Cabot financial & CCR

Jim2007 · 01-11-2020 4:31pm

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.

Squiggle · 02-11-2020 3:37pm

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.

Jim2007 · 02-11-2020 4:14pm

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.

RachelsCousin · 02-11-2020 8:16pm

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 It's a complex outdated area of law, and there is no straight forward guide to it, but plenty of misunderstanding.

bizzieebee · 02-11-2020 8:24pm

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.

Squiggle · 03-11-2020 9:21am

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

Squiggle · 03-11-2020 9:23am

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 ?

Jim2007 · 03-11-2020 1:07pm

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.

Jim2007 · 03-11-2020 1:35pm

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.

Squiggle · 03-11-2020 5:08pm

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.

CD2017 · 22-02-2021 11:57am

vandriver wrote: »

If you don't pay it off,Cabot will religiously report it to the CCR every month for the rest of your life.

It's about the only tactic they have on possibly statute barred debt.

So even if the debt cannot be pursued they can continue reporting it to the CCR? How do you stop this? Can you take to court? Is it a risk?

vandriver · 22-02-2021 1:06pm

CD2017 wrote: »

So even if the debt cannot be pursued they can continue reporting it to the CCR? How do you stop this? Can you take to court? Is it a risk?

How do you stop this?
Pay them.
Then wait 5 years.

Jim2007 · 23-02-2021 12:15am

CD2017 wrote: »

So even if the debt cannot be pursued they can continue reporting it to the CCR? How do you stop this? Can you take to court? Is it a risk?

You can’t stop it. They are legally obliged to report it in accordance the underlying EU directive. And access to the reports are available to credit institutions throughout the EU.

Statute barred debt in now pointless, unless you will never have need of a future credit rating.

The only way an entry will be removed is if you reach a final settlement with the creditor and pay the amount agreed. The entry will disappear after 12 months from the debt being settled.

As for risk, well if you have failed to meet your financial obligations in the past and continue to do so, then there is little chance you will continue to secure further credit.

Squiggle · 23-02-2021 10:21am

Jim2007 wrote: »

You can’t stop it. They are legally obliged to report it in accordance the underlying EU directive. And access to the reports are available to credit institutions throughout the EU.

Statute barred debt in now pointless, unless you will never have need of a future credit rating.

The only way an entry will be removed is if you reach a final settlement with the creditor and pay the amount agreed. The entry will disappear after 12 months from the debt being settled.

As for risk, well if you have failed to meet your financial obligations in the past and continue to do so, then there is little chance you will continue to secure further credit.

Plenty of garages out there offering car finance for those with poor or no credit records.

Jim2007 · 23-02-2021 10:48am

Squiggle wrote: »

Plenty of garages out there offering car finance for those with poor or no credit records.

Finance companies provide the underlying credit, not the garages. But since you seem to know so many, please provide a list for the benefit of us all.

Squiggle · 23-02-2021 11:34am

Jim2007 wrote: »

Finance companies provide the underlying credit, not the garages. But since you seem to know so many, please provide a list for the benefit of us all.

lol . You know what I meant and a cursory look at Done deal will bear out what I've said.

In truth I really wanted to show how inaccurate this statement of yours was.

Statute barred debt in now pointless, unless you will never have need of a future credit rating.

Jim2007 · 23-02-2021 1:24pm

Squiggle wrote: »

lol . You know what I meant and a cursory look at Done deal will bear out what I've said.

In truth I really wanted to show how inaccurate this statement of yours was.

So basically someone mouthing off and of no help to anyone.

Fuascailteoir · 23-02-2021 1:28pm

Jim2007 wrote: »

You can’t stop it. They are legally obliged to report it in accordance the underlying EU directive. And access to the reports are available to credit institutions throughout the EU.

Statute barred debt in now pointless, unless you will never have need of a future credit rating.

The only way an entry will be removed is if you reach a final settlement with the creditor and pay the amount agreed. The entry will disappear after 12 months from the debt being settled.

As for risk, well if you have failed to meet your financial obligations in the past and continue to do so, then there is little chance you will continue to secure further credit.

Jim, why is it 12 months and not 5 years from settlement?

Squiggle · 23-02-2021 3:45pm

Jim2007 wrote: »

So basically someone mouthing off and of no help to anyone.

