Cabot Financial in behalf or Merlin Europe

dawn389

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.

sourcrates

Hi,

Welcome to the forum.

Maybe just try and list what your issues are with them ?

Defaults can only be removed under very specific circumstances, so tell us the story first and we will take it from there.

dawn389

I was thinking it's easier if I can post the copies of the letters back and forth here. How soon am I able to post images?

StopIt

To be honest, that'll go into TL;DR territory.


What is the default for? What is the dispute and what steps (in brief!) have been made to correct this so far?

dawn389

OK, briefly, while started looking for mortgage deals and houses last year, checked my credit file and found a default that I wasn't aware of.

It says:
Lender: CABOT FINANCIAL (MARLIN) LTD
Account Opened 24 January 2008
Default Date 25 October 2011
Reported Until October 2017

So I wrote to Cabot in Feb 2016 asking for all details they have on my name:
default notice
original agreement
details of the breaches - late payments etc
notice of assignment
etc

Up to today still haven't received any of the details, they keep saying I owe them money, I say I don't and they keep asking for more time to get their paperwork or claim they can't send it as they don't have it.

Just want to have this removed from the file or tell me what the hell it's all about, so I can deal with it. Don't feel like paying Cabot for a debt I don't have...

StopIt

Cabot would have bought the debt from somebody.


It still might not be yours, so you are right to have done what you have.


I'd be escalating this to the FOS (I may be corrected by people who know more than me when it comes to these lovely DCA companies) as they've had more than enough time to prove the debt and haven't as yet.


Edit: Also, if they can't prove the debt, it doesn't exist legally.

dawn389

They claim they bought it from Marlin who bought it from Barclays Consumer Finance. Spoke to Barclays as I have a bank account and a credit card with them, they don't know anything about this debt...

It will be removed in October 2017, but since we had an offer on a house agreed and an AiP offered, I could get 1.5% better interest on the mortgage if this was removed within the next 2-3 days, hence why I can't possibly wait until October / November...

StopIt

It's not going to be removed in the timescale I'm afraid.


However, I'd be taking on advice from the CAB or legal advice as to your next steps to getting this resolved.


Barclays Consumer (Or Partner) Finance aren't the same as the main bank, but are used for financing retail purchases such as Apple products etc so they likely wont know about this debt either.


Are you 100% sure this debt isn't yours? If not, as I said, you'll need to escalate this beyond Cabot if they wont help, but again the timescales wont be anywhere near as quick as you require.

dawn389

Yes, 100% sure I didn't take any debt with any retail company(?!). I don't have any store cards, any electronic or electric devices not fully paid when purchased!

This is the reason I've asked for credit agreement and all related paperwork so I can understand what this debt relates for, surely this is somebody else purchasing something on my behalf if you say it's a retail purchase?!

sourcrates

Right, you have asked for proof, non has been forthcoming.

After 8 weeks, you can escalate your complaint to the financial ombudsman, if you ring there helpline today, they will write to Cabot on your behalf, telling them they have a complaint to deal with.

That can encourage them to act, as if the complaint officially goes to the FOS Cabot will be relieved of there £550 referral fee.

Your timescale though, as pointed out above, is a bit unrealistic, it will take months, if at all, for this to be resolved, it may even fall off your file before a resolution is reached.

Depends on each individual case, but the FOS is suffering a back log at the moment due to 100`s of thousands of payday loan complaints, you will just have to take your turn if you want this resolving.

StopIt

sourcrates wrote: »

Right, you have asked for proof, non has been forthcoming.

After 8 weeks, you can escalate your complaint to the financial ombudsman, if you ring there helpline today, they will write to Cabot on your behalf, telling them they have a complaint to deal with.

That can encourage them to act, as if the complaint officially goes to the FOS Cabot will be relieved of there £550 referral fee.

Your timescale though, as pointed out above, is a bit unrealistic, it will take months, if at all, for this to be resolved, it may even fall off your file before a resolution is reached.

Depends on each individual case, but the FOS is suffering a back log at the moment due to 100S of thousands of payday loan complaints, you will just have to take your turn if you want this resolving.

Yep, the FOS aren't exactly flush with cash themselves and thus are likely a bit behind with their work.


I'd also as a compromise, just contact Cabot and ask them to backdate the default? If they took the account in 2008, why wasn't the account already defaulted by then? If they even move the default back 6 months for you (Something that can be done much quicker and without admitting to the debt) it'll be off your credit files anyway.