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  • FIRST POST
    • dawn389
    • By dawn389 17th Mar 17, 11:29 AM
    • 16Posts
    • 2Thanks
    dawn389
    Cabot Financial in behalf or Merlin Europe
    • #1
    • 17th Mar 17, 11:29 AM
    Cabot Financial in behalf or Merlin Europe 17th Mar 17 at 11:29 AM
    Hi guys,

    For the last year or so I've tried to get Cabot to remove the only default I have on the credit file with no luck.

    I've sent numerous letters and requests, I will try to post them here in chronological order perhaps you could help and guide me in what to do next?

    Am I allowed to post images since the account is new? I get this message:
    "Sorry as a new user you are not allowed to post with links. This is done to stop spammers clogging up the site. Please edit your message below to continue."

    Many thanks,
    D.
Page 1
    • sourcrates
    • By sourcrates 17th Mar 17, 11:33 AM
    • 10,242 Posts
    • 9,992 Thanks
    sourcrates
    • #2
    • 17th Mar 17, 11:33 AM
    • #2
    • 17th Mar 17, 11:33 AM
    Hi,

    Welcome to the forum.

    Maybe just try and list what your issues are with them ?

    Defaults can only be removed under very specific circumstances, so tell us the story first and we will take it from there.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • dawn389
    • By dawn389 17th Mar 17, 12:00 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    • #3
    • 17th Mar 17, 12:00 PM
    • #3
    • 17th Mar 17, 12:00 PM
    I was thinking it's easier if I can post the copies of the letters back and forth here. How soon am I able to post images?
    • StopIt
    • By StopIt 17th Mar 17, 12:08 PM
    • 207 Posts
    • 171 Thanks
    StopIt
    • #4
    • 17th Mar 17, 12:08 PM
    • #4
    • 17th Mar 17, 12:08 PM
    To be honest, that'll go into TL;DR territory.


    What is the default for? What is the dispute and what steps (in brief!) have been made to correct this so far?
    • dawn389
    • By dawn389 17th Mar 17, 12:33 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    • #5
    • 17th Mar 17, 12:33 PM
    • #5
    • 17th Mar 17, 12:33 PM


    OK, briefly, while started looking for mortgage deals and houses last year, checked my credit file and found a default that I wasn't aware of.

    It says:
    Lender: CABOT FINANCIAL (MARLIN) LTD
    Account Opened 24 January 2008
    Default Date 25 October 2011
    Reported Until October 2017

    So I wrote to Cabot in Feb 2016 asking for all details they have on my name:
    default notice
    original agreement
    details of the breaches - late payments etc
    notice of assignment
    etc

    Up to today still haven't received any of the details, they keep saying I owe them money, I say I don't and they keep asking for more time to get their paperwork or claim they can't send it as they don't have it.

    Just want to have this removed from the file or tell me what the hell it's all about, so I can deal with it. Don't feel like paying Cabot for a debt I don't have...
    • StopIt
    • By StopIt 17th Mar 17, 12:37 PM
    • 207 Posts
    • 171 Thanks
    StopIt
    • #6
    • 17th Mar 17, 12:37 PM
    • #6
    • 17th Mar 17, 12:37 PM
    Cabot would have bought the debt from somebody.


    It still might not be yours, so you are right to have done what you have.


    I'd be escalating this to the FOS (I may be corrected by people who know more than me when it comes to these lovely DCA companies) as they've had more than enough time to prove the debt and haven't as yet.


    Edit: Also, if they can't prove the debt, it doesn't exist legally.
    • dawn389
    • By dawn389 17th Mar 17, 12:48 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    • #7
    • 17th Mar 17, 12:48 PM
    • #7
    • 17th Mar 17, 12:48 PM
    They claim they bought it from Marlin who bought it from Barclays Consumer Finance. Spoke to Barclays as I have a bank account and a credit card with them, they don't know anything about this debt...

    It will be removed in October 2017, but since we had an offer on a house agreed and an AiP offered, I could get 1.5% better interest on the mortgage if this was removed within the next 2-3 days, hence why I can't possibly wait until October / November...
    • StopIt
    • By StopIt 17th Mar 17, 12:53 PM
    • 207 Posts
    • 171 Thanks
    StopIt
    • #8
    • 17th Mar 17, 12:53 PM
    • #8
    • 17th Mar 17, 12:53 PM
    It's not going to be removed in the timescale I'm afraid.


