Citi/Cabot account again ....

tifo

An old account has reared its head again.

Citi assigned my account in Jan 2003 and Cabot soon chased this up as it was assigned to them. Payments were made until Jan 2007 when i requested the agreement under s.78 CCA and nothing came back. Cabot didn't chase much after that, though the odd letter still came.

In 2007 I claimed charges/interest from Citi and this went to the fos where the bank offered to pay around £980 and send this to Cabot. The fos agreed but I didn't. Got a letter from Citi soon after saying that a cheque has been sent to Cabot.

I haven't heard anything on the account and in Sept 2010 Cabot informed me the account has been assigned to them with a balance of £1020 (includes the charges, PPI etc which was previously refunded).

I've rang Citi who can't understand that the account was assigned in Jan 2003 to Cabot and it's been through the fos for the charges. They say it's now owned by Cabot and to contact them.

Rang Cabot who know the account was assigned to them before as they have both the old and new ref numbers attached to the account. They say the account was sent back to Citi when i raised the complaint. They agree it is now Statute Barred.

What seems to have happened is that Cabot sent (sold?) it back to Citi who've now sold it back to Cabot and this process has occurred many times.

I've never had a Notice of Assignment from Cabot/Citi saying that they now sold/re-own/sent the account to Citi so how can Citi sell something to Cabot which they don't own (as Cabot already owns it)?

Advice please?

tifo

Citi insist they 'recalled' (repurchased) the account in January 2007, June 2009, September 2010 and December 2010 ......

I've only ever had one Notice of Assignment from Cabot in January 2003 when they bought it from Citi. Nothing from Cabot to Citi or vice versa.

Cabot now have 2 accounts for the 1 Citi account, each with a different balance and ref number. Payments were last made to Cabot in Jan 2007 after it was first assigned in Jan 2003. Payments were last made to Citi over 6 years before they assigned it to Cabot, who agree this second assignment is statute barred.

tifo

Citi have got their legal team involved due to me saying they haven't been conforming to laws of assignment and passing account back and forth between them and Cabot and that it's not clear who legally owned the account during certain periods.

Should I be worried?

tifo

Citi say (correctly) that if a debtor is not informed of any transfer then the it is an 'equitable' assignment and that this made them the legal creditor again (wrong). What they won't answer is how a legal assignment can be completed without a Notice of Assignment to the debtor, which is what they are saying has happened.

Since they now accept the assignment was equitable, their 'selling' the account again to Cabot is wrongful data processing, isn't it? Because they had no legal right to do this.

End result, I now have Cabot chasing me for the same account under 2 ref numbers even though they're aware it's the same account. Citi say this is not their problem and to contact Cabot as the legal creditor.

simax

It's statute barred anyway. Tell 'em to get knotted.