Cabot Financial & interest

bluemonday3

Thanks for your advice. I will write to them to ask!!

thechippy

Have you cca'd them to get hold of the original agreement?

Anyone is welcome to correct me if I'm wrong, but I'm certain that a DCA cannot add interest unless the original agreement has the specific provision to do so once sold on and they rarely do. Therefore, they are unlawful charges.

I can't remember where I gained this info....:(

fatbelly

My feeling in this sort of case is that you should ask the dca to show you the legal basis on which they are charging interest. If they cannot do that, insist the balance is recalculated with all interest removed and, if they don't, refer the matter to the FOS.

bluemonday3

Thanks for this advice. I will check the agreement. I have been without internet access so have been unable to respond until now.
I have emailed them to ask about the interest but as yet no response!
Will write after checking agreement.
I could understand it more if the interest has been added regularly but it does not make sense!