# External debt collection agency



## BOOM2BUST (5 Oct 2012)

My partner and i recently recieved a letter from Ptsb to say our arrears amount on our mortgage has been passed on to an external debt collection agency (Cabot Financial). We havent been able to pay anything off our mortgage for the last 5 months due to the fact that we are both on Job seekers allowance. We are in the Marp process and we are just wondering is this the norm. Has anybody been in this situation and whats next. And finally who are Cabot financial? Just to note the communication hasn't been great between us and PTSB i prefer to communicate via written letters so i would have proof of anything said so i could bring it to court. I find PTSB collections department to be very aggressive over the phone and they have a habit of loosing phone records.


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## Time (5 Oct 2012)

Cabot financial are just a bunch of hired goons that will pester you by phone on behalf of PTSB. You are under no obligation to deal with them. 

Carry on dealing only in writing. They may not like it but that's tough.


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## itsallwrong (5 Oct 2012)

CAn we ask how much you are in arrears by?
As you are on JSA - are you not on Mortgage Interest Supplement?


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## Time (5 Oct 2012)

MIS is not available for unsustainable mortgages.


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## Kerrigan (5 Oct 2012)

Thanks for starting this thread Boom2bust.  

A whole bunch of these letters were sent out to both residential and investment property owners in arrears.  Some of the arrears are for as little as a couple of hundred Euro.  

We hear they are automated letters that they are obliged to send out to customers.

Collections are absolutely appalling, the lack of understanding and knowledge is shocking.    

Keep everything in writing, as there seems to be a habit of losing phone records.


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## BOOM2BUST (8 Oct 2012)

Hi itsallwrong, In arrears of about 11k, i went through a long period of unemployment in 2010. During this period i applied for MIS payment from social welfare. The documents supplied from PTSB were insufficient as my mortgage application was entered via a computer and the only documents the bank could send me out were screen shots of our application process and the original loan application which doesn't cover the entire mortgage only the draw down amount. Social welfare turned us down on the fact that PTSB could not provide us with correct documents. I,ve written previous posts regarding this issue. Thats the main reason we didn't apply for MIS this time round. Complained to the financial ombudsman. That was a waste of time. I feel like the financial ombudsman, solicitors and the government are all working on the side of the bankers or maybe im just paranoid


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## Time (8 Oct 2012)

Did you get a final response letter from PTSB?


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## BOOM2BUST (8 Oct 2012)

Never recieved a final respose letter from PTSB so the Financial ombudsman couldn't follow up the issue. PTSB think they don't have to adhere to any rules because as it stands the ordinary joe soap has no one to turn to.


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## TrueBlue (9 Oct 2012)

Hi Boom2bust,

I found your thread while seeking answers for my own situation. Similar amount to yours.
I recently received a letter from Cabot followed up by an aggressive call to my mobile.

Also, a few other threads mention whether Cabot own the debt or are acting on behalf of the bank.
I found it strange that pTSB would pass on a secured debt (even if the house is in negative equity).

The letter I received states:
"...your mortgage account has recently been referred to us for collection by pTSB and we are now responsible for collecting the outstanding amount. Our client has advised .....................ensure payment is made payable to pTSB..."
Key words being *referred*, *responsible *and *client*.


So, at least I can deduce that they do not own the debt. Check yours. I'll post any developments.


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## BOOM2BUST (10 Oct 2012)

Hey True Blue, yeah checked our letter its basicly identical to yours. I guess its just scare tactics on behalf of PTSB. Cabot obviously dont own the debt and are just lending their services to PTSB to scare people under the premis of EXTERNAL DEBT COLLECTION AGENCY. Very scary....not.


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