Cabot Financial and ICB report help!

SallyR2018

Hi,

I am looking for some information on my current status or situation.

I had a loan with Ulster Bank in 2009 and in 2010 I lost my job. I was repaying the loan at a reduced amount for 18 months and in October 2012 the bank asked me to start making full repayments and also pay the arrears. As I was only in temporary part time employment I told them I still wasn’t in a stable condition but would like to up my repayments from 80 a month to 120. My original repayments were 250. They declined the offer saying they felt I had insufficient funds for that offer (eventually after a lot of back and forth and lack of correspondence from them in January 2013).

After more battling and trying to set up a plan they passed me on to Cabot Fincial in August 2013 after they responded to a complaint I made about their delays in correspondence and the interest that generated on the loan whilst I was trying to set up some sort of a plan with them. They then refunded the interested and gave 50 Euro as a token of apology with how they handled things. It was too late though, I had now defaulted for nine payments anyway and was passed to Cabot.

Fast forward to today and I have been paying Cabot 50 a month as am only in full time employment two years. In that time I have since cleared my credit card from around the time of my job loss and got back on track bar this loan. Which has gone from 12,000 to now 8,700.

Now I want to sort it and be done and clear.

Now my ICB report shows the nine payments in arrears for a number of months , then W = Element Written Off (for month 23) and A= Assigned to Third Party (for month 24). (I presume this was Cabot in August 2013?
I should note in January 2015 I got a letter from Cabot saying they now legally owned my loan.

So maybe month 24 on the report refers to this time?! So confusing.

My scheduled removal date is End of 2019.
Current balance says €0?!?

What I need to know is - if I paid Cabot a settlement or entire balance - does this then go on to my ICB report and add an extra five years of that bad history from the date it’s settled or cleared?

Or will it just be removed as it says in 2019 regardless?

Any explanation around my ICB and best way forward appreciated. I dunno if it will be gone in 2019 off the report or will I have another five years of this IF I pay/ settle that loan with Cabot.



Thanks in advance

368100

If you pay it off they may reset the clock on the 5 years and push forward the removal date, this would tecnically be the correct thing to do although debt collection agencies dont always follow the ICB rules. I would either hold tight and let the loan fall off the ICB, or if you feel you need to pay it, make them confirm in writing as a condition of settlement that they wont change the latest balance date on ICB

lotsofthegreen

SallyR2018 wrote: »

Hi,

I am looking for some information on my current status or situation.

I had a loan with Ulster Bank in 2009 and in 2010 I lost my job. I was repaying the loan at a reduced amount for 18 months and in October 2012 the bank asked me to start making full repayments and also pay the arrears. As I was only in temporary part time employment I told them I still wasn’t in a stable condition but would like to up my repayments from 80 a month to 120. My original repayments were 250. They declined the offer saying they felt I had insufficient funds for that offer (eventually after a lot of back and forth and lack of correspondence from them in January 2013).

After more battling and trying to set up a plan they passed me on to Cabot Fincial in August 2013 after they responded to a complaint I made about their delays in correspondence and the interest that generated on the loan whilst I was trying to set up some sort of a plan with them. They then refunded the interested and gave 50 Euro as a token of apology with how they handled things. It was too late though, I had now defaulted for nine payments anyway and was passed to Cabot.

Fast forward to today and I have been paying Cabot 50 a month as am only in full time employment two years. In that time I have since cleared my credit card from around the time of my job loss and got back on track bar this loan. Which has gone from 12,000 to now 8,700.

Now I want to sort it and be done and clear.

Now my ICB report shows the nine payments in arrears for a number of months , then W = Element Written Off (for month 23) and A= Assigned to Third Party (for month 24). (I presume this was Cabot in August 2013?
I should note in January 2015 I got a letter from Cabot saying they now legally owned my loan.

So maybe month 24 on the report refers to this time?! So confusing.

My scheduled removal date is End of 2019.
Current balance says €0?!?

What I need to know is - if I paid Cabot a settlement or entire balance - does this then go on to my ICB report and add an extra five years of that bad history from the date it’s settled or cleared?

Or will it just be removed as it says in 2019 regardless?

Any explanation around my ICB and best way forward appreciated. I dunno if it will be gone in 2019 off the report or will I have another five years of this IF I pay/ settle that loan with Cabot.



Thanks in advance

Don’t mention the ICB to Cabot. While I recommend paying the debt, whether you do it not won’t affect that entry on ICB, it’s set to be removed 5 years from when UB sold the debt

The chances of Cabot putting this on your ICB are minimal

SallyR2018

lotsofthegreen wrote: »

SallyR2018 wrote: »

Hi,

I am looking for some information on my current status or situation.

I had a loan with Ulster Bank in 2009 and in 2010 I lost my job. I was repaying the loan at a reduced amount for 18 months and in October 2012 the bank asked me to start making full repayments and also pay the arrears. As I was only in temporary part time employment I told them I still wasn’t in a stable condition but would like to up my repayments from 80 a month to 120. My original repayments were 250. They declined the offer saying they felt I had insufficient funds for that offer (eventually after a lot of back and forth and lack of correspondence from them in January 2013).

After more battling and trying to set up a plan they passed me on to Cabot Fincial in August 2013 after they responded to a complaint I made about their delays in correspondence and the interest that generated on the loan whilst I was trying to set up some sort of a plan with them. They then refunded the interested and gave 50 Euro as a token of apology with how they handled things. It was too late though, I had now defaulted for nine payments anyway and was passed to Cabot.

Fast forward to today and I have been paying Cabot 50 a month as am only in full time employment two years. In that time I have since cleared my credit card from around the time of my job loss and got back on track bar this loan. Which has gone from 12,000 to now 8,700.

Now I want to sort it and be done and clear.

Now my ICB report shows the nine payments in arrears for a number of months , then W = Element Written Off (for month 23) and A= Assigned to Third Party (for month 24). (I presume this was Cabot in August 2013?
I should note in January 2015 I got a letter from Cabot saying they now legally owned my loan.

So maybe month 24 on the report refers to this time?! So confusing.

My scheduled removal date is End of 2019.
Current balance says €0?!?

What I need to know is - if I paid Cabot a settlement or entire balance - does this then go on to my ICB report and add an extra five years of that bad history from the date it’s settled or cleared?

Or will it just be removed as it says in 2019 regardless?

Any explanation around my ICB and best way forward appreciated. I dunno if it will be gone in 2019 off the report or will I have another five years of this IF I pay/ settle that loan with Cabot.



Thanks in advance

Don’t mention the ICB to Cabot. While I recommend paying the debt, whether you do it not won’t affect that entry on ICB, it’s set to be removed 5 years from when UB sold the debt

The chances of Cabot putting this on your ICB are minimal

Thanks for the advice, I have continued to pay Cabot ever since day one but it’s not a lot. I am confused now as I don’t know whether to Settle with them for a reduced amount (which they have suggested before ) or make repayments in full as the original agreement with UB. I want to eventually apply for mortgage and don’t know what’s best re this loan.

Thanks a mill.

lotsofthegreen

SallyR2018 wrote: »

Thanks for the advice, I have continued to pay Cabot ever since day one but it’s not a lot. I am confused now as I don’t know whether to Settle with them for a reduced amount (which they have suggested before ) or make repayments in full as the original agreement with UB. I want to eventually apply for mortgage and don’t know what’s best re this loan.

Thanks a mill.

I would settle it.

Either way, I’m sure it won’t show on ICB at this stage. However this new Central Credit register coming onboard I’m not up to speed on it.

Good luck