Cabot Financial and Hitachi Nova loan

[kev 123]

Hi, I am new to the site and would appreciate some advice.

 

Today i received a letter from Cabot Financial stating

 

"The Cabot credit management group has recently bought the account you held with Hitachi Nova

and we are responsible for answering your queries and receiving payments.

 

According to our records you currently owe £ 13,323.22

 

Please contact us as soon as possible to discuss the options for repaying your account.

 

We are aware that an agreed Repayment Plan was in place on your account for £50 per month.

Cabot is willing to continue with this plan as long as you continue to make the agreed monthly payments directly to us."

 

The history is

 

i have held the account with Hitachi for 2 years never missed a payment,

i subsequently had an accident and was unable to work,

i came to the agreement with Hitachi 6 months ago

now out of the blue this letter drops on my doorstep.

 

Any advice would be greatly appreciated

[renegadeimp]

Send them a cca request. The oc has sold the debt to cabot as they wouldn't get the money from you for a long time.

[kev 123]

Thank you for your reply, what is the likely course of action that they will follow?

[renegadeimp]

Cabot rarely deal with enforceable debts. Thats not to say they dont, but you would be very wise to get the full facts of the debt first. Did you ever contest the amount with the OC? Any chance you can give us more background on the debt?

[kev 123]

I have not contested the amount as i took a £15k unsecured personal loan out with SAVI(Hitachi) 2 years ago as a already had a personal loan with them which i have subsequently paid off they where more than willing to supply me with the loan.

 

CCA request in the post

[renegadeimp]

I have not contested the amount as i took a £15000 unsecured personal loan out with SAVI(Hitachi) 2 years ago as a already had a personal loan with them which i have subsequently paid off they where more than willing to supply me with the loan.

 

But did you actually check that it was enforceable? I know it is a very recent debt, but for them to sell it at a loss, and not take you to court themselves makes me wonder if there is something dodgy with the debt. Especially since cabot now own it.

[havinastella]

Hi, I am new to the site and would appreciate some advice.

Today i received a letter from Cabot Financial stating " The Cabot credit management group has recently bought the account you held with Hitachi Nova and we are responsible for answering your queries and receiving payments.

According to our records you currently owe £ 13,323.22 Please contact us as soon as possible to discuss the options for repaying your account.

We are aware that an agreed Repayment Plan was in place on your account for £50 per month. Cabot is willing to continue with this plan as long as you continue to make the agreed monthly payments directly to us."

 

The history is i have held the account with Hitachi for 2 years never missed a payment, i subsequently had an accident and was unable to work, i came to the agreement with Hitachi 6 months ago now out of the blue this letter drops on my doorstep.

 

Any advice would be greatly appreciated

 

You state you had an accident. Did you have PPI on this loan?

 

Not missed a payment, why would they sell it to a DCA then?

[dx100uk]

hitachi credit?

 

how old is this debt?

 

dx

[kev 123]

I did not have PPI on the loan, and did not check if it was enforceable

 

when i say i have not missed a payment,

 

after my accident i came to an agreement to pay them £50 a month until i was back at work and on full pay.

 

The loan was all arranged by phone and come to think about it i can't recall signing any agreement.

 

Thats just it i can't understand why they have sold the debt on.

[renegadeimp]

From your info it sounds like a lack of paperwork that they would need to enforce the debt in court. Lets see what the CCA comes back with.

[kev 123]

Cheers, lets see what turns up. Thanks for your help so far

[renegadeimp]

Just remember, it might all be legit. The cca letter is simply the first step to checking.

[cashins]

I have not contested the amount as i took a £15000 unsecured personal loan out with SAVI(Hitachi) 2 years ago as a already had a personal loan with them which i have subsequently paid off they where more than willing to supply me with the loan.

 

When was the original personal loan taken out?

[cashins]

hitachi credit?

 

how old is this debt?

 

dx

 

My thoughts too.

[intend]

As previously posted the response to the CCA will be key. try and relax and not worry until response - 12+2 days to reply.

[kev 123]

Hi all,Just had a reply regarding the CCA it reads.

 

Thank you for your request for information under the CCA Cabot Financial currently does not have this information on file.

 

However, we have requested the information under section 77 and/or78 of the Consumer Act 1974 from the original letter.

 

We anticipate that we will be able to provide this information within 40 days.

 

In the event we are unlikely to provide this information within those time limits,

we will write to you again.

 

If you have any queries about your account please call one of our advisors.

[dx100uk]

usual crap from them!

 

they have 12+2 WORKING days ...end of!!

 

dx

[kev 123]

What happens if they do not get the information in the required timescale i.e. 12+2 days?

[renegadeimp]

Then they cant enforce it in court.

 

Theyve already admitted to you that they dont hold the correct paperwork to enforce the debt.

 

So until they provide it,

ignore and dont pay them a penny.

 

Once the 12+2 expires,

 

fire off the in dispute letter and move on with your life.

 

Like we've always said,

if cabot have owner ship of an alleged debt this large,

then it is very very likely no correct paperwork exists for it.

 

Not even a reconstituted agreement.

 

Youve called their bluff,

theyve admitted it,

but STILL have ignored the rules and guidelines.

Its time to breathe a sigh of relief

[kev 123]

Thanks for that i shall put a note in my Diary for the 12th of March

[renegadeimp]

One other word of warning, Cabot will also try and contact you with random questions. This is in hopes you give them info for them to create an agreement themselves. This is not allowed and you need to be careful you dont fall for it.

[kev 123]

Thanks for the heads up. I don't answer 0845 numbers so hopefully this will help

[renegadeimp]

They use a ton of different numbers in hopes you slip up and answer one of them. They sometimes use skype or voip so they can generate a local number.

[dx100uk]

IMHO I would be applying belt and braces approach here.

 

get an sar off to Hitachi .

 

you need to discover why they sold it on.

 

the sar should enlighten the reason.

 

no to alarm you but....

 

if they ever did find the signed agreement.

 

i'd not put it passed cabot to issue a claim without any further comms.

 

just to be clear too....

 

NEVE EVER ignore a claimform or an statutory demand.k

 

the rest of the crap you'll get can be ignored.

 

they wont give up on a debt this large

 

dx

[intend]

As advised - get that letter off and then relax and get on with your life. come back if any developments.