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Cabot Financial UK Ltd

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  • #31
    Re: Cabot Financial UK Ltd

    This thread is just highlighting the grey areas all of these companies thrive and take advantage in with their operations. When it was questioned about the licences held by a sub prime lender the info given by the OFT was that each separate entity should be licensed for each and every category they operate within. It seems that again the rules and regulations we all interpret as black or white get twisted to suit the situation. As for the last section of that document they are trying to say they can buy and enforce a debt that they cannot prove exists, what tosh.

    Comment


    • #32
      Re: Cabot Financial UK Ltd

      Group permissions are dead and buried, stop and look at the solicitors industry for an example of that. All solicitors were covered by the group licence but that provision was withdrawn

      i cannot see how the rules which have been revoked can be relied upon, it makes no sense.

      - - - Updated - - -

      Originally posted by Berniethebolt View Post
      The second part of that document shows just how much power undemocratic pressure groups have on legislation.
      Because they fear it will reduce their profits they will do everything they can to stop it in its tracks

      Do group licences still exist, I thought that they were being phased out
      exactly, they dont any more.

      And of course we have the Appeal Court decision of Hicks which confirms the use of an agent cannot oust the licening rules under the CCA.

      - - - Updated - - -

      i would say this, there is an appeal on going which raises the question of licensing, i must stress the licence part of the appeal is a new limb as it wasnt argued below, but FCA guidelines do not change the statute, they do not give the Court a right to ignore the will of parliament, and if the FCA was to be given powers of altering the statutes, then parliament would have passed law to allow for this.

      The appeal will answer these points soon enough, in the mean time i see no reason why people cannot raise a challenge of illegality in their defences. Look up Ex Turpi on google
      I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

      If you need to contact me please email me on Pt@roachpittis.co.uk .

      I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

      You can also follow my blog on consumer credit here.

      Comment


      • #33
        Re: Cabot Financial UK Ltd

        Originally posted by Nibbler View Post
        Group of companies' accounts made up to 31 December 2014

        [ATTACH=CONFIG]20197[/ATTACH]

        Slightly off-topic, but I notice a mention of the proposed Debt Pre-Action Protocol and how that would impact their ability to issue claims due to the fact they do not hold documents, so it looks like they've all been rushing to issue claims in anticipation of such a protocol being implemented which, as stated on the letter, "may limit our ability to commence proceedings to recover a debt". :mmph:

        It also says that the much-awaited protocol wouldn't be released in April 2015, they may think it could be released in April 2016 so are trying to get in before that, just like Lowell issued SDs before the FCA took over regulation.

        As it stands now, the helpful Annexes A and B of the PD Pre-Action Conduct that referred to money claims got removed in April, presumably to make room for a proper Pre-Action Protocol for those claims, yet the Debt Protocol wasn't released, very likely due to pressure from the credit industry.

        Comment


        • #34
          Re: Cabot Financial UK Ltd

          Originally posted by pt2537 View Post
          Group permissions are dead and buried, stop and look at the solicitors industry for an example of that. All solicitors were covered by the group licence but that provision was withdrawn

          i cannot see how the rules which have been revoked can be relied upon, it makes no sense.

          - - - Updated - - -

          exactly, they dont any more.

          And of course we have the Appeal Court decision of Hicks which confirms the use of an agent cannot oust the licening rules under the CCA.

          - - - Updated - - -

          i would say this, there is an appeal on going which raises the question of licensing, i must stress the licence part of the appeal is a new limb as it wasnt argued below, but FCA guidelines do not change the statute, they do not give the Court a right to ignore the will of parliament, and if the FCA was to be given powers of altering the statutes, then parliament would have passed law to allow for this.

          The appeal will answer these points soon enough, in the mean time i see no reason why people cannot raise a challenge of illegality in their defences. Look up Ex Turpi on google

          Time the Judiciary got off its backside and enforced logic & Regulators Regulate, also stop so called Recorders (District so called Judges) ignoring Legislation regarding CCA1974 and non-enforcement/enforcement of the same, whereby a lot are ignoring quotes from Government Legislation referring and stating oh! it is in the White Book!

