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Defaulted HBOS AA loan from 2004 sold to Cabot

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Cabot wrote today, saying Wescot have handed collections back to Cabot.  Is this a sign of things hotting up? 

 

They also made an offer of settling for 42% of outstanding debt.  

 

Any views on this and whether, in light of the above comments on the CCA, I should accept? 

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typically a discount means there are problems wit the debt

be that paperwork

or the balance

penalty fees , PPI anything like that in it?
 


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Posted (edited)

No ppi. There was the £50 penalty fee and £50 courier fee (attachments, above). Balance, I have argued above, includes preloaded interest (surely?).  

 

In your experience, what should my next steps be? Should I fold, make a counter offer or continue dispute?  In light of the CCA being (prima facie) enforceable? 

Edited by HSBCandMe

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well £50+int doesnt = 42%

and 42% is a weird figure to offer a discount on.

 

somethings up IMHO.

 

wait and see what they send next

don't forget they've got to send a PAP letter before they try and litigate.

do we know if things like the DN exist?

has HSBC gotten an sar sent yet

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The claim is for £7K odd.

The settlement offer is for approx. £3K. 

 

'I THINK' the £4K discount is suspiciously like the amount of interest HBOS preloaded to the credit and (and I never got a rebate). Earlier posts refer. 

Anyway, it looks suspiciously like.

 

Their stoopid £50 charges are just powder added to my ammo, the real issue is the interest. 

 

Also, the APR is way out (above the de minimis).

However, it is not I gather a prescribed term, but does call into question the amount owed under an otherwise valid CCA. 

 

 

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In your defence you could say:

The APR calculated to 99% rather than that indicated in your reconstruction. I remind you that the FCA defines an acceptable margin of error as .1% below the actual value or 1% above, this represents a breach of section 65-127(1) CCA1974.

 

The increased APR also leads me to believe there was another item in the charge for credit, That or the repayment details were incorrect, which would render the agreement unredeemable, not having the original it is impossible to ascertain what was on it..

 

AS well as the other factors I submit that it would be extremely unlikely, and certainly beyond the realms of the evidential test for you to be able to reconstruct a Section 77 compliant copy

 

feel free to alter/ammend substitute/ correct spellimg etc/.

 

It may be as said that one or some of those charges were within the TCC, this would account for the error.


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I posted up the photocopy of the signed CCA earlier. This is not a recon. You took the view, I think, it was enforceable.

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Yes and I think I pointed out that the enforceability of the CCA is dependant on more than the document you posted.

On its own, the agreement sites all the correct terms and is compliant with section 77.

 

However, it also has to comply with the agreement(copy) you signed, how can anyone who as not seen that document say one way or the other.

 

I went on to explain how it would be impossible to calculate the terms on the second agreement from the first as the first did not exist.

 

I seem to be constantly repeating myself, and I do not see you doing anything to move this case forward. 


DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

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But you can see it’s the one I signed - it’s a photocopy if it. 

 

Are you confusing this thread with my masterloan thread? 

 

On 18/04/2019 at 19:20, Dodgeball said:

However, it also has to comply with the agreement(copy) you signed, how can anyone who as not seen that document say one way or the other.

 

Post #7. 

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Posted (edited)

Hi guys. 

 

Cabot wrote today (they usually do for a Friday delivery) and said as follows: 

 

“dear... 

 

“you were provided with:

 

”credit agreement 

“T&cs

”statement of account 

 

“your reference to ss.61 and 127(3) of the CCA is not relevant under a.77. 

 

“We are not the original creditor and are unable to assist with matters relating to pre-purchase conduct. 

 

“As this dispute is in regard to whether the debt is unenforceable, you cannot refer it to the financial ombudsman service. They cannot adjudicate on this determination l, as only the court can. 

 

“In light of the above it is clear we have complied with ss77-79 CCA and you need to contact us to discuss your repayment options on.... etc” 

 

 

 

Edited by HSBCandMe

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Hi. I have an on-going complaint with Cabot about a rebate of pre-loaded interest on a pre-2004 loan I took out with the AA.

After years of paying minimal payments to Cabot, the AA finally assigned it to them last year. 

 

I CCA'd them and on the back of it disputed a £50 courier fee, a £50 collections charge and about £3K of pre-loaded interest that was not off-set against the loan when it went to collections in 2006.  Current debt about £7K.

 

During the course of my dispute, Cabot wrote me in May making a settlement offer of about 43% of the outstanding debt, of approx. £2,300 or thereabouts.

 

I made a counter offer in May to pay the £2,300 over 60 months and after that debt to be written off, and that this would NOT affect my on-going dispute with them about charges and rebated interest.

 

Cabot wrote back to me agreeing to that proposal.

I replied by recorded post saying fine, and that I would make my first payment to them under the new arrangement in June. 

They were duly paid the agreed amonts in June and July.

 

However, I have just received a letter (mid-July) from Cabot (a different author to the guy who accepted the offer), saying that they cannot accept an arrangement with me during a dispute.

 

My argument is that they made an offer, I accepted it, I added some conditions, did not receive a response, made my first payment to them under it and that they should now be stuck with it. 

 

Any views?

 

 

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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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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.


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Yup, can't trust 'em.

 

Are Cabot and Wescot the same company?

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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


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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:


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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.

 

 


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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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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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threads merged

 

as has been stated 3 times in the now merged thread

there is no there there over the interest.


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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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4 hours ago, dx100uk said:

 

there is no there there over the interest.

 Huh? 🙄

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they have done nothing wrong.

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

there is not..

 

 


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

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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

spreadsheets 

 

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