CCA received from Cabot

[Dibsthefrenchie]

Cabot have sent yet another letter, but no Christmas card or Credit Agreement!

 

You have stated in your letter that Cabot have failed to provide you with a copy of the credit agreement.

 

Please be advised that although the original may not be available, Creation has supplied Cabot with a copy of the original which you signed and satisfies all requirements of both Creation and Cabot. Under section78 of the Consumer Credit Act 1974 it states "the creditor....shall give the debtor a copy of the executed agreement(if any)" and stress the words "if any". Cabot has been provided with a copy of the agreement from Creation and therefore this satisfies all obligations of both parties.

 

In addition I am enclosing the relevant statements from Creation, which clearly detail the rate of interest, the payment requirements and the credit limit. These statements also clearly detail all the transactions you have made, whilst utilising the card. Cabot has previously also provided you with the relevant T&C's.

 

Cabot has at all times acted appropriately and in accordance with all laws, regulations, codes of practice and guidance applicable to its industry. Regrettably, if no payment arrangement to settle your outstanding bablance is forthcoming within 7 days, we shall have no other option but to escalate your account in our collection process.

[Seahorse]

The template-o-matic has been brought back into service again, I see.

 

Well, if there IS no agreement available, they can't be in default of your request, I suppose.

 

It just means they have hit that brick wall again, though. What are you going to do now Dibs? Sit back content in the knowledge they can't enforce this, or what?

[shane5408]

Cabot have sent yet another letter, but no Christmas card or Credit Agreement!

 

You have stated in your letter that Cabot have failed to provide you with a copy of the credit agreement.

 

Please be advised that although the original may not be available, Creation has supplied Cabot with a copy of the original which you signed and satisfies all requirements of both Creation and Cabot. Under section78 of the Consumer Credit Act 1974 it states "the creditor....shall give the debtor a copy of the executed agreement(if any)" and stress the words "if any". Cabot has been provided with a copy of the agreement from Creation and therefore this satisfies all obligations of both parties.

 

In addition I am enclosing the relevant statements from Creation, which clearly detail the rate of interest, the payment requirements and the credit limit. These statements also clearly detail all the transactions you have made, whilst utilising the card. Cabot has previously also provided you with the relevant T&C's.

 

Cabot has at all times acted appropriately and in accordance with all laws, regulations, codes of practice and guidance applicable to its industry. Regrettably, if no payment arrangement to settle your outstanding bablance is forthcoming within 7 days, we shall have no other option but to escalate your account in our collection process.

Lol, the 'if any' bit in the Consumer Credit Act refers to situations where OFT had propounded Determination Orders meaning a the creditor has no legal requirement to hold a valid agreement, for eg Overdrafts

 

They can chase you all they want, without a complaint agreeement in place the debt is legally unenforcable, have you made a complaint to your local trading standards yet

 

kind regards,

shane

[Dibsthefrenchie]

Hi Seahorse,

 

I don't intend replying to Cabot at the moment, however,I am undecided on what to do next, they have made their position quite clear and will only reduce the balance by £200 which is unacceptable to me. I accept that they have given me a copy of T&C's, statements showing the credit limit

and the application form, my understanding, is that this is all supposed to be on one form, commonly known as a credit agreement, which has not yet been produced.

 

I would prefer to pay a realistic settlement figure to Cabot, but feel that they are being quite greedy, so it looks like I will have to wait and see what they decide to do next.

 

Dibs

[humbleman]

F.O.S. T.S. C.A.B. are all D.D.T's in 99% of cases

[Seahorse]

Well really, the ball is now in YOUR court. If I were Cabot, I'd accept ANY offer that at least broke even. But I'm not Cabot, and they seem to want all or nothing. Maybe you can break the trend? After all, if you tell them take it or leave it, it's THEIR fault if they end up with nowt.

 

So if you are hell bent on making an offer, I'd have at the front of my mind that they MAY have paid as much as 10% for your debt. And negotiate accordingly. Making damned sure that any communication to them clearly states that you are offering this as a GOODWILL GESTURE ONLY, without acknowledging that anything is owed whatsoever. An offer YOU think is fair under the circumstances, at a rate you can afford. And you want an acknowledgement from them in writing that it is in full and final settlement.

 

Have you given any thought to making the removal of any adverse credit markers a condition of settlement?

[Dibsthefrenchie]

I did make Cabot a without prejudice, ex-gratia offer and requested removal of the CRA marker on my file, they refused my gesture of goodwill and replied that they are prepared as a gesture of goodwill to accept 80% of the balance, I run out of goodwill at that point!

We now appear to have reached stalemate and the only way forward is for them to take me to court, so it looks like you are correct in that it's all or nothing, 2008 could be an interesting year.

Cabot believe that I owe them money on several disputed accounts, but they have not produced a single agreement, do they buy these accounts in the hope that they will not be challenged?

[Seahorse]

Yup. Unfortunately, a good many people DO just blindly pay up. So it's a profitable old business.

 

Oh, well. If Cabot want to be greedy, then tough. I have no sympathy for them.