          Comment


          • #35
            Re: Cabot Financial UK Ltd

            Originally posted by FlamingParrot View Post
            Slightly off-topic, but I notice a mention of the proposed Debt Pre-Action Protocol and how that would impact their ability to issue claims due to the fact they do not hold documents, so it looks like they've all been rushing to issue claims in anticipation of such a protocol being implemented which, as stated on the letter, "may limit our ability to commence proceedings to recover a debt". :mmph:
            Yes, I left that on the screenshot as I thought people would find that interesting.

            Comment


            • #36
              Re: Cabot Financial UK Ltd

              Originally posted by Nibbler View Post
              Group of companies' accounts made up to 31 December 2014

              [ATTACH=CONFIG]20197[/ATTACH]
              Nibbler could you perhaps email me that document please? if you have the complete document that is?

              My email is paultilley@howlettclarke.co.uk
              I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

              If you need to contact me please email me on Pt@roachpittis.co.uk .

              I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

              You can also follow my blog on consumer credit here.

              Comment


              • #37
                Re: Cabot Financial UK Ltd

                It's on the company house beta website. Should have linked first of all. For Cabot Financial Limited, which seems to be one layer up in their 'web'?

                Filing history: https://beta.companieshouse.gov.uk/c...filing-history

                Doc link: https://beta.companieshouse.gov.uk/c...pdf&download=0

                08 May 2015 Group of companies' accounts made up to 31 December 2014, so not sure at what exact point in time that really represents their intentions, or whether it's is also the complete picture, as there are 7/8 linked and tiered companies that make their "group" up.

                Comment


                • #38
                  Re: Cabot Financial UK Ltd

                  http://www.specialistautomotivefinan...-authorisation


                  This is a three-month calendar window during which a firm must submit their application for authorisation in respect of credit-related regulated activities (see ‘Full or Limited Permission’). The first application period started on 1 October 2014 and the final period ends on 31 March 2016. Any firm which fails to submit its application within its three-month application period will lose its Interim Permission, which will lapse, and the firm will need to submit a fresh application for authorisation. It will not be able to continue carrying out regulated consumer credit activities until such time as its application is approved, which may take some time given the volume of applications the FCA is expected to receive.



                  Seems on the face of it to explain what happened.

                  M1

                  Comment


                  • #39
                    Re: Cabot Financial UK Ltd

                    I have been reading this thread with some interest and the arguments about if or not Cabot being a creditor conducting regulated CCA business.
                    I have mulled all this around, as I have had arguments in Court about assignments. I am no legal mastermind of any description, and can only think logically.

                    In the twilight zone where I spend most of my time, I considered this;
                    Cabot are debt collectors and have the category on their FCA licence to do this …..No problem. They can collect debts on behalf of other parties/creditors;

                    This is the argument I would put forward if I was Cabot
                    In the case of legal assignments the discussion/ argument is if or not Cabot are in truth and fact acting as a creditor conducting consumer credit/lending business.
                    I don’t think they are;
                    They did not lend the money in the first instance.
                    I agree absolutely that they are conducting “a category of consumer credit business”, but not actually lending money…… They are collecting debts that they have bought. The “DEBT” belongs to them.
                    It is fact that No person or financial Institution needs to have a licence to collect their own debts.
                    They are not collecting a third parties debt, they are collecting their own……..No licence is required.
                    They would be collecting or attempting to collect that debt under common law.
                    I hope I’m wrong in this and it needs better brains than me to think about this angle. But every angle should be considered.

                    From the twilight zone
                    Rambling meandering
                    Sparkie

                    Comment


                    • #40
                      Re: Cabot Financial UK Ltd

                      Post 15 Sparkie covers it pretty well.

                      I'd also say, if what you say is correct, then when a debt is assigned then that would mean there is no creditor and as such you wouldn't have anyone to send a s77-79 request to as these go to "the creditor" s77 & s78 or "the owner" s79.

                      M1

                      Comment


                      • #41
                        Re: Cabot Financial UK Ltd

                        Originally posted by mystery1 View Post
                        Post 15 Sparkie covers it pretty well.

                        I'd also say, if what you say is correct, then when a debt is assigned then that would mean there is no creditor and as such you wouldn't have anyone to send a s77-79 request to as these go to "the creditor" s77 & s78 or "the owner" s79.

