Cabot - Advice needed please....

Barry1108

I had a £650 debt with Cabot which I have been paying off for the past 2 years at between £20 and £40 per month.
I have paid off a total of £510, however when I rang them they said I still owed over £500 because of interest. I was sure that the interest was frozen when I started repaying it.
What can I do?
Thank you

savingmummy

Do you have written confirmation that interest was frozen? Or do you know who you spoke too about this?

It is always best to get written proof of agreements as you normally have nothing to fall back on in cases like this.

I will bump this up so more knowledgeable people can help you x

Barry1108

savingmummy wrote: »

Do you have written confirmation that interest was frozen? Or do you know who you spoke too about this?

It is always best to get written proof of agreements as you normally have nothing to fall back on in cases like this.

I will bump this up so more knowledgeable people can help you x

No, i dont have written confirmation and cant remember who I spoke to. I just double checked figures - Original debt was £650, I have paid £510 and I now owe £625 !!!!
What should I do?

dancingfairy

Not sure there is much you can do really - it's your word against theirs really if you haven't got any paperwork. You could try and complain if you are 100% sure but thus isn't guaranteed either. I'm not sure whether if the paperwork does exist (as opposed to just agreed in a phone coversation) you can get them to produce it. I'm not sure if a SAR would cover this sort of detail (maybe do a search on here for SAR and see if that would cover it?).
df

Madison

Haven't you been receiving statements from them? I had a debt passed to them and they send a statement each month showing the outstanding balance and the transactions that have taken place since the last statement, which is only the monthly payment.

Barry1108

Madison wrote: »

Haven't you been receiving statements from them? I had a debt passed to them and they send a statement each month showing the outstanding balance and the transactions that have taken place since the last statement, which is only the monthly payment.

No, I have never had a statement off them. I have been paying lots of different debts off over the last couple of years by monthly payments and this is the only one left and I am gutted because I thought it was almost paid off.

Madison

I think that they're legally required to issue you with at least an annual statement. Your money may well have been going into a black hole in their accounts. You should ask them to send you a list of transactions for the past 12 months to check that this isn't the case.

Barry1108

Madison wrote: »

I think that they're legally required to issue you with at least an annual statement. Your money may well have been going into a black hole in their accounts. You should ask them to send you a list of transactions for the past 12 months to check that this isn't the case.

I will do, I have a record of my payments to them from my banking statements so can prove all my payments.