Calling you out for posting erroneous information is mouthing off ? Wow !

What's of no help to anyone is you, a moderator on a finance forum, telling people:

Statute barred debt in now pointless, unless you will never have need of a future credit rating.

The notion that someone who has unpaid debt, whether statute barred or not, precludes them in the future from obtaining the likes of car finance because of a poor credit rating, is wrong.

It's equally perplexing, to me anyway, that a moderator on a finance forum, has never heard of
Bluestone

FileNotFound · 23-02-2021 4:25pm

Only cleared an old 200 euro that in fairness i had forgot existed long moved from registered address and phone change etc.

Was random chance i found it existed.

Cleared straight away - does this mean its on my ccr?

Troubling and upsetting - unfortunate and idiotic (for me) is an understatement

landofthetree · 23-02-2021 4:28pm

FileNotFound wrote: »

Only cleared an old 200 euro that in fairness i had forgot existed long moved from registered address and phone change etc.

Was random chance i found it existed.

Cleared straight away - does this mean its on my ccr?

Troubling and upsetting - unfortunate and idiotic (for me) is an understatement

Good news.

Luckily for you its only debts of 500 euros or more that are recorded.

https://www.centralcreditregister.ie/about/how-it-works/

1. Lenders submit personal and credit information on existing loans for €500 or more. Lenders also submit personal and credit information on loan applications for €2,000 or more.

FileNotFound · 23-02-2021 4:35pm

landofthetree wrote: »

Relax.

Luckily for you its only debts of 500 euros or more that are recorded.

https://www.centralcreditregister.ie/about/how-it-works/

1. Lenders submit personal and credit information on existing loans for €500 or more. Lenders also submit personal and credit information on loan applications for €2,000 or more.

You my sir just saved me from crying

What a foolish error on my part not to have cleared etc.

Thanks for the info. You are a star.

Would literally buy you a pint if i could.

Jim2007 · 23-02-2021 4:49pm

Fuascailteoir wrote: »

Jim, why is it 12 months and not 5 years from settlement?

Because that is what says on the website. And some where either here or on askaboutmoney there was a case of a woman who settled a credit card debt and was told it would be removed.

Unfortunately I have not found a single decent article on this. So just the FAQ and a couple of trivial articles from solicitors more advertising services than anything else.

The big one I have no idea on is foreign insolvency. For instance someone that went to the U.K., declared bankruptcy but the insolvency decided to ignore the house & mortgage in Ireland. The bank can’t go after the borrower, but neither was the debt settled.

yosser hughes · 23-02-2021 6:18pm

Squiggle wrote: »

Calling you out for posting erroneous information is mouthing off ? Wow !

What's of no help to anyone is you, a moderator on a finance forum, telling people:

The notion that someone who has unpaid debt, whether statute barred or not, precludes them in the future from obtaining the likes of car finance because of a poor credit rating, is wrong.

It's equally perplexing, to me anyway, that a moderator on a finance forum, has never heard of
Bluestone

Well while it may not preclude someone from accessing credit; it will certainly make it more difficult to get and it often means if you do manage to obtain credit, you will pay a higher interest rate than those without any credit repayment issues in the past. There's always been lenders willing to deal with people with compromised credit history, such as Pepper but it will come at a cost.

Fearofgod · 26-02-2021 1:26pm

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

have you an update on paying Cabot? Do hope you got it sorted.

Fearofgod · 27-02-2021 9:22am

Hello, i took a loan in 2000. I moved away for 10 years and just didn't pay it back. Will it be on CCR.
I tried calling BOI a few times with requests to pay it off and they couldn't help me at all.
I am looking at applying for a mortgage, ive a special needs son, we need to dig our feet in.Rents are high and we have moved 3 times in past 5 years for many different reasons.
I am looking for some advice, and hold back on the criticisms, as i know i was irresponsible and very stupid

Jim2007 · 27-02-2021 9:50am

Order a copy of the report, that is the only way to know for sure.

Fearofgod · 27-02-2021 10:00am

Jim2007 wrote: »

Order a copy of the report, that is the only way to know for sure.

