The company inolved is CABOT FINANCIAL, helpful responses only please.
By dorypanda
@dorypanda (1601)
November 7, 2009 7:03am CST
I have several questions actually to do with this company, I shall put them in list order:
1. Can a company BUY a debt from somewhere else and legally reclaim any money allegedly owed?
2. If I have asked them NOT to ring me, are they supposed to not ring me?
3. If the alleged debt was in dispute in the first place, can they actually do anything?
4. If these are 'charges on top of charges' can they legally be claimed back (from a credit card)?
5. Are companies allowed to ring BEFORE 9am?
So, those are my questions so far, here are the details, well as much as I can say here anyway:
I did have a VANQUIS credit card, which I cut in half and sent back to them over six years ago, I did that just before I moved house, I didn't inform them that I'd moved as I didn't think they'd need to know that, because as far as I'm aware I didn't have a debt on that card anyway. I had problems with Vanquis directly, so I put in several complaints, basically I believe my card had been used fraudulently but I couldn't prove it, Vanquis charged me about £200 I think, which I paid off in full, I then got charged a 'late payment fee', which I paid, but they kept charging me more and more, even though I didn't actually use the card (it's difficult to use a credit card when it's been cut in half and sent back to the company it came from!)So, I complained to Vanquis, I heard nothing more from them, then a week or so ago I received a phone call from CABOT FINANCIAL asking me if I'd received a letter from them, which I hadn't, I told them that I wouldn't deal with them over the phone (that's not just me being awkward, I can't actually hear to well on the phone most of the time), they seemed happy with that, so I hung up, I then had a letter from them yesterday stating that they had bought the debt from Vanquis, I read the letter and started looking on the internet to see what I should do, the DAY I received the letter I heard my phone ring, but I didn't get to it in time, when I did 1471 it was Cabot Financial, I had a call today from them AGAIN, I've just told them that as I have told them to ONLY contact me in writing. As you can imagine I am quite cross and also a little confused as I thought that debts over six years old (whether legal or not) were automatically written off.
Thank you for your help, any replies which state: 'you should have paid your bill' or 'you should pay on time' or any other some such thing will be given a negative response.
1 person likes this
3 responses
@artistry (4151)
• United States
8 Nov 09
...Hi dorypanda, If you live in the states, write a letter to the company, keep a copy, request that they only contact you by letter, that they not call you on the telephone, it's called "cease and desist". They have to honor that. A company is allowed to purchase the debts of another company and collect the debt or a percentage of the debt, such as a settlement on the debt. If there is a dispute with the original company, it probably would have to be worked out with the new company, as your account would be with them. It you don't believe you owe the debt and can't work it out, do not, do not start to pay them, as the statue of limitations starts all over again fro the time you start paying them. Keep copies of any correspondence to them and from them, as well as checks or payments that you have made towards the original debt. Remember, if the bill is in dispute, don't pay it. Hope this helps you in some way. Good luck.
@dorypanda (1601)
•
8 Nov 09
I live in England, however your answer is quite useful, thank you. :)
1 person likes this
@pumpkinjam (8770)
• United Kingdom
9 Nov 09
I just gave a long answer but that just disappeared. Basically, buying debts is legal but they can't force you to pay anything if it's in dispute. As for the time, I think there is a certain time before which they can call but I think it might be 8 rather than 9.
1 person likes this
@dorypanda (1601)
•
9 Nov 09
They can't force me to pay anything anyway as it's not a legal debt in the first place, if I remember rightly it's all charges on top of charges, I'd already paid the balance in full AND a late payment fee AND a charge on top of that, so I don't really think anyone's allowed to charge me anything at all now AND it's from over 6 years or 7 years ago. Thank you.
As for your answer disappearing, that's been happening quite a lot on here, my advice would be to copy and paste what you're putting onto notepad, or put it on notepad first, then copy and paste it to here. :)
1 person likes this
@pumpkinjam (8770)
• United Kingdom
14 Nov 09
I guess you kept all the recepits and whatever. So, can you photocopy receipts and send them to prove you paid because if you paid the full balance plus a charge then they are only charging charges and even if they dispute whether they can charge charges, they can't dispute that they can't charge charges when there is no balance.
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@RieRie (820)
•
7 Nov 09
If a company buys a debt, then that debt becomes unenforceable, however if the company goes bankrupt and someone takes over then the debt passes on to the people who have taken over. I had to look this up because I had a couple of letters from Lowell Group/Lowell Portfolio/RED (all the same company) then I saw Lowell Group on Watchdog, they buy old debts, most of which have already been cleared and try and get the money off you.
If you request someone doesn't ring you, they're supposed to not ring you, but to make sure, tell them to take your number off their system.
If the debt is in dispute (and it was the original company.) then they have to prove you owe the debt, but as this is a bought debt which is now unenforceable, there's not a lot they can do.
I'm not sure about the charges bit but I know a place that could help with most your questions (Martins Money Tips websibe)
Companies might not be ringing before 9am that they are aware of because of the time zone difference in India, where most of these people are based.
Ahh Now you said over six years ago, which means it's oh what's the word, if a debt is over 6 years it's not valid any more anyway, unless you have acknowledged the debt since.
Companies such as Cabot Financial, Lowell Group, Lowell Portfolio and Red buy old debts for £20 or some ridiculous amount and then try and recover the rest from people who don't know their rights.
If you either just ignore it, but then you'll keep getting letters etc. Or send a letter saying "I do not acknowledge this debt" then you have proof at least that you don't acknowledge it.
If they continue you might need to contact the FSA and then if they don't help, then it's Watchdog time.
(I watch and read lots about this kind of thing)
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@dorypanda (1601)
•
7 Nov 09
Thank you RieRie, that's extremely useful information, I didn't think they were allowed to buy debts like that and claim them, the original company hasn't gone bankrupt, they're still trying to offer me a credit card!
