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Cabot financial & CCR

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24

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    #32
    risteard7
    Registered Users Posts: 879 ✭✭✭risteard7


    I'm going to pay it Next Friday so hopefully they'll take it off the CCR but I'd say I'm doomed for 5 years regardless. I'll post up anyway just incase anybody might be interested. Thanks


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    #33
    Water2626262
    Registered Users Posts: 218 ✭✭Water2626262


    risteard7 wrote: »
    I'm going to pay it Next Friday so hopefully they'll take it off the CCR but I'd say I'm doomed for 5 years regardless. I'll post up anyway just incase anybody might be interested. Thanks

    Did you ask will they remove it? Don’t hand over the full whack until you’ve had a discussion with them. They bought the loan at a discount so you’d want some benefit out of it

    How much is owed ballpark? C 5k? 10k?


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    #34
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    Water2626262 wrote: »
    Did you ask will they remove it? Don’t hand over the full whack until you’ve had a discussion with them. They bought the loan at a discount so you’d want some benefit out of it

    How much is owed ballpark? C 5k? 10k?


    The lender is complying with the law is required and will remove it as set out by law.


    Now the OP has enough problem to deal with, without giving useless advice.


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    #35
    risteard7
    Registered Users Posts: 879 ✭✭✭risteard7


    Jim2007 wrote: »
    The lender is complying with the law is required and will remove it as set out by law.


    Now the OP has enough problem to deal with, without giving useless advice.

    Oh that's good to know, I wasn't sure it was Law for them to remove it once paid?


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    #36
    Water2626262
    Registered Users Posts: 218 ✭✭Water2626262


    risteard7 wrote: »
    Oh that's good to know, I wasn't sure it was Law for them to remove it once paid?

    He means in five years from when you’ve cleared the balance. So November 2025. Make sure to ask Cabot can they do something. Credit institutions amend credit records all the time. No harm in asking.


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    #37
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    Looks like we are in similar positions, my husbands car was returned in 2008 when he lost his Job and I was on maternity leave, we never heard anymore from the lender we assumed it had been sold on and moneys taken.

    We have a home, loans etc and then Cabot put it on the CCR in 2018 marked as writen off. Our credit is excellent apart for this one time when life got hard and we had to prioritise our mortgage.

    We understand exactly how your feeling, it's like being sucker punched, we where just about to go for a new mortgage and this has really put a spanner in the works, what's worse is if the lender or cabbot had ever come to us over the years to let us know this was here we would have cleared it.

    Regardless of the reasons everyone in life has fallen or will fall on difficult times, but destroying people's name suddenly after 12+ years is excessive.

    Speak to your partner I hope you find a resolution like we will do ourselves. Please let us know how you get on with Cabbot as we have never had dealings with them, as I said we had no communication from anyone regarding any type of balance.


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    #38
    risteard7
    Registered Users Posts: 879 ✭✭✭risteard7


    Yeah I'm in the same boat unfortunately. Mine is 13 years old, it's from 2007. Cabot decided to put mine up in 2018 too. Yes I take full responsibility but I genuinely might not hear from them for years and I took the wrong advice too. Good luck with it


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    #39
    Mrs OBumble
    Registered Users Posts: 25,695 ✭✭✭✭Mrs OBumble


    risteard7 wrote: »
    . Cabot decided to put mine up in 2018 too. Yes I take full responsibility but I genuinely might not hear from them for years and I took the wrong advice too. Good luck with it

    Cabot didn't decide.

    The government decided that all debts have to be recorded.


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    #40
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,765 Mod ✭✭✭✭L1011


    vandriver wrote: »
    Cabot didn't report to the ICB,so there would have been a period after the debt was written off but before Cabot started reporting to the CCR when his ICB would have been clean.

    Cabot were not a member of the ICB.


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    #41
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    Can anyone on here clarify or shead any light on the below regarding Cabot and the CCR.

    If the loan is written off will it be removed after the 5 years have passed?

    If the loan is cleared will it then be marked as closed and take a further 5 years to come off the CCR report?


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    #42
    vandriver
    Registered Users Posts: 3,459 ✭✭✭vandriver


    bizzieebee wrote: »
    Can anyone on here clarify or shead any light on the below regarding Cabot and the CCR.

    If the loan is written off will it be removed after the 5 years have passed?

    If the loan is cleared will it then be marked as closed and take a further 5 years to come off the CCR report?
    Written off by who?If Cabot own the debt,then why would they write it off?


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    #43
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    vandriver wrote: »
    Written off by who?If Cabot own the debt,then why would they write it off?

    It is showing as written off with a 2018 date on it.


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    #44
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    bizzieebee wrote: »
    Can anyone on here clarify or shead any light on the below regarding Cabot and the CCR.

    If the loan is written off will it be removed after the 5 years have passed?

