Hi
I had a small (<40k) residual 0% mortgage with KBC, which was taken over by Cabot Financial when they withdrew from the market.
I figured I'd hear from them if I needed to do anything. Had thought of paying it off (wouldn't be an issue), but figured as it was at 0% might as well hold on to it.
Last January I took a call from an unknown number - saying they were from Cabot and were taking over the loan and wanted to change my DD details. Needless to say I hadn't heard anything from them before this and assumed it was a scam. Had never heard of Cabot and I asked them to write to me so I could confirm it wasn't a scam.
I was quite busy (I stepped out of a meeting to take call), but called back once I checked that Cabot had taken over the KBC book and advised them of my home address so they could write to me (they had the wrong address on file).
They put me through to an automated dialler for signing up for direct debit details - as I was going through this the call dropped (their end) and I went back to meetings figuring I'd hear from them if there was an issue.
Eventually 5-6 months later I get my first letter from Cabot. This contained the details for signing up for the DD. I rang them and set up the DD there and then. I asked was there anything else I needed to sort out and was told no, everything in order now. Btw in case wondering the monthly payment is small and I wouldn't have noticed whether it was coming out or not in the interim.
Fast forward to October and I'm about to draw down from PTSB for a switch of mortgage from ICS where 3yr fixed mortgage was expiring. Credit check shows that Cabot have me down for 7 missed mortgage payments on the credit report
I rang them furious the next day and all the phone numbers relating to mortgages on their website failed to connect - so clearly the dropped call on the original connection was perhaps redolent of their ropey phone system. I got to speak to someone after finding a number on their website relating to some other area (i.e. nothing to do with mortgages) and was told their phones are down (and that this happened regularly). I was told to email them with my complaint.
I did so, was told it was to be investigated. Investigation ended with a letter to say I had been written to twice and had not responded (they wrote to the wrong address) and that because I didn't complete the DD on the automated telephone system (because it bloody dropped out on me), that the missed payments were my responsibility and the entry into the credit record was valid and if I didn't like it go to the Financial Ombudsman.
I am frankly astounded that an entity like this can flagrantly trash someone's reputation in this way with no fear of reprise. Aside from the financial impact (not being able to switch due to this issue is costing me >€800 a month), my reputation and that of my wife is at risk. I am involved in a number of funds and investments that carry all sorts of KYC tests etc - tax compliance etc. I'm a director of a Central Bank Regulated entity, I really don't want to be in a situation where I'm having to explain this on my credit record.
Can I ask do any on the forum have experience of this situation and how to remedy? Cabot are practically impossible to contact. I have requested copies/transcripts of calls/letters but have had no response from them. In fact the only other communication I have had from them was to tell me that they had a data breach!. I regret not paying the loan off some time ago and I'm happy to do so now but not until I get some engagement on this matter.
Wondering do I go to the Financial Ombudsman or go direct to litigation against Cabot?
I had a small (<40k) residual 0% mortgage with KBC, which was taken over by Cabot Financial when they withdrew from the market.
I figured I'd hear from them if I needed to do anything. Had thought of paying it off (wouldn't be an issue), but figured as it was at 0% might as well hold on to it.
Last January I took a call from an unknown number - saying they were from Cabot and were taking over the loan and wanted to change my DD details. Needless to say I hadn't heard anything from them before this and assumed it was a scam. Had never heard of Cabot and I asked them to write to me so I could confirm it wasn't a scam.
I was quite busy (I stepped out of a meeting to take call), but called back once I checked that Cabot had taken over the KBC book and advised them of my home address so they could write to me (they had the wrong address on file).
They put me through to an automated dialler for signing up for direct debit details - as I was going through this the call dropped (their end) and I went back to meetings figuring I'd hear from them if there was an issue.
Eventually 5-6 months later I get my first letter from Cabot. This contained the details for signing up for the DD. I rang them and set up the DD there and then. I asked was there anything else I needed to sort out and was told no, everything in order now. Btw in case wondering the monthly payment is small and I wouldn't have noticed whether it was coming out or not in the interim.
Fast forward to October and I'm about to draw down from PTSB for a switch of mortgage from ICS where 3yr fixed mortgage was expiring. Credit check shows that Cabot have me down for 7 missed mortgage payments on the credit report
I rang them furious the next day and all the phone numbers relating to mortgages on their website failed to connect - so clearly the dropped call on the original connection was perhaps redolent of their ropey phone system. I got to speak to someone after finding a number on their website relating to some other area (i.e. nothing to do with mortgages) and was told their phones are down (and that this happened regularly). I was told to email them with my complaint.
I did so, was told it was to be investigated. Investigation ended with a letter to say I had been written to twice and had not responded (they wrote to the wrong address) and that because I didn't complete the DD on the automated telephone system (because it bloody dropped out on me), that the missed payments were my responsibility and the entry into the credit record was valid and if I didn't like it go to the Financial Ombudsman.
I am frankly astounded that an entity like this can flagrantly trash someone's reputation in this way with no fear of reprise. Aside from the financial impact (not being able to switch due to this issue is costing me >€800 a month), my reputation and that of my wife is at risk. I am involved in a number of funds and investments that carry all sorts of KYC tests etc - tax compliance etc. I'm a director of a Central Bank Regulated entity, I really don't want to be in a situation where I'm having to explain this on my credit record.
Can I ask do any on the forum have experience of this situation and how to remedy? Cabot are practically impossible to contact. I have requested copies/transcripts of calls/letters but have had no response from them. In fact the only other communication I have had from them was to tell me that they had a data breach!. I regret not paying the loan off some time ago and I'm happy to do so now but not until I get some engagement on this matter.
Wondering do I go to the Financial Ombudsman or go direct to litigation against Cabot?
