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treboryen01

Statute Barred Northern Rock/Cabot PPI

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I had a loan account with Northern Rock which I defaulted on and they subsequently sold it on to Cabot.

The account has been staute barred for about 15 years.

 

I recently made a tentative equiry regarding PPI, via a claims company, as I heard that it shouldn't affect the statute barred status.

 

I have been advised that Northern Rock have accepted the claim and a refund of approx £1100 is due and will pay it directly to myself.

They also say that they will advise Cabot to update their account details too.

 

To receive the refund I have to sign an acceptance form which says that this ends any PPI liability etc.

However there is also a condition that states that I accept that the cash loan is still in force.

 

My question is this:

Even though NR sold the debt to Cabot will my acceptance of this condition for NR constitute activity that will affect the statute barred status, thus "starting the clock again" and therefore give Cabot licence to start demanding payments from me.

 

And also as the PPI is seperated from the original loan, which now doesnt belong to NR, are they entitled to make this a condition of acceptance.

My limited understanding was that as the debt was sold on, then my PPI claim was the only issue.

 

I'd appreciate any advice as I could really use the refund.

Edited by dx100uk
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you cant unbar something that has become statute barred

not even a judge can.

 

£1100 seems very small for aloan of that age and that I bet was several £1000's itself

did you not SAR NR to get all the info FIRST.

or have you the original agreement still.

 

gonna be even less cause I bet the fleecing CMC will take 40% of it after fees/tax.

 

you NEVER need to us a CMC.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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I appreciate your quick response.

 

I don't have the original agreement, however the original loan was taken out about 2000 and was for £9000.

I lost my job in 2002 and last payment was 2003 and since then their contact just dried up,

I don't even recall being informed by NR that Cabot had taken the account.

 

I'm advised that the cash loan amount outstanding after PPI removed is £5000.

As I explained, I was worried that by accepting the conditions including the specific one about the cash loan still in force would start the clock again or that Cabot, after being advised by NR, would be able to pursue me for this. And if I rejected that specific condition that NR could withhold the refund.

Edited by dx100uk
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now go read post 2 again carefully esp the 1st 2 lines


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks again for your reply.

Ah, right. So I'm safe to just sign the acceptance form and if Cabot get in touch to just remind them of the statute barred status then?

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in E&W statute barring solely prevents enforcement of any debt..or the threat of court in a letter

 

i'e someone gets a CCJ and then tries to enforce it..get the money..they cant..so don't bother with trying to goto court

the owner of the debt is quite legally entitled to ASK for the money, you are quite legally entitled to ask them to go away...

 

unlike Scotland..whereby the debt is totally extinguished ... dead gone parrot after 5yrs.

 

since the introduction of the FCA CONC rules there has been a rule that states once you have told the owner the debt is statute barred then they MUST CEASE all communication..that SB letter is in our debt collection section of our library.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks once more, you've certainly put my mind at rest.

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Have you sent our sb letter since 2015 fax rule changes?


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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No I haven't sent correspondence or had any contact for a good while now, do you think I should make the 1st move and send the letter before NR pass on any updates?

 

Also just going back to what you said about the Scotland element to SB,

 

I recently moved permanently to Scotland from England so will this element now apply or will the fact that the accounts were opened in England take precedence?

Edited by dx100uk
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Residence at time of take out..

 

Pers I'd send nowt


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks again.

I'll claim my refund and then if Cabot get in touch again I'll respectfully set them straight.

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