Thanks Jim2007, i ordered yesterday, they acknowledged.
Have a good day :-)

HollisB2021 · 26-06-2021 7:29pm

Hi! I wonder can anybody help out with this one? I recently went for a loan with the CU and was refused on the basis of a " revoked credit card" from Tesco back from 13 years ago, that showed up on the CCR report. It was showing as still active, and reported as still being active in 2018. Since 2008, I have been sanctioned for a credit card and bank loan with absolutely no issue at all, and my mortgage etc all paid up regularly, so clean credit everywhere. I have not heard a word from Tesco since I sent the card back in 2009, and requested a payment plan and interest freeze to clear the debt. They didn't respond. Also on the CCR report was an entry from Cabot financial, for the exact same amount owing on " my account" with them?? And also that there was 52 payments owing and then 33, even though nothing was paid at all. I had never received anything from them either, until the day after the recent loan request, when they sent a " statement of my account" dated June 2020, a year old. I can pay off Tesco, but my question is if I clear Cabot, does Tesco still show up? It's the same debt obviously sold.

Dempo1 · 26-06-2021 7:41pm

HollisB2021 wrote: »

Hi! I wonder can anybody help out with this one? I recently went for a loan with the CU and was refused on the basis of a " revoked credit card" from Tesco back from 13 years ago, that showed up on the CCR report. It was showing as still active, and reported as still being active in 2018. Since 2008, I have been sanctioned for a credit card and bank loan with absolutely no issue at all, and my mortgage etc all paid up regularly, so clean credit everywhere. I have not heard a word from Tesco since I sent the card back in 2009, and requested a payment plan and interest freeze to clear the debt. They didn't respond. Also on the CCR report was an entry from Cabot financial, for the exact same amount owing on " my account" with them?? And also that there was 52 payments owing and then 33, even though nothing was paid at all. I had never received anything from them either, until the day after the recent loan request, when they sent a " statement of my account" dated June 2020, a year old. I can pay off Tesco, but my question is if I clear Cabot, does Tesco still show up? It's the same debt obviously sold.

A little complex but in essence what I think has happened is that Tesco basically sold or moved the debt on to Cabot, obviously Cabot should have then made contact with you. The balance on the credit card never went away and Cabot would have registered the debt if it was over a certain amount.

Tesco are now completely irrelevant, they have passed the debt on. As the debt appears to have gone way beyond them being able to persue the debt, Cabot have in essence written it off but your real problem is the record remains on the CCR. You can offer to discharge the debt and Cabot can update the status of the debt but unfortunately your still going to see a potential impact of this situation for the foreseeable future plus the fact you've been declined a loan by a CU.

vandriver · 26-06-2021 7:47pm

Maybe Tesco provided Cabot with an old address? The CCR is an absolute gift to Cabot,as they are obliged to report every overdue debt until its settled,even if its not recoverable because its statute barred.
In effect,if you ever want new credit,you need to deal with the debt,no matter how old it is.

Dempo1 · 26-06-2021 7:59pm

vandriver wrote: »

Maybe Tesco provided Cabot with an old address? The CCR is an absolute gift to Cabot,as they are obliged to report every overdue debt until its settled,even if its not recoverable because its statute barred.
In effect,if you ever want new credit,you need to deal with the debt,no matter how old it is.

This possibility true but Cabot handled all bad debts for a company I worked for (Communications) and it became clear they actually don't bother their Arses chasing bills over a certain amount, basically just register the debts on CCR eventuality get paid when the debt stops a loan application . Smaller bills chased briefly but if not worth chasing they just sit on them, but of course if customers comes back in the future (sometimes years later) looking for a device etc on contract, red flags wave, customers advised to contact Cabot, pay the debt, come back and automatically declined, a kind of waiting in the long grass approach.

Jim2007 · 26-06-2021 8:01pm

HollisB2021 wrote: »

Hi! I wonder can anybody help out with this one? I recently went for a loan with the CU and was refused on the basis of a " revoked credit card" from Tesco back from 13 years ago, that showed up on the CCR report. It was showing as still active, and reported as still being active in 2018. Since 2008, I have been sanctioned for a credit card and bank loan with absolutely no issue at all, and my mortgage etc all paid up regularly, so clean credit everywhere. I have not heard a word from Tesco since I sent the card back in 2009, and requested a payment plan and interest freeze to clear the debt. They didn't respond. Also on the CCR report was an entry from Cabot financial, for the exact same amount owing on " my account" with them?? And also that there was 52 payments owing and then 33, even though nothing was paid at all. I had never received anything from them either, until the day after the recent loan request, when they sent a " statement of my account" dated June 2020, a year old. I can pay off Tesco, but my question is if I clear Cabot, does Tesco still show up? It's the same debt obviously sold.