    However, I'd be taking on advice from the CAB or legal advice as to your next steps to getting this resolved.


    Barclays Consumer (Or Partner) Finance aren't the same as the main bank, but are used for financing retail purchases such as Apple products etc so they likely wont know about this debt either.


    Are you 100% sure this debt isn't yours? If not, as I said, you'll need to escalate this beyond Cabot if they wont help, but again the timescales wont be anywhere near as quick as you require.
    • dawn389
    • By dawn389 17th Mar 17, 1:08 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    • #9
    • 17th Mar 17, 1:08 PM
    • #9
    • 17th Mar 17, 1:08 PM
    Yes, 100% sure I didn't take any debt with any retail company(?!). I don't have any store cards, any electronic or electric devices not fully paid when purchased!

    This is the reason I've asked for credit agreement and all related paperwork so I can understand what this debt relates for, surely this is somebody else purchasing something on my behalf if you say it's a retail purchase?!
    • sourcrates
    • By sourcrates 17th Mar 17, 1:54 PM
    • 10,242 Posts
    • 9,992 Thanks
    sourcrates
    Right, you have asked for proof, non has been forthcoming.

    After 8 weeks, you can escalate your complaint to the financial ombudsman, if you ring there helpline today, they will write to Cabot on your behalf, telling them they have a complaint to deal with.

    That can encourage them to act, as if the complaint officially goes to the FOS Cabot will be relieved of there £550 referral fee.

    Your timescale though, as pointed out above, is a bit unrealistic, it will take months, if at all, for this to be resolved, it may even fall off your file before a resolution is reached.

    Depends on each individual case, but the FOS is suffering a back log at the moment due to 100`s of thousands of payday loan complaints, you will just have to take your turn if you want this resolving.
    Last edited by sourcrates; 17-03-2017 at 1:56 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • StopIt
    • By StopIt 17th Mar 17, 1:58 PM
    • 207 Posts
    • 171 Thanks
    StopIt
    Right, you have asked for proof, non has been forthcoming.

    After 8 weeks, you can escalate your complaint to the financial ombudsman, if you ring there helpline today, they will write to Cabot on your behalf, telling them they have a complaint to deal with.

    That can encourage them to act, as if the complaint officially goes to the FOS Cabot will be relieved of there £550 referral fee.

    Your timescale though, as pointed out above, is a bit unrealistic, it will take months, if at all, for this to be resolved, it may even fall off your file before a resolution is reached.

    Depends on each individual case, but the FOS is suffering a back log at the moment due to 100S of thousands of payday loan complaints, you will just have to take your turn if you want this resolving.
    Originally posted by sourcrates

    Yep, the FOS aren't exactly flush with cash themselves and thus are likely a bit behind with their work.


    I'd also as a compromise, just contact Cabot and ask them to backdate the default? If they took the account in 2008, why wasn't the account already defaulted by then? If they even move the default back 6 months for you (Something that can be done much quicker and without admitting to the debt) it'll be off your credit files anyway.
    • dawn389
    • By dawn389 17th Mar 17, 2:04 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    Good call, I'll ask to back date it, but it's very unlikely they're willing to do so, as "we can't bend the rules and regulation, blah blah".

    If I choose to pay this and have it marked as fully settled, can I still legally pursue it afterwards and get my money back?
    • sourcrates
    • By sourcrates 17th Mar 17, 2:12 PM
    • 10,242 Posts
    • 9,992 Thanks
    sourcrates
    Good call, I'll ask to back date it, but it's very unlikely they're willing to do so, as "we can't bend the rules and regulation, blah blah".

    If I choose to pay this and have it marked as fully settled, can I still legally pursue it afterwards and get my money back?
    Originally posted by dawn389
    No, it will be extremely hard to get any money back once you pay it, and paying it wont remove it anyway.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • StopIt
    • By StopIt 17th Mar 17, 2:32 PM
    • 207 Posts
    • 171 Thanks
    StopIt
    Good call, I'll ask to back date it, but it's very unlikely they're willing to do so, as "we can't bend the rules and regulation, blah blah".

