CCA (1974) & Cabot Financial

[future_81]

I'm fighting a litigation brought by Cabot Financial Ltd. They say in the Statement ".....The principal activity of the Group is the purchase and recovery of debt. The Group does not currently offer credit or lend money to consumers and therefore does not require licensing by the Office of Fair Trading pursuant to the Consumer Credit Act 1974". They also say further on to say "...the Claimant has not applied interest to the account since the date the account was assigned to the Claimant". Yet further on they say in respect of another account in the same case "....the Claimant has applied interest to the account at the rate of 12% from the date the account was assigned to the Claimant".

 

I'd be most grateful if any members could comment on the apparent contradiction and what this might mean in a legal context please. Many thanks in advance.

[pt2537]

well if they dont have a consumer credit licence then they are committing a criminal offence

 

Public Register

 

chec the OFT register and see if they do indeed have a licence,

[cerberusalert]

The Judge will just love that statement I'm sure:D:D Because not only did they acquire the "rights" to collect they also inherited the "responsibilities" as well!

[cerberusalert]

In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

[cerberusalert]

You should make a formal complaint to OFT enclosing a copy of that letter, because they are in clear breach of the terms of their licence, (which as far as I'm aware they have), because they are deliberately trying to deceive you contary to FSA rules.

[NailPost]

A complaint should be made to the OFT but because this body "does not investigate individual complainst" they wll do faff all about it. However if it does go before a judge you could perhaps take notes of what his Honour ays about it and send those comments to the OFT and your MP and ask both for their response.

[cashins]

The principal activity of the Group is the purchase and recovery of debt. The Group does not currently offer credit or lend money to consumers and therefore does not require licensing by the Office of Fair Trading pursuant to the Consumer Credit Act 1974".

 

Utter rubbish!

 

A Consumer Credit Licence is required for debt collection, full stop.

 

As per previous posts, forward that letter to the OFT.

 

David

[future_81]

Thank you all for your comments which have been most welcome. Have a happy and prosperous New Year all. I'll be happy to share the outcome of the case once it's done.

[Kraken1]

Any judges in the room might also be interested in this:

 

The Office of Fair Trading: Businesses requiring a licence

 

Although it seems that they do have a licence (0472690) so not sure what they are on about, unless they are doing something that they are not actually licensed for. Licensees have different categories to do different things.

[sosumi]

I'm fighting a litigation brought by Cabot Financial Ltd. They say in the Statement ".....The principal activity of the Group is the purchase and recovery of debt. The Group does not currently offer credit or lend money to consumers and therefore does not require licensing by the Office of Fair Trading pursuant to the Consumer Credit Act 1974". They also say further on to say "...the Claimant has not applied interest to the account since the date the account was assigned to the Claimant". Yet further on they say in respect of another account in the same case "....the Claimant has applied interest to the account at the rate of 12% from the date the account was assigned to the Claimant".

 

I'd be most grateful if any members could comment on the apparent contradiction and what this might mean in a legal context please. Many thanks in advance.

Future, have they said this in a court statement?

[future_81]

Yes this is in a Court Statement.

 

I'm sorry for the delayed reply. I've not had access to the internet for some weeks.