are right about me being unable to complain to the FOS.

I don't recall asking that here? 

Maybe I missed that? 

 

Whether you think there is merit or not in my doing so is not what I was asking and honestly mate,

I don't care (I'd prefer it if you didn't reply to any of my threads because I could do without the unpleasantness).

 

Again, out there is anyone who might have a view, the bank have written back saying that I cannot go to the FOS because this happened more than 6 years ago 

Anyone any idea if Is this correct? 

 

I would have thought when they sold it on to the DCA in 2019 that might be a point for me to argue I became aware they didn't re-schedule the loan when it went off to collections? 

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there is a general rule yes that 6yrs is a limit

but there is also a 6mts limit following a creditors final response to goto the FOS.

 

the issue, is that you believe the creditor has done something wrong with the interest.

you signed up to an £18k loan.

that sum was always owed.

 

interest is always front loaded on loans...because that's how your £PCM is worked out..xx payments over xxmts by £PCM, = total loan amount.

read your agreement.

 

 

whether defaulted

whether sold 

or at any other time,

the above doesn't change,

 

the OC has not done anything wrong.

you had no complaint in the first place.

 

 

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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