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Lloyds/Cabot Old Credit Card Debt

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Received a notice of reassignment from Lloyds to Cabot for my credit card debt,

knew it was coming as have had two calls a day from cabot obviously haven't answered.

 

History of the debt is card taken out early to mid 90's defaulted two years ago

and have been paying £10 a month token payment with no interest or charges being applied.

 

Balance is just over £12k.

 

Pretty sure that Lloyds dont have my original documentation as its been requested in the past.

 

I haven't spoke to Cabot as yet and feel I have a few options

 

1 CCA request, from what I have read though documentation or not the debt was taken out so far in the past that they dont require that anyway so getting the debt set aside wont be possible.

 

2 Dont engage with cabot at all and just pay the £10 a month to the account they have on their documentation and see what letters they send, am sure they will try and ramp up amount being paid.

 

3 Offer f&f settlement, my plan was to try and do this with Lloyds next tax year I have some money I can take as dividends to do this but if I do it now will have to pay extra tax but think it may be worth doing that this year if I can negotiate a good rate.

 

I am leaning more towards option 3, if go for that what would be the best starting point for negotiations 25-30%? and what would you expect them to settle for?

 

Also I know we are not meant to ring them but from other threads the understanding I have is that the agents on the phone get commission

on what they recover so would I have more potential flexibility talking to them over writing in,

 

having dealt with dca's etc for some time now I know where I stand etc so am not scared to speak on the phone.

 

I would want everything in writing stating the default was settled and at zero balance.

 

Any thoughts or advice appreciated.

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Never believe a DCA phone jockey will do anything to help you.

As you have been paying the debtbis acknowledged so a CCA request may only prove that a CCA does not exist.

Have Cabot bought this debt or they assigned to collect on behalf of Lloyds?

Not only do you need to get the F&F agreed in writting the removal of adverse CRA entries and full settlement, you need to get written agreement that any remaining balance will not be sold to any third party.

Starting point should be no more thatn 10-15% of the os balance, to allow for negotiation.


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Never believe a DCA phone jockey will do anything to help you.

As you have been paying the debtbis acknowledged so a CCA request may only prove that a CCA does not exist.

Have Cabot bought this debt or they assigned to collect on behalf of Lloyds?

Not only do you need to get the F&F agreed in writting the removal of adverse CRA entries and full settlement, you need to get written agreement that any remaining balance will not be sold to any third party.

Starting point should be no more thatn 10-15% of the os balance, to allow for negotiation.

 

Thanks

 

The letter reads as though bought, haven't got it in front of me but Lloyds says something like they given up all rights to the debt will check when get in. From bits have read here and on other forums seems as though Lloyds have been having bit of a clear out and sold a load of debt to cabot recently.

 

Will download a f&f template and see how low they will go.

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OK Cabot now own the deb, so any ''negotiations'' will have to be carefully thought out, carefully worded and accepted in writting.


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not got all the statements have you?

 

reclaiming

 

dx


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I would just hit hard with the CCA request. As it's pre April 07, they would need the original to agreement to take you to court. You can still defend No agreement.

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Could be a very good move Cabot are not much into recons!!


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OK Cabot now own the deb, so any ''negotiations'' will have to be carefully thought out, carefully worded and accepted in writting.

Seems like an unusual amount of caution advised here Brig.

 

Is that because Cabot are particularly tricky? Or just because the F&F process is particularly tricky?

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Both from years of experience.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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