Cabot not giving credit reference company notice of payments - help.

[hipplegrubber]

Hi

 

I have been making regular payments on a debt to Cabot for over 2 years now.

 

They call every 3 months or so to ask if I want to make a final payment. I intend to do so in the next 6 months.

 

The original debt was circa £7K and I have got this down to £3K.

 

My problem is that they have not told any of the Credit Reference Agencies of the payments and thus it still shows as a default. This obviously has a negative effect on my rating.

 

Any advice on what I can do to get this amended ??

 

Thanks

Hipple

[Seahorse]

Rather than advise you to get the payments recorded, I'd ask Cabot why the heck they think they are entitled to your money.

 

Was £7k the amount that you (allegedly) originally defaulted on? Or has Cabot been naughty and added any interest or other penalties?

 

I wouldn't be in too much of a hurry to pay much more. If you could tell us a bit more, such as who the (alleged) original debt was with, and what type of debt, we'll be able to advise further.

 

But if all you are looking for advice as to how to make them record your payments, I'm afraid the news isn't promising. Cabot do what they want, although you could ask them nicely to see if they will. They do state on their website that they will, so perhaps mentioning that will prompt them to do so. I wouldn't hold my breath though.

[hipplegrubber]

Thanks SH - will get all the details so I can fill you in some more.

 

They seem a right bunch of jokers Cabot !!

[Seahorse]

They certainly make me chuckle.

[Donel261]

And if after your advice you decided to continue paying them, negotiate a full and final settlement discount on the remaining £3000. You would be crazy to pay the full amount to these leeches.

[djdave]

Even better, if Cabot haven't got any legal right to be collecting this money, go after them for a refund of what you've paid so far.

[debt_mountain]

Even better, if Cabot haven't got any legal right to be collecting this money, go after them for a refund of what you've paid so far.

Totally agree, a few of us are starting to turn the courts back at them and either stop chasing for payment or pay back what has been paid.

 

you must CCA them and if they fail to meet the 12 days + 1 month time limit you can stop paying until they produce the agreement.

 

When the don't produce it (which is 95% likely, you can then take them to court. full refund and damages for sharing your personal information.

[hipplegrubber]

Hi

 

Thanks all for the comments.

 

The original debt was a M&S loan from 1998 (I moved abroad in 2000 and was away for 4 years). When I moved back in 2004, I started getting mail from Cabot and that is when my experience with them started.

 

I have not CCA'd them so do you think i should?

 

How does the "12 days + 1 month time limit you can stop paying until they produce the agreement" part work ?

 

Should I state in the letter that I send that I am stopping payment until I hear from them ? My concern is that this will harm my credit record further.

 

Thanks in advance

 

Hipple

[debt_mountain]

Hi

 

Thanks all for the comments.

 

The original debt was a M&S loan from 1998 (I moved abroad in 2000 and was away for 4 years). When I moved back in 2004, I started getting mail from Cabot and that is when my experience with them started.

 

I have not CCA'd them so do you think i should?

 

How does the "12 days + 1 month time limit you can stop paying until they produce the agreement" part work ?

 

Should I state in the letter that I send that I am stopping payment until I hear from them ? My concern is that this will harm my credit record further.

 

Thanks in advance

 

Hipple

 

They cannot harm your credit rating anymore than a default, this is as bad as a County Court Judgement.

 

The 12 dyas thing is part of the Consumer Credit Act. They must supply you with a copy of the agreement and any terms and conditions within 12 days. After this they are in default and can not chase you. After the 30 days of them being in default you can stop paying, you don't even have to tell them.

 

You must CCA them as it gives you control.

 

The downside is that Cabot will not happily remove the Credit Reference Agency stuff until a judge tells them to, you will have to take them to court after they have failed to provide the agreement..

[debt_mountain]

meant to say, M&S will probably have the agreement but both of mine were 95% illegible so only good for bog roll. No terms and conditions were supplied either.

[djdave]

Definately get the CCA request off to them, ensuring you include "I do not acknowledge any debt".

 

Send it recorded delivery and start counting. Day zero is when they sign for it, after 12 working days you can then stop payments as they are in default. A month after that they commit an offence.

 

I'll wager that they don't produce anything enforcable, and certainly not within the 12 working days.

 

There's no need to write to them again until such time as they come up with the goods, but it might be worth sending them a letter after the 12wd reminding them that they cannot put anything adverse on your credit file while the default remains.

 

(edit: Debt Mountain obviously types quicker than me! )

[gizmo111]

The original debt was circa £7K and I have got this down to £3K.

 

My problem is that they have not told any of the Credit Reference Agencies of the payments and thus it still shows as a default. This obviously has a negative effect on my rating.

 

What balance outstandign does it show on your CRA file?

The default will remain for 6 years after it was entered.

[Seahorse]

However, I am led to believe that, if you do stop paying them, they are entitled to record THAT as a default. Which will remain for a further 6 years.

 

I discovered this when I realised that Barclaycard recorded a default every time I missed payment, and my 6 years ran from the date of the last default.

 

So you do have to wigh up the advantages and disadvantages of any course of action you take. But if you are up for a fight, it can be worthwhile going for gold.

[debt_mountain]

Definately get the CCA request off to them, ensuring you include "I do not acknowledge any debt".

 

Remember the £1 fee or they will try to dodge having to reply. Well they will actually send the £1 back as they are above the law and beleive they are not the actual creditor so don't have to give you anything, but will try to "help2 anyway. Way take 8 weeks, 8 months , 8 years.....maybe never!!!

 

(edit: Debt Mountain obviously types quicker than me! )

DJD, have you checked my spelling/typing lately, Kan't spill ti sav miselv... maybe aye shud rered befoore sumbittin. DM:cool:

[debt_mountain]

it can be worthwhile going for gold.

and very satifying.

[hipplegrubber]

Thanks again all.

 

OK - I will send a CCA letter off tomorrow and see what happens.

 

However, I am led to believe that, if you do stop paying them, they are entitled to record THAT as a default. Which will remain for a further 6 years.

 

I discovered this when I realised that Barclaycard recorded a default every time I missed payment, and my 6 years ran from the date of the last default.

 

So you do have to wigh up the advantages and disadvantages of any course of action you take. But if you are up for a fight, it can be worthwhile going for gold.

 

This is the part that worries me slightly. I'd love to get the default off the record as I agree it is as bad as a CCJ. I'd even settle if they were to just get the default off my records.

[gizmo111]

Thanks again all.

 

OK - I will send a CCA letter off tomorrow and see what happens.

 

 

 

This is the part that worries me slightly. I'd love to get the default off the record as I agree it is as bad as a CCJ. I'd even settle if they were to just get the default off my records.

 

Wel lif you request the CCA and they don't have it you wil lthen be in a excelelnt position to make an offer conditional on the default removal.

[debt_mountain]

Wel lif you request the CCA and they don't have it you wil lthen be in a excelelnt position to make an offer conditional on the default removal.

Depending on the offer it might be a very good way to clear your file.

 

I am sceptical if they would make such an offer, I have been made a settlement offer by them to settle my court case which is at an advanced stage and 2 things they were forcing were a non disclosure so I couldn't post anything about it up here and no way would the defaults be removed.

 

They may do so at an earlier stage if there are a few quid in it for them.

[hipplegrubber]

Thanks all. CCA letter will go off and then I'll see what they come back with.

 

Really do appreciate all the help !

 

Will keep you posted.