Cabot financial & CCR

Dempo1

HollisB2021 wrote: »

Thanks, this is the thing, Cabot didn't , and I have no idea why , it's just over 1200 euros. And I'm really annoyed because I sent the card back to Tesco, they didn't revoke it. I contacted them a couple of times at the time because I kept getting no response.

With a balance of 1200 and with your letter and return of card I have to say its extraordinary that at a minimum the card wasn't cancelled by tesco. I've seen cards cancelled with much smaller long term balances.

boetstark

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 along with many other entities cannot report to the ICB. Banks and other financial institutions are in a position to report an item to ICB.
Have you written to the ICB and asked for your credit report.
Normally bad debts fall from ICB listing after 7 years. Something doesn't add up here.

Jim2007

Dempo1 wrote: »

Just curious on that point if you don't mind me asking, if it's adjudicated upon, what's happens to the details on the CCR?

I don’t have an answer for this one. Beyond the usual solicitors advertising type articles I have not found a decent article on the topic.

If a court rules that a debt is statute barred it does not mean it has been settled it just means that it is uncollected. The EU directive requires all unsettled debt to be reported, so there may still be a reporting requirement. I just don’t know.

Dempo1

Jim2007 wrote: »

I don’t have an answer for this one. Beyond the usual solicitors advertising type articles I have not found a decent article on the topic.

If a court rules that a debt is statute barred it does not mean it has been settled it just means that it is uncollected. The EU directive requires all unsettled debt to be reported, so there may still be a reporting requirement. I just don’t know.

Thanks for that, I always wondered about this particular aspect of legacy debt etc

Jim2007

HollisB2021 wrote: »

Thanks, this is what I can't understand either because I took out a home improvement loan last year, and a new credit card in 2019. I have no problem with paying them back ( I owe it after all, despite the length of time) or even a settlement for part of it, it's 1200 euro, but I think what I find so strange is that Cabot haven't contacted me for proof of ID , anything. I haven't changed address either, so I really don't understand how they can post anything really without giving me a chance to sort it. To be honest, I had completely forgotten about it. A lot happens in 13 years! If I clear Cabot, then will Tesco still show up as owing?

The law requires that financial institutions must report ALL unsettled debt, they have no choice in the matter. It is what it is.

Based on what you have said it looks to me like the Tesco entry is an admin error on their part and nothing to do with Cabot. That is why I told you to contact them directly. If you explain their error they should be able to remove it.

Jim2007

HollisB2021 wrote: »

I did. I was ill at the time, and off work , so found it hard to keep up the payments, it had been used to help with household expenses while I was off. The card hasn't been valid or even in existence in 13 years, but they are reporting it as still " live" and not being paid monthly.

This is a common misunderstanding. Your credit card and your credit card ACCOUNT are two separate things. You can have zero, one or more cards attached to an account.

In your case, you have no cards, but the account still remains. You need to specifically close the account in order to bring this to a close.

HollisB2021

Dempo1 wrote: »

With a balance of 1200 and with your letter and return of card I have to say its extraordinary that at a minimum the card wasn't cancelled by tesco. I've seen cards cancelled with much smaller long term balances.

Exactly. As far as I was concerned once the card was returned and a request for a payment plan to clear it , I never heard another word. Not a statement, nothing. I was told that they handed cards over to another provider a few years later, but I didn't hear from anyone. It doesn't add up to me either.

HollisB2021

Jim2007 wrote: »

This is a common misunderstanding. Your credit card and your credit card ACCOUNT are two separate things. You can have zero, one or more cards attached to an account.

In your case, you have no cards, but the account still remains. You need to specifically close the account in order to bring this to a close.

I genuinely did not realise this! So do you still advise ( as in your previous reply) that I contact Tesco first? If they have sold the debt to Cabot, which they have by the look of it, then should they have closed the account too? Surely I don't have to pay it to both? I know I probably sound a bit dim, but I really cannot fathom how this has been posted by both Tesco and Cabot, as if I do clear it, it's still going to show up as not cleared with one of them ☹️

HollisB2021

boetstark wrote: »

Cabot along with many other entities cannot report to the ICB. Banks and other financial institutions are in a position to report an item to ICB.
Have you written to the ICB and asked for your credit report.
Normally bad debts fall from ICB listing after 7 years. Something doesn't add up here.

Not sure if you're referring to my situation. I have received a credit reports from CCR and ICB. Nothing on ICB, but listed on CCR. Can't understand why it isn't listed on both. Also on CCR report shows both the footprints for the applications for my new credit card ( 2019) and my home improvement loan (2020) both of which were approved. It's very confusing.

Jim2007

HollisB2021 wrote: »

I genuinely did not realise this! So do you still advise ( as in your previous reply) that I contact Tesco first? If they have sold the debt to Cabot, which they have by the look of it, then should they have closed the account too? Surely I don't have to pay it to both? I know I probably sound a bit dim, but I really cannot fathom how this has been posted by both Tesco and Cabot, as if I do clear it, it's still going to show up as not cleared with one of them ☹️

The only people who can remove a Tesco entry from the CCR is Tesco. From what you have told us it appears that Tesco sold the debt to Cabot. If that is correct then it should just be a matter of approaching them and pointing out their error and asking them to remove it.

In order to fix it, you are going to have to establish exactly what happened. I find it very hard to believe that one of these two organizations did not send you information on this at some point. Do a good search at home and make sure you have not got anything from them.

According to the information you provided Tesco are incorrectly reporting your credit status, it should be an easy fix to start with.

HollisB2021

Jim2007 wrote: »

The only people who can remove a Tesco entry from the CCR is Tesco. From what you have told us it appears that Tesco sold the debt to Cabot. If that is correct then it should just be a matter of approaching them and pointing out their error and asking them to remove it.

In order to fix it, you are going to have to establish exactly what happened. I find it very hard to believe that one of these two organizations did not send you information on this at some point. Do a good search at home and make sure you have not got anything from them.

According to the information you provided Tesco are incorrectly reporting your credit status, it should be an easy fix to start with.

I'm going to contact them. Definitely nothing has come to us, except the letter the other day, which is a statement from June 2020. I have the ref and cc number for Tesco from the CCR report, so I'm going to call them to see tomorrow. Thanks for your advice, it's much appreciated.