Cabot

[lishdag]

My apologies if this is not the right place to start this thread.

 

I've been searching the site and have found some fantastic advice so far. I would like some guidance on a letter I have received from Cabot Financial in which they state they have purchased an account from AA Finance.

 

The balance is £6,093.10

 

It's a friendly letter from Cabot. I have recently moved home by the way and this letter is addressed to my old address. I would guess that I last made a payment on the account some 6 years ago. I know I don't need to explain to you good people the reasons for my inability to keep up repayments which, according to Experian are thus:

 

Company Name: Centrica Personal Finance (original loan with AA)

Started: 06/07/2000

Defaulted on: 31/10/2001

File updated to period: 11/06/06

 

This letter from Cabot states that they have purchased the account from AA.

 

With regards to statute barred, from what date does this run? Is it from when the agreement commenced or the Default date?

 

What does File updated to period mean? (on my Centrica/Experian report)

 

I have no qualms about admitting that I'd like to "run away" from this debt if at all possible.

 

"I've paid my dues, time after time, I've done my sentence

But committed no crime," - copyright - We Are The Champions, Queen.

 

Right, enough of that.

 

If Cabot find me at my new address and with an old debt they've bought - what are the chances of them issuing on me (taking me to court)?

 

Should I just ignore them or offer a 10% full and final settlement?

 

Thank you in advance to anyone who can assist. My 10 year financial problems are almost coming to an end. I want to move on with my life. This letter "out of the blue" appears to be the only thing stopping me.

 

thanks again

[Seminole]

You should not ignore the debt and you should not run away from it.

 

From your post you seem to accept that the debt did exist at some point. As you have read around the forum you will have seen reference to the CCA letter. This requires the creditor to produce a copy of the original signed agreement. However, if you agree that the agreement does exist then you shouldn't send this letter to them.

 

From what you say the debt may be statute barred. Essentially a debt becomes statute barred if the debtor makes no payment or a signed written acknowledgement of the debt over a complete 6 year period. There is a template letter in the Library that challenges the owner of the debt to prove that it isn't statute barred. You may wish to send this.

 

The purpose of this forum is to help people come to terms with and deal with their debt. It is not to help people "run away". There are various organisations that help people to put in place debt management plans (such as Pay Plan and CCCS) and the CAB can also help.

[lishdag]

You should not ignore the debt and you should not run away from it.

 

The purpose of this forum is to help people come to terms with and deal with their debt. It is not to help people "run away". There are various organisations that help people to put in place debt management plans (such as Pay Plan and CCCS) and the CAB can also help.

 

Hi, thanks for your reply. Please don't misunderstand me, I should have mentioned that I have made offers of settlement on several other debts which I am awaiting a reply on. It was the CAB who suggested that this old debt may become statute barred given there has been no contact for several years. They also suggested a 10% offer of payment if it became live again.

[Jeff2000]

Hi lishdag,

 

What's the latest?

 

Anything to report?

 

 

Jeff.