In 2004 I defaulted on a loan with Welcome Finance after I became disabled.

they sold the £2635 debt to Cabot.

I had other loans previous to this with Welcome and these were paid off or transferred to their next loan.

I recently applied to them with a PPI claim to which they agreed to pay back one of the loans but as for the one they sold to Cabot they said they had been in touch with Cabot and the account was still live and therefore they would buy back the debt and apply the PPI to the outstanding balance.

I have never been in touch with Welcome or Cabot since 2004 and I believe it would be statute barred in any case.

Of course the one PPI they plan to pay back is the lesser amount one and the larger PPI amount is for the one they sold on.

Not convinced that Welcome have been in touch with Cabot nor am I convinced the account with Cabot would still be open but I am no expert so I may be wrong. To be honest I do not trust anything that Welcome Finance tell me.

Any advice would be most welcome ( pardon the pun)

what date is the loan they are looking to off set against

and is this the FSCS you are dealing with?

yes they can by back and offset

it being SB'd has no bearing in E&W.

Thanks for your reply The date of the loan is July 2004 - It was with direct contact with WF which in hindsight was probably the wrong thing to do

no that's the way to do it.

then for that date sadly they can offset

what about all the others?

if you had a chain of refinance then it only takes ONE loan to have PPI and that runs thru them all

getting more int and PPI added each time

did you send them an sar?

Thank you again

I havent sent them a SAR as yet and yes there were 4 chain refinancing loans

then get one running.!!

dx

Thank you

Doing so as we speak.

Once more thanks for the welcome advice

One point though.

I have only been communicating with Welcome via email and they do not have my current address.

Requesting a SAR via email is fine but I doubt if they would wish to email back with a ton of data and therefore it would probably have to be sent via post.

As this debt is 14 years old and bearing in mind they say the account is active with Cabot is there any danger they might try to come after me for the debt?

you should never NOT inform your creditors of your correct address

outside of 6yrs or not.

you run the risk of a backdoor CCJ.

so read the sar and its posts and follow the guideline regarding old addresses there and what to do.

send the SR by 1st class post, get free proof of posting from any PO counter

All I can see under the SAR template is this

ull Subject Access Request under the new GDPR 2018 regime

tips for a successful SARicon......

you MUST sign the SAR.

if you have moved since taking out 'whatever' you are sending the SAR for

you should include a list of your addresses from the time of taking out the 'whatever'

and if you have moved

its worth including a copy of your current CTAX bill

to prove who and where you are now.

an SAR always goes to the original creditor

regardless to if the debt has been sold to a no powers debt collectionicon agency

It is saying to give all the addresses that I have lived at since taking out the loan. Not sure how to get around this. Can I give them a relatives address for them to send the SAR Info back to me?

So?

What have you got to include with the sar..............

You use your correct address!!

And inc a list of old so they can find your old info you need and a ctax copy to prove where you are now....

What are you not understand ing?

Ah sorry I read your post incorrectly - I thought you said "you should NOT inform your creditors of your correct address" where in fact you said "you should never NOT inform your creditors of your correct address" my apologies. I will get it sorted now