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Cabot Financial

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  • Cabot Financial

    I have today received a letter from Cabot Informing me of a External Agency Recovery Notification the debt is a credit card for just over £5k the debt became statue barred in 2015 and was defaulted in 2009 I have kept a copy of my Credit Report as I thought they may chase me after the debt became statue barred so have all the relevant info my question is should I write to both Cabot & Ruthbridge the collection agent and tell them the debt is statue barred if so is there a template letter or should I just ignore it Many thanks for any info you can give me
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  • #2
    Yes, tell them both the debt is statute barred if you are certain you have not acknowledged or made any payments since 2009.

    Example of a letter

    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 payment or acknowledgement of this debt has been made within the last six years and accordingly unless you can provide evidence of payment 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 FCA Consumer Credit Sourcebook (section 7.15) states that "Notwithstanding that a debt may be recoverable, a firm must not attempt to recover a statute barred debt in England, Wales or Northern Ireland if the lender or owner has not been in contact with the customer during the limitation period." and that ''A firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred.''

    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)
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    • #3
      Many thanks Amethyst I am 100% sure they have not been paid any money thank you as always for your help


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