                        M1
                        Hi M1,
                        I'm not saying I'm correct .........but I think it must be considered..........IMO Cabot or any other debt collector has bought the debt relating to a credit agreement .......not the credit agreement.............77-79 requests must be made to the original owner...................I have noticed on a lot of threads that when one is made to a debtor collector /buyer they have to obtain a copy from the original creditor to pass on to the "alleged" debtor.
                        There is a creditor.....but not one actually under the CCA ........it is just a debt " allegedly owed" to the buyer.
                        I'm just thinking what the debt buyer "could argue" if they thought about it........... most definitely not taking their side.
                        I'm trying to help someone with practically the same problem with Cabot
                        Sparkie

                        Comment


                        • #42
                          Re: Cabot Financial UK Ltd

                          Originally posted by Sparkie1723 View Post
                          Hi M1,
                          I'm not saying I'm correct .........but I think it must be considered..........IMO Cabot or any other debt collector has bought the debt relating to a credit agreement .......not the credit agreement.............77-79 requests must be made to the original owner...................I have noticed on a lot of threads that when one is made to a debtor collector /buyer they have to obtain a copy from the original creditor to pass on to the "alleged" debtor.
                          There is a creditor.....but not one actually under the CCA ........it is just a debt " allegedly owed" to the buyer.
                          I'm just thinking what the debt buyer "could argue" if they thought about it........... most definitely not taking their side.
                          I'm trying to help someone with practically the same problem with Cabot
                          Sparkie

                          http://www.bailii.org/ew/cases/EWHC/QB/2012/2402.html

                          M1

                          Comment


                          • #43
                            Re: Cabot Financial UK Ltd

                            From M Renner - Thomas
                            Authorisations/Licensing
                            FCA,

                            Received 5 minitues ago

                            I Confirm the following are authorised to carryout Authorised Consumer Credit Activities
                            Cabot Financial Europe Ltd
                            Cabot ( Marlin) Ltd.

                            Cabot Financial Uk Ltd TP's lapsed and is no longer authorised.

                            ***The FCA Cannot comment on the ability of Cabot Financial UK Ltd to issue claims in County Courts of England & Wales.**** Seek Legal Advice.****

                            I have already seen amended claim forms replacing CF UK Ltd. with CF Europe.

                            nem

                            Comment


                            • #44
                              Re: Cabot Financial UK Ltd

                              Originally posted by nemesis45 View Post
                              From M Renner - Thomas
                              Authorisations/Licensing
                              FCA,

                              Received 5 minitues ago

                              I Confirm the following are authorised to carryout Authorised Consumer Credit Activities
                              Cabot Financial Europe Ltd
                              Cabot ( Marlin) Ltd.

                              Cabot Financial Uk Ltd TP's lapsed and is no longer authorised.

                              ***The FCA Cannot comment on the ability of Cabot Financial UK Ltd to issue claims in County Courts of England & Wales.**** Seek Legal Advice.****

                              I have already seen amended claim forms replacing CF UK Ltd. with CF Europe.

                              nem
                              exactly Nem, sorry if my post caused any offence, the bolllocks comment wasnt meant at you merely at the fact that this point keeps being raised and cabot seem to keep slipping the noose.
                              I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                              If you need to contact me please email me on Pt@roachpittis.co.uk .

                              I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                              You can also follow my blog on consumer credit here.

                              Comment


                              • #45
                                Re: Cabot Financial UK Ltd

                                Originally posted by pt2537 View Post
                                exactly Nem, sorry if my post caused any offence, the bolllocks comment wasnt meant at you merely at the fact that this point keeps being raised and cabot seem to keep slipping the noose.
                                Hello PT no problem!!
                                I've seen exactly this scenario before some years ago where a similar reorganisation in a group of companies
                                caused some claims issued to have name of claimant amended but it took some time for this to happen and
                                as far as I can remember no claims were discontinued or withdrawn.
                                The amendment process is underway on the Cabot claims, what I can't tie down is the actual date of the lapse.

                                The register was supposed to be updated by 2nd week of this month, but it's not happened some other data
                                is outdated as well.

                                Nem

                                Comment

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