    If the loan is cleared will it then be marked as closed and take a further 5 years to come off the CCR report?

    First and foremost you need to understand the a write off is simply an accounting decision by the lender to no longer consider it as a good debt and make provision in their accounts for the loss.

    This in no way prevents them from continuing to try to enforce collection, factor the debt, nor release them from the obligation to continue to report it on a monthly basis. They are even required to report debt that is statute barred.

    From the FAQ on the website, it appears that a credit agreement will continue to appear on the report for a period of five years or, and this I think is the bit causing the problem, until the agreement is concluded. After concluding the agreement, the payment history will continue to be reported for a further two years.

    Unfortunately there seems to have been very little interest in the topic and so far I have not found a quality article about it in the media.


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    #45
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    risteard7 wrote: »
    Yeah I'm in the same boat unfortunately. Mine is 13 years old, it's from 2007. Cabot decided to put mine up in 2018 too. Yes I take full responsibility but I genuinely might not hear from them for years and I took the wrong advice too. Good luck with it

    Cabot do not get to decide what to report, it is prescribed by law. The fact that the have chosen not to continue to attempt to collect it does not absolve theM of the obligation to continue to report it.


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    #46
    risteard7
    Registered Users Posts: 879 ✭✭✭risteard7


    Once cleared the 5 year wait is a problem but there's nothing I can do unfortunately. But the law is the law. The only grievance I have with Cabot is it appeared almost 13 years later.


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    #47
    RachelsCousin
    Closed Accounts Posts: 64 ✭✭RachelsCousin


    Jim2007 wrote: »

    From the FAQ on the website, it appears that a credit agreement will continue to appear on the report for a period of five years or, and this I think is the bit causing the problem, until the agreement is concluded. After concluding the agreement, the payment history will continue to be reported for a further two years.
    It's longer than that. Once an agreement is concluded it will actually remain for 5 years, but only the final 2 years of the loan will be visible, until that information is 5 years old.

    The FAQ explains it:
    "For example, if you pay off a loan in January 2020, the lender will see information back to January 2018. They will continue to see this information until Jan 2023, when the oldest information (i.e. the information as at January 2018) begins to delete on a monthly basis. The entire record will have been deleted by January 2025."


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    #48
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    RachelsCousin wrote: »
    It's longer than that. Once an agreement is concluded it will actually remain for 5 years, but only the final 2 years of the loan will be visible, until that information is 5 years old.

    The FAQ explains it:
    "For example, if you pay off a loan in January 2020, the lender will see information back to January 2018. They will continue to see this information until Jan 2023, when the oldest information (i.e. the information as at January 2018) begins to delete on a monthly basis. The entire record will have been deleted by January 2025."

    So would it then be a better option to arrange a monthly repayment to pay over 2 years before clearing the balance so that the loan can be seen to have had payments off it month on month for those 2 years?

    As opposed to just clearing this straight away.


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    #49
    RachelsCousin
    Closed Accounts Posts: 64 ✭✭RachelsCousin


    bizzieebee wrote: »
    So would it then be a better option to arrange a monthly repayment to pay over 2 years before clearing the balance so that the loan can be seen to have had payments off it month on month for those 2 years?

    As opposed to just clearing this straight away.
    It could be in some cases. But it will show who the debt is with, so if it's a debt collector it'll be obvious enough that there were issues.


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    #50
    risteard7
    Registered Users Posts: 879 ✭✭✭risteard7


    I'm due to upgrade my car next year but the garage wont give me a new car now when they run the new credit check. I never missed a payment since I started the plan in 2015. It will be awkward explaining things!

    I'll be talking to Cabot next week so I'll know what they say then


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    #51
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    risteard7 wrote: »
    I'm due to upgrade my car next year but the garage wont give me a new car now when they run the new credit check. I never missed a payment since I started the plan in 2015. It will be awkward explaining things!

    I'll be talking to Cabot next week so I'll know what they say then

    Could you let me know how they are to deal with?

    We where just about to apply for a mortgage. Even if after all these years we could clear the balance and it be removed from the CCR straight away as the debt is so old it would be something.


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    #52
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    risteard7 wrote: »
    I
    I'll be talking to Cabot next week so I'll know what they say then


    I think you should consider the consequences of such a discussion... based on what you have posted, it seems that the debt is currently statute barred. By discussing this matter with the lender, you may bring the debt back into play again.


    If I was you, I try and get a handle of the amount outstanding and if large, consult a solicitor, so it's clear what your legal rights are, before sitting down with Cabot


    There are some options allowing the creditor to make a submission, add comments etc... to the credit report. A well worded comment might be an alternative route. I don't know.


