What do I do now about Cabot Financial

[db1]

Hi All,

Well I have now got a fourth letter of Cabot, saying again that they have bought the account of Barclays Bank and have tried to contact me previously. Its now vital that you contact us urgently to discuss your account. They offer a choice of payments, then say if you don't contact us to agree a suitable repayment plan we'll have to move your account to the next stage of our collection process.

I don't know what to do now, I thought that as people on here have said this Debt is now more than ten years old it is statute barred, What are Cabot doing buying such a debt, Should I just ring them, and say go away leave me alone.

Help Please

[Tools]

Re: What do I do now about Cabot

If the debt is over 6 years old and you have not had any contact chasing the debt within 6 years then you can write to them and inform them that it is statute barred.

They are also breaking the OFT's Debt Collection Guidelines

Statute barred debt
2.13 This guidance applies to the pursuit of debt regardless of its age. We will be
carrying out further work on this aspect of debt recovery including analysis of
relevant legislation and practice throughout the UK.
2.14 In the past we have dealt with a number of statute barred debt cases governed by
the Limitation Act 1980, which applies to England and Wales. Based on that
experience our position with regard to England and Wales remains:
a. we accept legally the debt exists
b. it is the methods by which the debt is collected that can be
unfair as follows:
• it is unfair to pursue the debt if the debtor has heard nothing from
the creditor during the relevant limitation period
• if a creditor has been in regular contact with a debtor before the debt
is statute barred, then we do not consider it unfair to continue to
attempt to recover the debt
• it is unfair to mislead debtors as to their rights and obligations, for
example, falsely stating or implying that the debt is still legally
recoverable and relying on consumers not knowing the relevant legal
provisions, and
• continuing to press for payment after a debtor has stated that they
will not be paying a debt because it is statute barred could amount to
harassment contrary to section 40 (1) of the Administration of

http://www.oft.gov.uk/shared_oft/bus...dit/oft664.pdf see page 9

[Amethyst]

Re: What do I do now about Cabot

Try this

Creditor or DCA Name
Creditor or DCA Address
Town
County
Postcode





Dear Sir/Madam

Re: Account No/Your Ref:

No debt is acknowledged to your company yet you have contacted me regarding the above account.

As I am sure you are aware, under the Limitation Act 1980, s.5 “an action founded on simple contract shall not be brought after the expiration of six years from the date on which the cause of action accrued.”

No correspondence/payment/acknowledgement of this debt has been made within the last six years and accordingly unless you can provide evidence of payment or written contact from me in the relevant period under s.5 of the Limitation Act 1980, I suggest that you are no longer able to take any court action against me to recover any alleged amount claimed.

Furthermore, the OFT Debt Collection Guidance states that "continuing to press for payment after a debtor has stated that they will not be paying a debt because it is statue barred could amount to harassment contrary to s.40 (1) of the Administration of Justice Act 1970".

I await your written confirmation that no further contact will be made concerning the above account and confirmation that this matter is now closed.

I look forward to your early reply.



Yours faithfully




(Your signature)
(Your Name)

I'd stick to writing too

[Sapphire]

Re: What do I do now about Cabot

No No No DO NOT UNDER ANY CIRCUMSTANCES TALK TO ANY DCA ON THE PHONE make sure you do everything in writing and keep it all in a file, then you'll have a nice little paper trail. Have a read of this guide Legal Beagles it explains things more clearly.

Oooops Tools and Ame and myself all posting at the same time.

[Tools]

Re: What do I do now about Cabot

Seems the overall advice is do not speak to them, keep it in writing and tell them to shove it

[db1]

Re: What do I do now about Cabot

Thank you all so much for your advice and quick response, which template should I use, the one from Amethyst or Tools.

By contacting them is that not an admission of the debt and bring it back out of statute barred

[Sapphire]

Re: What do I do now about Cabot

Use the template from Amethyst its a letter, the one from Tools is just the guidelines.

[db1]

Re: What do I do now about Cabot

Thanks Sapphire, by the way your link in last post did not work said invalid

[Tools]

Re: What do I do now about Cabot

Try that link again db1, it may have logged you out, if so login again to view it.

[db1]

Re: What do I do now about Cabot

Thanks tools, I tried that but still wont work.

One question Why would Cabot buy a ten year old debt?

[Tools]

Re: What do I do now about Cabot

I will look into the problem with the link.

DCA's do not purchase individual debts they bid for batches of debts on offer by the original creditors trying to recoup some of their losses. These statute barred debts will have been included among some current ones too. They also purchase debts that are not enforceable due to a lack of CCA, but it doesn't stop them trying does it?

For example, a debt of £1000 may be purchased for as little as say £100, if they can recover that £1000 (or a portion of that above £100) plus any additional interest, costs, charges, then they have made a profit.

[Tools]

Re: What do I do now about Cabot

Now try logging out, clearing your browser cookies then log back in.

[db1]

Re: What do I do now about Cabot

Hi Tools, tried that still comes up invalid?

[Amethyst]

Re: What do I do now about Cabot

Sapphys posted a duff link - try this one Legal Beagles

[db1]

Re: What do I do now about Cabot

Thanks Amethyst, that link works ok, looking at the link in it, curlyben says not to put without prejudice, but to put I dont acknowledge the debt to your company, bit confused now?