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Cabot financial & CCR

13

Comments

  • #62
    CD2017
    Registered Users Posts: 63 ✭✭CD2017


    • 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?


  • #63
    vandriver
    Registered Users Posts: 3,458 ✭✭✭vandriver


    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.


  • #64
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    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.


  • #65
    Squiggle
    Registered Users Posts: 1,250 ✭✭✭Squiggle


    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.


  • #66
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    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.


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  • #67
    Squiggle
    Registered Users Posts: 1,250 ✭✭✭Squiggle


    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.


  • #68
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    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.


  • #69
    Fuascailteoir
    Registered Users Posts: 582 ✭✭✭Fuascailteoir


    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?


  • #70
    Squiggle
    Registered Users Posts: 1,250 ✭✭✭Squiggle


    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


  • #71
    FileNotFound
    Registered Users Posts: 2,004 ✭✭✭FileNotFound


    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


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  • #72
    landofthetree
    Registered Users Posts: 2,300 ✭✭✭landofthetree


    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.


  • #73
    FileNotFound
    Registered Users Posts: 2,004 ✭✭✭FileNotFound


    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.


  • #74
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    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.


  • #75
    yosser hughes
    Registered Users Posts: 3,879 ✭✭✭yosser hughes


    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.


  • #76
    Fearofgod
    Registered Users Posts: 8 ✭Fearofgod


    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.


  • #77
    Fearofgod
    Registered Users Posts: 8 ✭Fearofgod


    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


  • #78
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


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


  • #79
    Fearofgod
    Registered Users Posts: 8 ✭Fearofgod


    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 :-)


  • #80
    HollisB2021
    Registered Users Posts: 9 ✭HollisB2021


    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.


  • #81
    Dempo1
    Registered Users Posts: 26,916 ✭✭✭✭Dempo1


    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.

    Is maith an scáthán súil charad.




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  • #82
    vandriver
    Registered Users Posts: 3,458 ✭✭✭vandriver


    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.


  • #83
    Dempo1
    Registered Users Posts: 26,916 ✭✭✭✭Dempo1


    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.

    Is maith an scáthán súil charad.




  • #84
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    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.


  • #85
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    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.


  • #86
    Dempo1
    Registered Users Posts: 26,916 ✭✭✭✭Dempo1


    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?

    Is maith an scáthán súil charad.




  • #87
    HollisB2021
    Registered Users Posts: 9 ✭HollisB2021


    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.


  • #88
    yosser hughes
    Registered Users Posts: 3,879 ✭✭✭yosser hughes


    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.


  • #89
    HollisB2021
    Registered Users Posts: 9 ✭HollisB2021


    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?


  • #90
    HollisB2021
    Registered Users Posts: 9 ✭HollisB2021


    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.


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  • #91
    HollisB2021
    Registered Users Posts: 9 ✭HollisB2021


    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.


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