Halifax/Cabot What next? Help needed

[pcmf62]

Way back in the year 2000 I started using a Halifax credit card, all was well up to 2011 when I lost my job and couldn't pay the minimum payments. No problem (said Halifax - Blair Oliver & Scott) Just pay £1.00 per month we'll accept that. Fast forward to jan 2014 when out pf the blue I got a letter stating that Halifax had assigned all of it's respective rights to that well known company Cabot Financial (Europe) in spite of tha fact I had never missed a single payment, or ever had a problem with Halifax/BO&S.

 

Cabot acceped a continuation of the £1.00 per month payment and sent me a nice bar code payment card, how kind of them. One boy I spoke to told me that the law had now changed (when?) and all DCA's wern't allowed to chase or demand more payment than could be afforded by us sad little debtors. I had to smile at that one. Then why oh why are forums full of people complaining of heavy handed tatics being used I have to ask?

 

The total balance sold by Halifax to Cabot is in excess of £15,000. Now I wasn't born yesterday, and having read a good few posts on this forum, I have to ask why would Halifax sell such a substantial debt on to antoher party? Why not keep the debt 'in house' and get every penny back to boost the Halifax bottom line, not someone else's, UNLESS of course they know something that I don't. I'm pretty sure that something smells wrong here. I wonder if some paperwork is missing making enforcement difficult or out of the question?

 

So what should my next action be? SAR Halifax? CCA Halifax and or Cabot, is there anything else I can do and what are the logical first steps. In spite of reading the posts on this forum I've never got involved with any SAR's or CCA's or anything like this I'm a newbieto all of this. I've also not reclaimed any charges or PPI not wanted to 'rock the boat' in case I awoke a slumbering monster, as Japan did in 1941 (and look how it ended for them!!)

 

I look forward to any pointers anyone could give, as stated above I'm a novice at thisand could do with all the help I can get.

 

Thanks in Advance.

[sequenci]

The total balance sold by Halifax to Cabot is in excess of £15,000. Now I wasn't born yesterday, and having read a good few posts on this forum, I have to ask why would Halifax sell such a substantial debt on to antoher party? Why not keep the debt 'in house' and get every penny back to boost the Halifax bottom line, not someone else's, UNLESS of course they know something that I don't. I'm pretty sure that something smells wrong here. I wonder if some paperwork is missing making enforcement difficult or out of the question?

 

Creditors sell massive portfolios of debt to DCAs the whole time. It's a business decision, and one which has more to do with the amount that has been paid off the debt than anything else. Generally when debts are sold on it is done so en masse. Any posts which imply that debts get sold on because there is an issue with that particular debt is likely to be a little misleading - creditors simply don't have the time or inclination to inbvestigate the paperwork for each of the debts they hold. But, of course, you do. And you should. Of course the general rule is that the older the debt becomes, the greater the possibility that there are paperwork issues. Always bear that in mind.

So what should my next action be? SAR Halifax? CCA Halifax and or Cabot, is there anything else I can do and what are the logical first steps. In spite of reading the posts on this forum I've never got involved with any SAR's or CCA's or anything like this I'm a newbieto all of this. I've also not reclaimed any charges or PPI not wanted to 'rock the boat' in case I awoke a slumbering monster, as Japan did in 1941 (and look how it ended for them!!)

 

You should send both the CCA request and make that SAR. We're talking about a credit agreement which is well over a decade old - it will be interesting to see what paperwork they still have. You should absolutely looking in to reclaiming your PPI if you believe it to be missold.

 

- Seq.

[pcmf62]

Thank you for that very quick reply 'Seq' Very kind of you to take the time to help.

 

So I take it that I need to both SAR and CCA Halifax? And leave Cabot alone for the time being?

[pcmf62]

AS for PPI being missold, well I think so as I was self employed at the time, and can clearly remember being told that a lower interest rate could be offered if I took out PPI. (The implication being, that a higher interest rate could be levied if I didn't!) How silly a lot of us were in those days!

[sequenci]

Thank you for that very quick reply 'Seq' Very kind of you to take the time to help.

 

So I take it that I need to both SAR and CCA Halifax? And leave Cabot alone for the time being?

 

SAR to Halifax, CCA to Cabot (as far as I understand it) - I'm sure the others will come along to verify!

 

Oh, and re: PPI - it sounds like CLASSIC misselling to me.

[theoldrouge]

cca to cabot, ppi def missold, useless to the self employed due to the onerous conditions that made it impossible to claim the unemployment benefits without completely ceasing self employment