Transfer debt

Willing2Learn

Hi,

What is the date of default for the JD account?
When was the interest added to the account?

According the FCA handbook a creditor should be

considering suspending, reducing, waiving or cancelling any further interest or charges (for example, when a customer provides evidence of financial difficulties and is unable to meet repayments as they fall due or is only able to make token repayments, where in either case the level of debt would continue to rise if interest and charges continue to be applied)

This is an example of how a creditor can treat a customer with forbearance...

https://www.handbook.fca.org.uk/handbook/CONC/7/3.html

sourcrates

Did you have "buy now pay later" items on your account ?
If so, then this would be the interest you would have paid had you continued with the agreement.

That sounds like the most likley senario to me.

Hodds2501

The account for JD Williams defaulted in May and I continued to get charged interest and charged till the following Feb and was then handed to cabot financial, I agreed to make monthly payments to cabot which i agreed to pay with them but since they took over the every month has shown as default.

Hodds2501

I'm confused as Cabot were assigned the debt from JD Williams in May 2017.


Which I have made paymentsf for monthly but it is showing as i am defaulting every month? I agreed to make payments of £35 each month which i have always done so why is it showing a defaulting every single month?

I understand if the debt was still covered by JD williams it would default but as this is a new account with you and not them and it starts from the date you took it over and not from the date my agreement with JD Williams started I don't understand why thats the case?

I'm so lost with all of this!

Hodds2501

I'm confused as Cabot were assigned the debt from JD Williams in May 2017.


Which I have made paymentsf for monthly but it is showing as i am defaulting every month? I agreed to make payments of £35 each month which i have always done so why is it showing a defaulting every single month?

I understand if the debt was still covered by JD williams it would default but as this is a new account with you and not them and it starts from the date you took it over and not from the date my agreement with JD Williams started I don't understand why thats the case?

I'm so lost with all of this!

sourcrates

Its very, very simple, your defaulted account was bought by Cabot, cabot inherited all rights and privilidges that JD Williams had, its the same account, same default, not a new one, its just a new owner, with a different reference number.

Its been explained many times that the default will drop off your file 6 years from its original default date, your payments now do not change that fact, nothing you do can change that fact, i cannot explain the situation any clearer to you than that.


Again, Experian explain it here:


https://www.experian.co.uk/consumer/questions/askjames421.html

sourcrates

Its been quite fully explained to you by various posters in your other thread how defaults work.

The interest however, should have stopped on the date of default, no further interest or charges can be added after an account defaults, you should write and complain to JD Williams about this.

sourcrates

Both posts merged.

Hodds2501

Ok thank you I now understand.

I would like to see the credit impact from the original JD account but can not see this on my credit report only from when cabot bought the debt in 2017. Where I can see the original information that would show me everything from when the account was opened on 2012?

sourcrates

Hodds2501 wrote: »

Ok thank you I now understand.

I would like to see the credit impact from the original JD account but can not see this on my credit report only from when cabot bought the debt in 2017. Where I can see the original information that would show me everything from when the account was opened on 2012?

There are three main credit reference agencies, and a plethora of 3rd party sites that let you access your credit report.

# Experian
# Equifax
# Credit Karma

are the 3 main agencies, check all three of them, as certain creditors dont subscribe to all three sites.

The Cabot entry should show the default date, does it ?