Barclaycard/Cabot Financial

[greendollar]

Hi everyone ,

 

I owe £1500 on a Barclays credit card and have been paying £1 a month for over a year after seeking advice from the CAB and getting on a debt management plan .

CAB have now taken me off the plan and I am now dealing with all my debts myself.

I'm not intimidated by these firms as I have been reading through CAGs forums but would like very much your input as I want to make sure I'm doing everything right .

It would be nice to put the boot on the other foot to be honest .

 

I've received a letter today , via the CAB , stating that Barclays have sold the debt onto Cabot , Barclays state that they can find no record of a formal reduced payment arrangement but recognise that they have been receiving regular payments of a £1 and propose that that I keep to this arrangement for the next 6 months with Cabot .

They also state they have sent a notice of the sale of the debt to me but I haven't received that yet.

 

I've never attempted to claim back any charges or ppi on this debt and I'm waiting for Cabot to get in contact , ideally I want to make myself as awkward as possible , anytakers ?

[firstship]

Hi continue to pay the £1 to Cabot once they contact you,as I am sure you are aware,they cannot refuse the amount.

 

Your last paragraph,you must claim back the charges and PPI,it will reduce your debt.If you give us more info on these 2 items we can point you in the right direction.

 

Regards FS

[greendollar]

That was quick thanks ,

 

As I said I've not received anything from Barclays personaly saying the debt has assigned to Cabot (yet) . Am I within my rights to pay nothing to Cabot until I received such a notice ?

[DonkeyB]

Barclays won’t be sending out an NoA – they don’t actually do it themselves, whatever they claim. It will be sent by Cabot (you’ll be able to tell by the envelope).

[citizenB]

You will be making any reclaims for PPI and or charges through Barclaycard.. so start the process now As they have passed the debt on, then you should receive any refunds which will allow you to decide which debts to pay off.

[consumeredge]

Notice of Assignment was sent via CAB, when you look at your terms and conditions with Barclaycard they will refer to item 14, General.

 

14.2 We may transfer to any other person any or all of our rights under this agreement at any time and our duties (including, without limitation, our duty to lend to you). We may do this without telling you. Your rights under this agreement and your legal rights (including under the Consumer Credit Act 1974) will not be affected.

 

In 6 months time Cabot will be entitled to review your circumstances, imo if your circumstances have not changed there is no need to be awkward and I certainly wouldn't advise to withold your payment of £1 a month. If Cabot have not contacted you within 21 days either write to them or continue to make the payment to Barclays, see below:

 

Consumer Credit Act Section 82

 

16. ASSIGNMENT OF RIGHTS

 

16.1 Where any rights of a creditor under a consumer credit agreement (for example the right to be repaid the money) are sold or transferred to a third party, notice of that assignment must be given to the borrower as soon as reasonably possible, except in the circumstances described below. This requirement applies to all regulated consumer credit agreements other than agreements secured on land. This requirement is in new section 82A of the CCA43.

 

 

16.2 It is the responsibility of the assignee (the creditor acquiring the rights) to ensure that notice is given. However, he does not have to give notice himself, but can agree with the assignor (the creditor assigning the rights) that the assignor will give notice instead, depending on what is more sensible in the circumstances. It is important, however, that notice is given as soon as reasonably possible and in a way that is clearly understandable by the borrower.

 

 

16.3 Notice does not have to be given where arrangements for servicing the credit are unchanged as far as the borrower is concerned. For example, if Creditor A sells his rights under a credit agreement to Creditor B but Creditor A still collects the borrower’s repayments in the same way and is the only point of contact for the borrower on matters regarding the agreement, notice does not have to be given.

 

 

16.4 Where notice has not been given, and arrangements for servicing the credit do subsequently change, the borrower must be informed of the assignment on or before the date that change happens. Again, this must be readily comprehensible to the borrower.

 

 

16.5 The definition of "creditor" in section 189 of the CCA applies to this new requirement on assignment of rights. This means that when an assignee purchases debts (or otherwise acquires rights under a credit agreement) it also acquires certain obligations to the borrower including the duty to comply with CCA requirements (such as the rules on statements and notices and other post-contractual information). The assignee becomes the creditor under the agreement. This ensures that essential consumer protections under the CCA cannot be circumvented by assigning the debt to a third party."