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Danban

Cabot and cyldesdale Loan - just issued a Section 87 notice

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Hi everyone,

I'm after some help advice, I have a loan with Clydesdale bank that has been passed onto Cabot.

I fell into arrears for 9 months due to some financial difficulties, I had since spoken to Clydesdale.

 

I have increased my monthly payment from £287 to £350 a month to carry on paying the loan whilst clearing the arrears at the same time which they were fine with, they made no mention of potentially being defaulted or the debt being passed onto Cabot.

I have made the payments since on time without missing any further payments and no further correspondence with Clydesdale by phone or letter.

In November I received a Letter from Cabot informing me they had bought the debt and to change over the payment details from Clydesdale to them which I have done via my online banking.

On Friday I have received a letter from them threatening that if I don't pay the arrears amount of £1602.40 under section 87 of the consumer credit act 1974 by 28th April 202 it will be defaulted. The debt on my credit report is currently showing as late payment which it had been showing when the debt was with Clydesdale Bank.

I've spoken to Cabot online who have been really unhelpful but have acknowledge I've been making monthly payments regularley as I was previously with Clydesdale but I haven't got a payment plan setup with them, I've explained to them that I don't have £1602.40 laying around otherwise I would've paid the arrears amount of and queries that how can I owe them the arrears if they've bought the loan from Clydesdale.

My question is; is there anything I can do which won't make my credit file any worse, what are my rights and will I need to find a way to clear the arrears regardless?

Any help would be most appreciated.

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What was the time period of the original loan ?

 

Is the loan period due to expire soon ?

 

How has the £1602.40 been calculated ?

 

You can register a complaint with Cabot and threaten to involve the FOS. That might at least get them to fully explain their actions.

 

 


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Hi Unclebulgaria67.

 

The original period of the loan was over 6 years.

 

The was due to be paid off in 2023.

 

The £1602.04 is taken from the arrears I owed Clydesdale Bank from missed monthly payments which now Cabot are claiming are now their arrears instead of keeping the bought debt as a whole sum which I’m currently paying.

 

is it worth me registering a complaint?

 

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Not really......Clydesdale bank  should have placed the default and instead marked your file with AP markers...but in effect you have defaulted so it should be showing on your file irrespective of who places it.The only problem with AP markers is that they can show indefinitely past the current guidelines of statute of limitations...whereas a Default Marker will only show for  6 years .....paid or unpaid.

 

Either are detrimental to your credit score ..but you could argue that the default should be backdated to the original default date.

 

Andy


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 OTHERS

 

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

 

If you want advice on your thread please PM me a link to your thread

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stop ever talking to a DCA over the phone 

writing only from now on.

 

send cabot a CCA request

and sent Clydesdale an sar to get all the statements from day one.

as I bet there are lots of unlawful penalty charges like letter/late/failed dd/arrears fixed sum fees which can all be reclaimed.

 

just remember our golden rule:

a DCA is NOT A BAILIFF 

and have 

ZERO legal powers on ANY debt no matter what it's type.

 

dx

 


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks for that dx,

how do I go about amending/removing the appropriate sections

(Which ones as I'm not great with adjusting these sort of things?)

Will sending this CCA make my account with Cabot on the credit report go from Late payment to Default?

 

Sorry I ment late payment, not missed payment.

 

Head is all over the place today with the current events.

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click CCA request and read all the posts there not just the template one.

 

no a cca request is simply to check that they hold a copy of the legally signed paperwork (your agreement) , else if they don't it's deemed unenforceable till they do get one (if ever)!!

 

as for the SAR , not a lot to adapt, but read all the posts there too.

 

 

 

 


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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