Cabot Financial, i could scream

DarkConvict

Frozen interest is an informal agreement and can be stopped at any time, but they need to notify you. They can not freeze interest for 2 years, then claim 2 years of interest in the following month. They canonly claim one months interest.

What you are looking for is the actual terms you signed with the original creditor, the CCA terms should document what happens when the debt is sold on.

eira

Barclaycard have just done this to me.Masterloan were the only (I thought) straight part of my nightmare with Barclays. I have nearly finished paying them off.Got a 'statement' that said I owed about £700 at the beginning of November, followed about 2 weeks later by 'interest' of £2440 -this on a statement that said interest was 0%.I'm not alone in this.

I had no notice of this-was on an agreement to pay back the loan on an interest frozen basis. It was in any event a loan and not a credit card

thatchamlad

UPDATE

Just had a conversation with some guy at Cabot and i stated that under no circumstances would i be paying the additional interest. Told him i thought it was underhand and i would see him in court before i paid a penny over the £141.00 which is outstanding.

I was then out on hold and transferred to a manager who admitted it was not acceptable for them to add it just before i was due to finish paying the instalment plan off. She has reset my balance to £141.00 and apologised but i wonder how many others dont question it and just pay it?

Many thanks for everyones help with this.
:T:T

eira

Well done !!!! You have given me fuel to carry on the battle with Barclaycard

---

I was so pleased to be nearing th3e end of one matrimonial debt and nearly collapsed when I got another few thousand slapped on. I honestly think Barclays employ Nannas to knit up account details-shame the details don't have the neat construction of a Shreddie

thatchamlad

Just keep the faith with the good people on this board.

At the end of the day these companies are chancers and when you stand against them they crumble piece by piece!!!

Good luck

Madison

eira wrote: »

Barclaycard have just done this to me.Masterloan were the only (I thought) straight part of my nightmare with Barclays. I have nearly finished paying them off.Got a 'statement' that said I owed about £700 at the beginning of November, followed about 2 weeks later by 'interest' of £2440 -this on a statement that said interest was 0%.I'm not alone in this.

I had no notice of this-was on an agreement to pay back the loan on an interest frozen basis. It was in any event a loan and not a credit card

So it's true that they can free interest and then add it on in one go, when you've paid off most of the balance! I've got a few payments to go but obviously I'm in for a nasty surprise when my penultimate statement arrives. What's the point of freezing it in the first place.

pepe2008

thatchamlad wrote: »

Just keep the faith with the good people on this board.

At the end of the day these companies are chancers and when you stand against them they crumble piece by piece!!!

Good luck

Buying debt is a gamble.
They will try anything to increase their profit.
Guidelines and morality mean nothing to the scum.

Fight them and complain.

grazyme

Had the same problem with cabot adding interest and amount of original loan now higher after they added over £500 backin dec.Ionly noticed it in jan and when i queried it they said hold on a mommemt then came back and said the manager has said they will underwrite it and take it off again but it might not show on my statement.And guess what it's still showing and they havn't taken it of, so i think i will write to them and ask for it in writing, that they are going to take this charge of again.Silly me taking their word for it.Glad i read this otherwise i probably would of just left it and taken their word for it.