    If I choose to pay this and have it marked as fully settled, can I still legally pursue it afterwards and get my money back?
    Originally posted by dawn389

    Actually, you can use the regulations to your advantage. If you can say I don't know this debt, so how can I have an account open from 2008 until 2011 without defaulting? A default should be registered at the breakdown of the relationship so usually 3 months after non payment commences.


    Also, don't pay it if you dispute it! You wont get your money back AND it will not affect the default at all.
    • dawn389
    • By dawn389 17th Mar 17, 2:41 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    If it's fully paid, as a compromise to make this happen faster, are there any law / rules / regulation that prohibits them to back date it by 6-7 months so that it doesn't show anymore on the file?

    However, they're saying the account was opened in January 2008, the default is recorded in October 2011, nearly 4 years. What sort of retail agreement will last 4 years, why did it take them so long to report it / mark it as default?!
    • StopIt
    • By StopIt 17th Mar 17, 2:51 PM
    • 207 Posts
    • 171 Thanks
    StopIt
    If it's fully paid, as a compromise to make this happen faster, are there any law / rules / regulation that prohibits them to back date it by 6-7 months so that it doesn't show anymore on the file?

    However, they're saying the account was opened in January 2008, the default is recorded in October 2011, nearly 4 years. What sort of retail agreement will last 4 years, why did it take them so long to report it / mark it as default?!
    Originally posted by dawn389

    If you pay it, they wont do a thing.


    If however, it can be shown that whatever this account is should have been defaulted earlier, regardless at the moment of whether it was yours or not, it needs to be backdated. once off your file, the only thing you need to do is then complain to the FOS that Cabot still haven't proved that it is yours, but that wont be a concern time wise.


    DON'T PAY IT, DO NOT ACKNOWLEDGE THE DEBT. All you need to do is query when the debt was sold on, and if it was earlier than 2011, why it wasn't defaulted then. It's a legal requirement that default dates added to your credit files are accurate.


    Also, to answer your question, many things! Like buying a car etc which they also do.
    • dawn389
    • By dawn389 17th Mar 17, 4:12 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    Looked again through all paperwork including credit file.

    Facts:

    1. they're claiming the original debt as with Barclays Finance for £1,111.68 for £30.88/month taken in January 2008.
    2. they're claiming the outstanding balance is £706.22
    3. that would mean the total amount paid before defaulting was £405.46, divided by £30.88/month = 13 months paid.
    4. 13 months from January 2008 would mean February 2009 is the month when the last payment was made.
    5. let's assume no payment after that, 3 months later a default should have been recorded on the credit file, so that's May/June 2009.

    What happened from June 2009 to October 2011? Shouldn't the default be registered sometime in 2009 rather than 2011, therefore shouldn't this be statute barred / removed from the credit file?

    Am I wrong?
    • sourcrates
    • By sourcrates 17th Mar 17, 4:26 PM
    • 10,242 Posts
    • 9,992 Thanks
    sourcrates

    What happened from June 2009 to October 2011? Shouldn't the default be registered sometime in 2009 rather than 2011, therefore shouldn't this be statute barred / removed from the credit file?

    Am I wrong?
    Originally posted by dawn389
    That would be correct yes.

    You could argue the default should of been placed much earlier, but that would have no bearing on the accounts statute barred status, but it would fall off your file quicker.

    The clock runs from the last payment made or written acknowledgement, the default date is irrelevant to its SB status.

    You could send the statute barred letter, but there track record of replying is not great is it.

    Maybe address any future communication to there compliance manager, they usually respond to compliance issues.
    Last edited by sourcrates; 17-03-2017 at 4:28 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • dawn389
    • By dawn389 17th Mar 17, 4:31 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    How about a call?
    • sourcrates
    • By sourcrates 17th Mar 17, 4:39 PM
    • 10,242 Posts
    • 9,992 Thanks
    sourcrates
    How about a call?
    Originally posted by dawn389
    Trying to get your point of view across to a debt collector on the phone, is akin to knitting fog in my experience.

    Trying to resolve issues over defaults, statute barred accounts, and the like is even harder, as they will just deny everything, you can by all means try, but usually nothing said in a telephone conversation can be legally binding, so they may admit its statute barred on the phone, but may not back that up in writing, which is what you need.

    I find keeping everything in writing is the only way to conduct business with these people where anything to do with debt is concerned.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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