*** SETTLED ** Egg / Cabot / No CCA

[charitynjw]

SAR LLoyds & Halifax.
If they cannot supply the data, Lowells might have a bit of an uphill struggle.

[quintonside]

I have now settled all my debts that were no longer being reported on my credit file, using the CCA agreement request and then settling for around 5%.

I have two debts remaining,

Idem which has the AP and DMP markers against it. They have confirmed they are unable to provide the CCA agreement.

Link financial which has no markers against it. Not responded to CCA agreement request in 2.5 months.

Neither has a default against them. I explored getting them added but was unable to as original lender sold the debts over 6 years ago.

With current payments these would be cleared in around 8 months.

My question is, is there any value in agreeing reduced settlements with either of these two? or would the partially settled marker be detrimental?

[Amethyst]

If they defaulted over 6 years ago they will no longer show on your credit file, thus if you settle the debt they won't appear on your credit file detrminatally or positively. The only issue with outstanding debts that aren't statute barred is that the lender/creditor/debt purchaser could consider court action and risk having a CCJ against you - so to remove that risk and CAN settle for 5% of the remaining balance then I'd do so so they are out of your hair.

Although that IDEM is still being reported ? despite it having defaulted over 6 years ago ?? or did you enter an arrangement without defaulting ??
and Link's one should have fallen off the credit file completely ( or are you saying it was never added / never defaulted? )

[quintonside]

Sorry both debts in question have never been defaulted. That's why they both appear on my credit file still.

I did try to get them retrospectively added (so they would drop off) but was not able to do this.

On my credit file the debt with Idem is marked as AP/Debt management programme.

The debt with Link does not have these markers.

[quintonside]

Any thoughts?

[Amethyst]

Sorry meant to reply but got caught dealing with a spam post. As you entered into an arrangement without defaulting the agreement then the AR market will remain for six years after you have settled the account.

I might be inclined to SAR both original creditors on the accounts to check what happened - as if they did default before they were sold they should have been marked at that point.

[quintonside]

Thanks for coming back to me.


They definitely didn't go in to default, so i know the credit reporting is correct and they will remain on their for six years after settlement.

My dilemma is whether to pay them in full over the remaining 8 months or agree a discounted settlement now (they cant provide CCA agreements).

I just wondered if the latter option would be detrimental?

I feel perhaps it may be worth it on the idem debt as its flagged in a DMP anyway but perhaps not on the Link one?

[Amethyst]

I don't think it would be detrimental - it would be marked as satisfied/partially settled and then sit there for 6 years ... only benefit would be a) you pay less and b) your 6 years ends 8 months earlier than it would if you paid the full amount over the 8 months you have left to run.

[hrvey180]

Just for info.

I decided against the advice of stop paying, as it didn't sit completely right with me. (My sole opinion). Instead i contacted Cabot and said i had been given impartial advice to stop paying, but as a gesture of goodwill i was prepared to offer 5% as full and final settlement. They pushed back and asked for 10%. I left it a few days and said all i could do was the 5% rounded up to the nearest £100 (equated to 5.8%) which they accepted. I asked for written confirmation that the account balance would be set to 0 and closed upon my payment etc etc which they obliged.


Some will argue i wasted money on an unenforceable debt, but i have piece of mind and written confirmation that the matter is closed for good.

Hi,
I haven't acted on the NO CCA and but want to go down the same way that you have. Can I check if anyone knows where to get a letter template that would cover this scenario.

Congratulations on the result. My balance is 4,600 ish. Was your's similar?

Many thanks again.
Jonathan