Back in February 2003, I took out a credit card with Lloyds TSB. All went down the pan when I suffered a breakdown in 2008 and subsequently out of work and couldn’t pay the monthly repayments.

Citizens Advice Bureau helped with a Financial Statement and the result proved I could only offer £1 per month.

Debt eventually passed onto Cabot Financial, and as of today still paying that off at £1 per month despite many, many, many letters and telephone calls to get me to pay more, all of which I’ve not responded to

So my question is: just in case I get a Claim Form re: CCJ from these guys, as can happen with these DCAs considering the age of the debt, would it be a good idea to act now and get as much/any information via a CCA to Cabot and a to SAR Lloyds TSB.

Or would that be considered counterproductive risking further action by Cabot in doing so, and should leave sleeping dogs lie etc

Any thoughts on this greatly appreciated

How much is the debt Luby ?

Andy

How much is the debt Luby ?

 

Andy

£9645.51 - gulp

Considerable then...dont poke the bear and continue with your £1 would be my advice....until they escalate it.

Considerable then...dont poke the bear and continue with your £1 would be my advice....until they escalate it.

so glad I asked first, thank you for that Andy

as an aside it would seem from the legal threads that perhaps I'm not to worry until my debt gets passed on to Restons maybe, and can't help but think that'll be sooner rather than later

- do you think perhaps considering the size of this debt and another in the region of £7698.88 I should think about going bankrupt?

I've no assets whatsoever

- and I'm not trying to get out of the debt but I've not a hope in the world I'm ever going to be in the position of paying all of the debt back

Absolutely not and never for Consumer Credit Agreements

And if cabot have that debt, then as advised theres definitley something wrong with it. They just saw the amount and rubbed their greedy little hands.

Whats your other debt about?

Further to my comments above, I received a letter from Cabot on 24th March, offering an alternative solution:

What you owe: £9631.51

What you could pay: £2889.45

Amount saved: £6742.06

saying I’d be reducing the time of repayment from years to a matter of months, and I could use this offer to clear my account in one instalment, or discuss a flexible repayment plan around the discount; all subject to agreeing appropriate terms of repayment.

They’ll take into account my financial situation, arrange a repayment plan that’s affordable and fair, while making sure I can meet other commitments, and pay all monthly priority bills.

*Personally I think they’ll not be interested when they realise my income wouldn’t amount to more than £10 per month being offered, and I can’t make a one off payment…

- or do you think it’s still worth a try?

imp, the other debt (MBNA) is currently 'stayed' at Northants CC, gathering interest until PRA decide to move it on

discount letter

ignore it

i'd be wary of ignoring it. Cabot will and usually do issue a chance claim if they think they can get a judgement by default., And from what e've seen, they do seem to be getting as bad as lowells used to be

well .............don't ignore a claimform...