Welcome and Cabot - Can anyone give me some advice???

[KJ101]

Hi, I am new to the forums. Thanks to anyone for some advice.

 

My current situation is part time work 6.15 hours, in receipt of some JSA and a student studying an evening Level 3 course.

 

back in 2008 I took out a hire purchase loan via welcome finance.

 

 

After about a year or so I handed the car back due to unforeseen circumstances however was still paying the car off.

 

 

I cannot remember exact date or times but I stopped paying for a while and remember it got taken over by a DCA

which I had set up a payment plan with.

 

 

I have been out of work for well over a year and have not paid into this debt

 

 

however have received letters off Cabot Financial to say they have now taken over this account.

 

 

They were trying to contact me from July.

They had sent me a letter to say they would accept a final payment of half the balance.

 

 

I have recently made contact with Cabot and sent them a call back request form and they contacted me on 28/10/2014.

 

 

They went through my current situation, income and expenditure and offered me three options.

 

 

The lowest option being £47.04 a month at £11.75 a week, over 5 years.

 

 

I asked the guy on the phone if I could take some time to think about this

but was told that I could not as it needed to go on the system.

 

 

I agreed to pay this amount as I felt I had to make an on the spot decision.

 

 

He advised me to set up a standing order.

 

 

After the phone call I felt as though I could not afford this amount of money each month, it being more than my water bill.

 

 

I also checked the figures they presented me and was a bit shocked.

 

 

This is how I worked it out

£11.75 times 52 weeks in a year is £611.

Times that by 5 years it equals £3,055???

 

 

I called them back and was told by Louise that some months have more weeks?

Yes but there are 52 weeks in a year no matter what.

Am I being fed lies here?

 

 

after this call I took to doing some investigating and realised Welcome Finance had gone bust

and that Cabot would have brought this debt at a fraction of the cost.

 

 

No wonder they were offering me the option to pay half.

 

 

when typing in Welcome Finance I was welcomed with a whole ton of negative information

and had noticed that a lot of people were incorrectly charged fees, insurance etc.

 

 

I am not disputing the fact I have this debt but if I was incorrectly charged by Welcome

and are now being done so by Cabot.

 

 

With this I noticed I can apply to Welcome for a SAR.

 

 

Which will allow me to see what information they have on me and to get all my account details.

Also I noticed I can also claim back any charges on the account?

 

 

Can you advice me on the best way to go about this as I have never done anything like this before.

 

 

This is my only debt.

I do not have any credit, debit cards etc and even if I did have the money to pay this off

I would still be disputing this as it seems this has happened to the majority of their customers.

 

 

Took me a bit of investigating to find out though.

 

 

I want to get this sorted out as soon as possible as I want to start improving my credit rating

in the future I have options available to me if I so choose.

 

Thank you for any help you can provide me.

 

Look forward to your response.

[KJ101]

Also forgot to mention I am a single mother

[BRIGADIER2JCS]

Hi, Welcome to CAG,

If take a look at other threads regarding Cabot you will see it tends to make up " rules" to suit its own purpose.

I would suggest a CCA request to Cabot immediately (Statutory Fee £1.00, use a postal order clearly marked " for statutory fee only"

keep a copy of the PO> Cabot have 12+ 2 Working Days to comply).

There is a basic template in the CAG library edit it to suit.

 

 

Is there PPI on this?

[KJ101]

Thank you for your quick response. I shall do that immediately.

 

I dont think there is PPI on it no but to be honest it has been a while I forget anything I have with them ha.

[dx100uk]

well done you've got the SAR off

 

 

best action

 

 

stay off that phone to cabot

 

 

they have no legal powers.

they ARE NOT BAILIFFS

 

 

I would 'suspect' the repo was unlawful

or you were charged for it one way or another

 

 

I bet they owe you more than you owe them.

 

 

sit tight.

 

 

is this on your credit file?

 

 

dx

[BRIGADIER2JCS]

Thank you for your quick response. I shall do that immediately.

 

I dont think there is PPI on it no but to be honest it has been a while I forget anything I have with them ha.

 

 

Have you done a SAR as well as the CCA request?

If not the SAR to the original creditor Is a good idea.

[KJ101]

Hiya, I am doing both. Just typed them up and plan on sending them tomorrow. So hope to get a reply from both soon. Fingers crossed.

[theoldrouge]

handed the car back? was it treated as a VS or VT?by Welcome

[KJ101]

I have no idea to be honest.

 

 

I handed the car back as I had a ban due to too many points on my licence

 

 

but was still making payments towards the car after it was handed back.

 

 

The car was not repossessed due to me not keeping up payments

 

 

so I believe it would be VS but you never know with these guys.

[theoldrouge]

Ok let's await the SAR response

[dx100uk]

Hiya, I am doing both. Just typed them up and plan on sending them tomorrow. So hope to get a reply from both soon. Fingers crossed.

 

 

well no you don't want a reply to the CCA request..think about it..

 

 

dx

[KJ101]

Shall let you know the response. Thanks for all the help and advice.

[KJ101]

well no you don't want a reply to the CCA request..think about it..

 

 

dx

 

Ha yeah well shall await some sort of threat from them at least.