So here is the thing, the CCR is relatively new and step by step financial institutions are being required to report data on various types of debtor activities. So I assume that the most recent entries from Tesco and Cabot were not being reported when you were approved for the previous credit products.

These debt entries will remain on the report until such time as you settle the debts with your creditors plus a certain period there after (can't remember the length). You should start with Tesco and find out exactly what has happened, has the debt been sold or what and then get them to update the report. And assuming Cabot have acquired the debt reach an agreement with them.

In doing this, you need to ensure the debts are settled not just written off. Institutions that write off debts are still required to meet the reporting requirements.

Jim2007 · 26-06-2021 8:03pm

vandriver wrote: »

Maybe Tesco provided Cabot with an old address? The CCR is an absolute gift to Cabot,as they are obliged to report every overdue debt until its settled,even if its not recoverable because its statute barred.
In effect,if you ever want new credit,you need to deal with the debt,no matter how old it is.

Statute barred is a defence, it needs to be adjudicated upon before you can conclude that it is not collectible.

Dempo1 · 26-06-2021 8:09pm

Jim2007 wrote: »

Statute barred is a defence, it needs to be adjudicated upon before you can conclude that it is not collectible.

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?

HollisB2021 · 26-06-2021 9:41pm

Dempo1 wrote: »

A little complex but in essence what I think has happened is that Tesco basically sold or moved the debt on to Cabot, obviously Cabot should have then made contact with you. The balance on the credit card never went away and Cabot would have registered the debt if it was over a certain amount.

Tesco are now completely irrelevant, they have passed the debt on. As the debt appears to have gone way beyond them being able to persue the debt, Cabot have in essence written it off but your real problem is the record remains on the CCR. You can offer to discharge the debt and Cabot can update the status of the debt but unfortunately your still going to see a potential impact of this situation for the foreseeable future plus the fact you've been declined a loan by a CU.

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.

yosser hughes · 26-06-2021 9:48pm

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.

'sending the card back' doesn't mean a thing. Credit card companies don't want the card, it's not like they re-use it. You may as well have cut it in two.

HollisB2021 · 26-06-2021 9:49pm

Jim2007 wrote: »

So here is the thing, the CCR is relatively new and step by step financial institutions are being required to report data on various types of debtor activities. So I assume that the most recent entries from Tesco and Cabot were not being reported when you were approved for the previous credit products.

These debt entries will remain on the report until such time as you settle the debts with your creditors plus a certain period there after (can't remember the length). You should start with Tesco and find out exactly what has happened, has the debt been sold or what and then get them to update the report. And assuming Cabot have acquired the debt reach an agreement with them.

In doing this, you need to ensure the debts are settled not just written off. Institutions that write off debts are still required to meet the reporting requirements.

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?

HollisB2021 · 26-06-2021 9:54pm

yosser hughes wrote: »

'sending the card back' doesn't mean a thing. Credit card companies don't want the card, it's not like they re-use it. You may as well have cut it in two.

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.

HollisB2021 · 26-06-2021 10:02pm

vandriver wrote: »

Maybe Tesco provided Cabot with an old address? The CCR is an absolute gift to Cabot,as they are obliged to report every overdue debt until its settled,even if its not recoverable because its statute barred.
In effect,if you ever want new credit,you need to deal with the debt,no matter how old it is.

Thanks, this is the odd thing too. I haven't moved address in over 20 years...and I've been approved for both a new credit card in 2019, and a home improvement loan in 2020. So according to them , it was owing to them with no payments being made since 2018. I have no issue with paying it back, but if I pay Cabot and Tesco still have it up as owing, that's not really true.

Dempo1 · 26-06-2021 10:24pm

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 · 26-06-2021 10:41pm

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 · 26-06-2021 10:50pm

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 · 26-06-2021 10:57pm

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 · 26-06-2021 11:02pm

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 · 26-06-2021 11:07pm

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 · 27-06-2021 1:25am

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 · 27-06-2021 1:31am

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 · 27-06-2021 1:41am

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 · 27-06-2021 7:19am

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.

Cabot financial & CCR

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