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    #53
    Squiggle
    Registered Users Posts: 1,251 ✭✭✭Squiggle


    Jim2007 wrote: »
    I think you should consider the consequences of such a discussion... based on what you have posted, it seems that the debt is currently statute barred. By discussing this matter with the lender, you may bring the debt back into play again.

    To restart the six year clock an acknowledgment of the debt must be made in writing and signed by the debtor or a payment must be made against the debt.


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    #54
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    Squiggle wrote: »
    To restart the six year clock an acknowledgment of the debt must be made in writing and signed by the debtor or a payment must be made against the debt.


    Can you post a link this support that? Because right now we seem to be struggling to get a body of knowledge in place about this issue. Thanks.


    I have failed miserable to find a good reference for this issue. Several of the legal firms have issued advisory notes, but these are really only intended to get you to contact them for a consultation.


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    #55
    RachelsCousin
    Closed Accounts Posts: 64 ✭✭RachelsCousin


    Jim2007 wrote: »
    Can you post a link this support that? Because right now we seem to be struggling to get a body of knowledge in place about this issue. Thanks.


    I have failed miserable to find a good reference for this issue. Several of the legal firms have issued advisory notes, but these are really only intended to get you to contact them for a consultation.
    Definition of acknowledgement is in legislation.
    Section 58 of the Statute of limitations act, 1957:
    "Every acknowledgment shall be in writing and signed by the person making the acknowledgment."

    However, I'd be careful of acknowledging debt in any form. It's a complex outdated area of law, and there is no straight forward guide to it, but plenty of misunderstanding.


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    #56
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    RachelsCousin wrote: »
    Definition of acknowledgement is in legislation.
    Section 58 of the Statute of limitations act, 1957:
    "Every acknowledgment shall be in writing and signed by the person making the acknowledgment."

    However, I'd be careful of acknowledging debt in any form. It's a complex outdated area of law, and there is no straight forward guide to it, but plenty of misunderstanding.

    I'm learning that, nothing is very clear. I called the CCR today and they couldn't answer what I would consider standard debt related questions with regards to their own CCR reports.


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    #57
    Squiggle
    Registered Users Posts: 1,251 ✭✭✭Squiggle


    Jim2007 wrote: »
    Can you post a link this support that? Because right now we seem to be struggling to get a body of knowledge in place about this issue. Thanks.


    I have failed miserable to find a good reference for this issue. Several of the legal firms have issued advisory notes, but these are really only intended to get you to contact them for a consultation.

    Check Sections 56 to 58 in

    http://www.irishstatutebook.ie/eli/1957/act/6/enacted/en/print.html


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    #58
    Squiggle
    Registered Users Posts: 1,251 ✭✭✭Squiggle


    RachelsCousin wrote: »
    Definition of acknowledgement is in legislation.
    Section 58 of the Statute of limitations act, 1957:
    "Every acknowledgment shall be in writing and signed by the person making the acknowledgment."

    However, I'd be careful of acknowledging debt in any form. It's a complex outdated area of law, and there is no straight forward guide to it, but plenty of misunderstanding.

    Where does the difficulty arise ?


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    #59
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    bizzieebee wrote: »
    I'm learning that, nothing is very clear. I called the CCR today and they couldn't answer what I would consider standard debt related questions with regards to their own CCR reports.


    I would be surprised if they could! They are just the collators of the reports, they are not responsible for the contents and would not have any details beyond what was reported to them.


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    #60
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,010 Mod ✭✭✭✭Jim2007


    Squiggle wrote: »
    Where does the difficulty arise ?


    Because S58 must be read in conjunction with S50, which sets out that S58 is applicable to declarations made in respect of situations defined in S51 through S57 many of which relate to rights on land and related issues.


    So for instance if a debtor responds to a debtors letter from the company's auditor, confirming a statute barred debt, have they acknowledge the debt within the meaning of the act and would the company be able to start enforcement proceeds again based on the response?

    Unless the amount involved is small and you can afford to pay it, if it goes wrong, I advise seeking legal advice before attempting DIY on it.


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    #61
    Squiggle
    Registered Users Posts: 1,251 ✭✭✭Squiggle


    Jim2007 wrote: »
    Because S58 must be read in conjunction with S50, which sets out that S58 is applicable to declarations made in respect of situations defined in S51 through S57 many of which relate to rights on land and related issues.


    So for instance if a debtor responds to a debtors letter from the company's auditor, confirming a statute barred debt, have they acknowledge the debt within the meaning of the act and would the company be able to start enforcement proceeds again based on the response?

    Unless the amount involved is small and you can afford to pay it, if it goes wrong, I advise seeking legal advice before attempting DIY on it.

    I don't see anything in the legislation referenced above that suggests, in any way, that anything other than a written acknowledgement signed by the debtor, constitutes acknowledgement of the debt.

    Some part payment obviously acknowledges the debt.

    It couldn't be clearer imo.


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