M&S sold my credit card debt to Cabot?

gemmylouise

Please help...

Today my credit report had three new messages:

Under my old name and an old address
'opened Cabot finance'
'Default from Cabot finance'
'closed Cabot finance'
Balance - £1058
Opened - 28/08/2012

I don't have any debts that I have not paid or am paying towards so I phoned Cabot finance immediately to find out what this is for?

They tried to get my current name, my current address, and my current phone number - which I did not give!!

They then told me that M&S have sold my credit card to them! If that is true why wouldn't M&S have given them the correct details? And why would they have sold it in the first place when I am making my payment every month! Should M&S not have written to me to tell me.

I would have preferred to make an offer to M&S to close the account than have them sell it on!

Please advise... what can I do now?

Cabot are saying they will not remove it from my credit report.
My short term debt looks better on my credit report because it has moved into the 'closed' section and just worried itnis still showing the balanace.

Will the closed Cabot file drop off my credit report in August 2018?

Thanks

[Deleted User]

You'll need to explain the status of your account was with M&S. Did you default?

If the account has been sold, you will need to agree a settlement with Cabot.

gemmylouise

Deleted_User wrote: »

You'll need to explain the status of your account was with M&S. Did you default?

If the account has been sold, you will need to agree a settlement with Cabot.

I have been paying M&S £40 per month which was in agreement with them. I have never missed a payment. Should M&S not have told me if they were selling it on. I've phoned M&S and they told me my balance so how can I still have a balance with them if Cabot now say I owe them?! Confused who I owe and who I now pay

[Deleted User]

So the default is accurate. Maintaining reduced payments isn't the same as maintaining contractual payments. They will have sold the debt as they tend not to deal in bad debt, but prefer to sell it on.

You should have received a letter. Ask them to send you another copy if you need one and to clarify who you should pay.

gemmylouise

Deleted_User wrote: »

So the default is accurate. Maintaining reduced payments isn't the same as maintaining contractual payments. They will have sold the debt as they tend not to deal in bad debt, but prefer to sell it on.

You should have received a letter. Ask them to send you another copy if you need one and to clarify who you should pay.

£40 a month is not a reduced payment. It is more than the minimum payment. I will phone them again tomorrow then and ask them to confirm if they have sold the debt on and ask for a letter to confirm this. If they have sold it on... would you advise offering Cabot a lower figure to settle the balance? Also when is it removed from my credit report? Is it 6 years from when it has a zero balance? Thanks

[Deleted User]

But the payments are not contractual payments, from what you have said.

If you have defaulted, then by all means offer a settlement figure, as the damage is already done.

It will drop off 6 years from default.

Gentoo365

I doubt any future lenders would care if you 'owed' Cabot vs M&S. They would just care about what the status is of that debt.

If you have agreed to pay £40 then just keep paying it, at least until you are able to settle in full without incurring financial hardship or more debt.

It's annoying but I don't think it will cause you any issues.

Gentoo365

Deleted_User wrote: »

But the payments are not contractual payments, from what you have said.

If you have defaulted, then by all means offer a settlement figure, as the damage is already done.

It will drop off 6 years from default.

Is it 6 years from default or 6 years from final settlement?

molerat

From previous posts the "agreed" payment is part of a DMP so is not a contractual payment. Every now and again lenders will want to get bad debt off their books. Last year you were going to make them an offer, what happened ?

sourcrates

Hi,

Cabot are a debt purchasing company, that is all they do, buy delinquent debts, and try to collect on them.

At some point you must of broken the terms of your agreement with M&S and they have sold your debt to Cabot.

You should of received a notice of assignment in the post informing you this has taken place, not sending the above is a breach of the lending code, but can be remedied easily enough.

Cabot may accept a reduced settlement offer from you, and as ZX81 states, it will stay on your file six years from default date, if it did not default, (the sale of non defaulted debt is becoming more widespread) it could be 6 years from the date you settle.

Anthorn

gemmylouise wrote: »

Please help...

Today my credit report had three new messages:

Under my old name and an old address
'opened Cabot finance'
'Default from Cabot finance'
'closed Cabot finance'
Balance - £1058
Opened - 28/08/2012

I don't have any debts that I have not paid or am paying towards so I phoned Cabot finance immediately to find out what this is for?

They tried to get my current name, my current address, and my current phone number - which I did not give!!

They then told me that M&S have sold my credit card to them! If that is true why wouldn't M&S have given them the correct details? And why would they have sold it in the first place when I am making my payment every month! Should M&S not have written to me to tell me.

I would have preferred to make an offer to M&S to close the account than have them sell it on!

Please advise... what can I do now?

Cabot are saying they will not remove it from my credit report.
My short term debt looks better on my credit report because it has moved into the 'closed' section and just worried itnis still showing the balanace.

Will the closed Cabot file drop off my credit report in August 2018?

Thanks

Do I assume correctly that the debt is closed but not defaulted? If that is the case then the debt is not going to drop off your credit history in August 2018. It looks like you have calculated 6 years from the account opening but it should be 6 years from the default date or the cause of action date if different. In the case of a closed but not defaulted account it could stay on your credit history for up to 10 years after the settlement date and will include the whole history of the account.

However I don't understand why Cabot should be collecting payments for a closed account.