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Tonster

Question re Cabot interest

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Hi

 

My OH has a cabot account bought from Providian back in 2003. CCA'd them recently and there are no prescribed terms so offered them 10% of the 1000 debt. They will only take 50% so currently deadlocked.

 

However they sent a statement as well and they have added on interest of around £400 over the years.

 

I guess they have no legal right to do this so then this strenghtens our position.

 

What is the rule re DCA that bought the debt adding on interest?

 

Tony

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You mention 2003 ? IS there any chance the debt may be statute barred ?


PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

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Hi

 

No, my OH has been paying £10 a month until around August when I CCA'd them.

 

I know the agreement is devoid of all the prescribed terms but they won't accept the 10% f&f.

 

Now I have seen statements I can see that in 2006 and recently they have added on interest and my question is do Cabot have any legal way of adding interest? I wasn't sure a DCA who has bought the account could add interest on?

 

Tony

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