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    • 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 2
    • dawn389
    • By dawn389 17th Mar 17, 6:17 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    OK, thanks ever so much for you help!

    I spoke to one of the senior managers and he filed a 3rd complaint today while looking into the details of the default and any other paperwork. He agreed that data doesn't add up and he's going to deal with it.

    He'll follow up with a letter next week.
    • redux
    • By redux 17th Mar 17, 6:57 PM
    • 17,210 Posts
    • 21,810 Thanks
    redux
    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?
    Originally posted by dawn389
    Not necessarily, as you don't seem to have included interest.

    Using an online loan calculator, and trying some guesses at numbers, I found £30.88 per month fits a 48 month loan at 14.9%.

    This won't be the only solution of course, but if it were those numbers then it takes 22 months to get the balance down to £704.78, and the interest is then about £8 a month.

    So maybe payments were made for a big longer that that, down to a lower balance, then stopped, and they kept adding interest for a while.

    Whatever it is, it sounds a bit like you still don't recognise it. Can there be mistaken identity somewhere?
    Last edited by redux; 17-03-2017 at 7:10 PM.
    • dawn389
    • By dawn389 17th Mar 17, 7:06 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    Over the phone I've been told the following:

    Original amount £789 over 36 months starting 11 January 2008.
    APR @ 19.9%
    Total balance £1111.68

    Outstanding balance £929.29 although the letter I had from then said £706.22!

    That means £182.39 was paid, that's 6 months from January 2008!?
    Last edited by dawn389; 17-03-2017 at 7:31 PM.
    • redux
    • By redux 17th Mar 17, 7:14 PM
    • 17,210 Posts
    • 21,810 Thanks
    redux
    OK, I misunderstood what you meant by the 1111.68, sounds like total repayments not the amount borrowed.
    • dawn389
    • By dawn389 17th Mar 17, 7:33 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    No problem, so what I need next is a copy of the Default notice issued by Barclays Finance and Notice of Arrears so I can see how long they took to report the Default?
    • dawn389
    • By dawn389 17th Mar 17, 8:20 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    Some further news, just called Barclays Partner Finance, they were closing at 8:00pm, so just in time.

    I have confirmation that the last payment was made on November 2009 and it would have taken a maximum 6 months for them to issue the Default.

    They will investigate the exact date when the default was registered and asked me to call again on Tuesday next week so they can advise.

    Going by that, it looks like the Default should have been registered latest by May 2010 and not October 2011, which means this has should have disappeared from the file by now!
    • dawn389
    • By dawn389 27th Mar 17, 5:15 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    Update, Barclays Finance finally admitted they had the Default Notice wrong by 18 months!!!

    Cabot is now updating the Credit File which means the default will be removed from the file.



    Barclays is now asking me basically how much would I want to be paid not to file a complaint with FCA for not being able to get credit for all this time. They have asked for letters from the Mortgage Broker or Lenders to prove I was unable to get mortgage.

    It took me one year to have this sorted, during which I was declined any mortgage offers from the high street lenders, causing me a lot of grief and stress...

    Well, at least is done now! Thanks everyone for help and suggestions!
    • sourcrates
    • By sourcrates 27th Mar 17, 10:43 PM
    • 12,174 Posts
    • 11,635 Thanks
    sourcrates
    Update, Barclays Finance finally admitted they had the Default Notice wrong by 18 months!!!

    Cabot is now updating the Credit File which means the default will be removed from the file.



    Barclays is now asking me basically how much would I want to be paid not to file a complaint with FCA for not being able to get credit for all this time. They have asked for letters from the Mortgage Broker or Lenders to prove I was unable to get mortgage.

    It took me one year to have this sorted, during which I was declined any mortgage offers from the high street lenders, causing me a lot of grief and stress...

    Well, at least is done now! Thanks everyone for help and suggestions!
    Originally posted by dawn389
    Very well done.

    I'd take them to the cleaners if it were me.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
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    • StopIt
    • By StopIt 28th Mar 17, 8:17 AM
    • 1,068 Posts
    • 946 Thanks
    StopIt
    Update, Barclays Finance finally admitted they had the Default Notice wrong by 18 months!!!

    Cabot is now updating the Credit File which means the default will be removed from the file.



    Barclays is now asking me basically how much would I want to be paid not to file a complaint with FCA for not being able to get credit for all this time. They have asked for letters from the Mortgage Broker or Lenders to prove I was unable to get mortgage.

    It took me one year to have this sorted, during which I was declined any mortgage offers from the high street lenders, causing me a lot of grief and stress...

    Well, at least is done now! Thanks everyone for help and suggestions!
    Originally posted by dawn389
    Well, for now the thing is off your file, which in order of getting yourself a mortgage is the priority.


    Now, I'd be hammering them for this, and of course that you've had to go round the houses for a debt that isn't yours.


    Good luck going forward and hopefully you can get your mortgage stuff sorted now!


    P.S: As I provided financial advice (lol), my fee is 30% of any compensation received. If this isn't paid within 30 nanoseconds of receipt of said compensation I will register a default on your file and you still wont get a mortgage
    • dawn389
    • By dawn389 28th Mar 17, 11:04 AM
    • 16 Posts
    • 2 Thanks
    dawn389
    Thank you, all!

    They've asked for a letter from either a lender or mortgage broker to explain the grief I had obtaining any mortgage deals. Even Barclays refused me with the default on!!!

    What would you guys consider a fair/reasonable compensation?
    • armchairexpert
    • By armchairexpert 29th Mar 17, 1:47 AM
    • 648 Posts
    • 4,143 Thanks
    armchairexpert
    I'd work out:

    a) The rent you paid while unable to get a mortgage
    b) The equity you would have built up in the intervening time (e.g., if you were prevented from buying a house for a year, by what % did house prices rise in that year?)
    c) Add up the time spent over that year applying for mortgages at 6.31/hour
    d) Any lost opportunities during that time? Couldn't take advantage of a business opportunity, eg?
    e) Any health/stress issues recorded?

    Start there, anyway.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    September 2017 - $218,597.77
    • dawn389
    • By dawn389 30th Mar 17, 4:05 PM
    • 16 Posts
    • 2 Thanks
    dawn389
    That's a bit extreme, surely LOL
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