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Cabot financial Ireland registered on the central credit register

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  • 08-12-2018 5:58pm
    #1
    WhatsUp2014
    Registered Users Posts: 29 ✭


    Hi everyone,

    I have recently found out about the central credit Register and have looked at what Irish companies are on the list, I have seen that Cabot financial are on ye list, does this mean all the debt they have bought from little to nothing are now on reposts of the credit register? I think this is totally wrong if so Cabot are not a lending agency they are simply a fancy debt collecting agency, I currently am repaying debt with them trying to come to an agreement but now worried it’ll show on the register affecting my credit rating again.
    Any info would be great thanks


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    #2
    Graniteville
    Closed Accounts Posts: 292 ✭✭Graniteville


    They are a lending agency as they own your loan after purchasing it.

    Part of a very large group
    https://www.cabotcm.com/en/home/


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    #3
    my3cents
    Closed Accounts Posts: 9,764 ✭✭✭my3cents


    Graniteville wrote: »
    They are a lending agency as they own your loan after purchasing it.

    Part of a very large group
    https://www.cabotcm.com/en/home/

    How do you know they purchased it?

    If they did why would anyone pay them the full amount as they will have paid far less for the debt than the amount owed?

    In many cases they are just acting as bully boys for the companies that are owed the money and can't follow up on their demands because they have no more than the details of the amount owed and the defaulters contact details.


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    #4
    Graniteville
    Closed Accounts Posts: 292 ✭✭Graniteville


    If you fall under their "lending" category, then they have purchased the loan.

    In any case, if it's gone to them for follow up action, then their client will have your details on the credit list.

    Pay bills on time or make an agreement BEFORE it goes to credit agencies and you won't have any problems


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    #5
    my3cents
    Closed Accounts Posts: 9,764 ✭✭✭my3cents


    Graniteville wrote: »
    If you fall under their "lending" category, then they have purchased the loan.

    In any case, if it's gone to them for follow up action, then their client will have your details on the credit list.

    Pay bills on time or make an agreement BEFORE it goes to credit agencies and you won't have any problems

    But how do you know that - they won't tell you.


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    #6
    L1011
    Registered Users Posts: 69,013 ✭✭✭✭L1011


    Graniteville wrote: »
    Pay bills on time or make an agreement BEFORE it goes to credit agencies and you won't have any problems

    There are people who have posted here who were dealing with legitimate disputes and have had their file given over to a one of these agencies. Who never care about the dispute, basically.

    I had UPC pre-rebrand cut me off then threaten whoever they were using at the time - Intrum I think - over double charges caused by an incompetent customer service rep who took a phone downgrade (when they required written cancellations), didn't process it and ordered a new product resulting in both being charged. IJ could easily have got that file when there was absolutely nothing owed at all had I not been quite forceful on the phone.


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    #7
    WhatsUp2014
    Registered Users Posts: 29 ✭WhatsUp2014


    Graniteville wrote: »
    If you fall under their "lending" category, then they have purchased the loan.

    In any case, if it's gone to them for follow up action, then their client will have your details on the credit list.

    Pay bills on time or make an agreement BEFORE it goes to credit agencies and you won't have any problems

    Nobody wants to fall behind and as stated above I was never informed Cabot were taking over, my case here also is they shouldn’t be on the credit register as they are not lenders they are debt collectors


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    #8
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    I know this is old! But I applied for a loan with my bank today and was refused because of my ccr showing a loan with Cabot . This loan was taken out in 2007 and due to mature in 2014. Ia it goin to stay on the report indefinitely? I've had several short term loans with my bank and a credit card all which have been paid in full. But now this has appeared it appears my hopes of obtaining any credit are gone. I was hoping to apply for a mortgage later this year


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    #9
    L1011
    Registered Users Posts: 69,013 ✭✭✭✭L1011


    5 years after the loan account is closed - that is either paid off or written off by the lender. If they consider it still open it hangs around forever.

    You gain a defence against a court judgement for a debt that has not been acknowledged for 6 years but it doesn't make it go away - just unenforceable.


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    #10
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    L1011 wrote: »
    5 years after the loan account is closed - that is either paid off or written off by the lender. If they consider it still open it hangs around forever.

    You gain a defence against a court judgement for a debt that has not been acknowledged for 6 years but it doesn't make it go away - just unenforceable.


    Thanks for that. I've a clear ICB report the last 6 yrs so was surprised to see this show. On the ccr report it still says its active but no payment has been made in 63months. So they can just leave it there indefinitely?


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    #11
    L1011
    Registered Users Posts: 69,013 ✭✭✭✭L1011


    They weren't an ICB member but all bodies of certain types have to report to the CCR (and its expanding - hire purchase/PCPs are going on from June) by law. Utility bills are about the only regular debt that won't be on it, likely ever.

    It is possible they'll close it when its statue barred - 72 months assuming it has never been acknowledged at all since the last payment - but it'll show for another 5 years after that.


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    #12
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    L1011 wrote: »
    They weren't an ICB member but all bodies of certain types have to report to the CCR (and its expanding - hire purchase/PCPs are going on from June) by law. Utility bills are about the only regular debt that won't be on it, likely ever.

    It is possible they'll close it when its statue barred - 72 months assuming it has never been acknowledged at all since the last payment - but it'll show for another 5 years after that.

    Omg so I haven't a hope of securing any finance for some time! I do know the credit union saw this report and still gave a loan. Maybe they're my only hope


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    #13
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    I had a call from Cabot who have told me this is now goin to be written off. 7 years after they took debt over . So now this will appear on my file for 5 more years. I had zero contact with them they had an address I haven't lived at since 2007. But the guy said it's now written off after I made contact with them. I am right in assuming I am now blacklisted for next 5 years?


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    #14
    L1011
    Registered Users Posts: 69,013 ✭✭✭✭L1011


    Its not a case of a blacklist - a lender may be willing to lend to you regardless.

    If you have performing credit of other types - credit card, car PCP or whatever - for some time some lenders will be OK with accepting that what happened was in the past. I got a mortgage with a missed payment recorded (DD date messup, but still happened); its at the rather lower end of the scale but if they rejected immediately on seeing anything at all on the record it couldn't have happened.


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    #15
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    Thanks for taking time to reply! I've had several other loans since with bank and credit union all cleared. I cleared credit card last month too so ove no debt at all now. Trying to get all in order to get mortgage then thrown this curveball 😕


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    #16
    L1011
    Registered Users Posts: 69,013 ✭✭✭✭L1011


    You may find it useful to use a broker as its a problematic case. Give it a few months and check again to make sure its showing as closed on the record.


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    #17
    dinny1982
    Registered Users Posts: 28 ✭dinny1982


    L1011 wrote: »
    You may find it useful to use a broker as its a problematic case. Give it a few months and check again to make sure its showing as closed on the record.
    From my understanding it will not show closed but written off and only from the day I made contact! Looking like they'd been in contact all along and all of a sudden i just defaulted. When in the last ten yrs I've repaid all debt on time and avoided any messes i got into when young and foolish


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