Cabot Financial moving towards legal action

[lou2020]

Hi Guys

I have received a letter from Cabot Financial stating that I need to contact them ASAP to avoid legal action.

The account in question relates to an old default in 2009 that has since dropped off my credit file. The outstanding balance is still £11k and I have continued to repay the very original creditor without missing any repayments each month of the agreed amount that we both agreed on back in 2009.

The debt was for an unplanned overdraft with HSBC that went to Metropolitan Collections who then sold it to Marlin Europe LTD and now Cabot are stating that no plan is in place and so are threatening with legal action.

Cabot send me annual statements to confirm the balance is reducing so I am unsure how to proceed.

I have never sent any correspondence to Cabot to date but they want me to contact them or they'll apply for a CCJ.

Any advice would be greatly appreciated.

[nemesis45]

Re: Cabot Financial moving towards legal action

Good afternoon, welcome to LB

I guess that Cabot are dissatisfied with the level of payments which perhaps are not reducing the debt as quickly as they would wish.

The threat is applying for a CCJ getting a judgement in their favour is a different matter particularly as payments have been made as arranged with the albeit 7 years ago with the OC not Cabot.

Were you aware officially that the debt had been assigned to Cabot?

nem

[lou2020]

Re: Cabot Financial moving towards legal action

Hello

Thanks for your reply. I can't remember ever receiving a letter confirming the debt had been transferred over but they send me annual statements each year confirming the balance is slowly reducing. I have never contacted them or paid them any money so the original creditor must be paying them.

How do you think I should proceed?

[charitynjw]

Re: Cabot Financial moving towards legal action

[MENTION=55034]nemesis45[/MENTION]

[nemesis45]

Re: Cabot Financial moving towards legal action

Good morning,

I think you have stated the reason for Cabot's activity " the debt is SLOWLY reducing".

It is probable that Cabot has been looking at your credit files to see if your financial status has improved since the arrangement was put in place with the original creditor.

If however your finances have not improved you can write to Cabot explaining that you are paying all you can reasonably afford, they may ask for an I & E statement.

nem

[lou2020]

Re: Cabot Financial moving towards legal action

Thanks Nem.

I wrote to Cobot and did exactly that. They replied saying they would accept the current arrangement that I have that with the OC since OC is currently paying them.

I can't help thinking that they are desperate to get me to pay them directly as the stsue of bar is approaching since they acquired the debt in 2011 so if this is correct it will be bared next year as I have never paid them directly. Does this sound correct to you?

I have never paid them directly so will the debt become statue barred even though I have been paying the OC?

Appeciate your responces.

[nemesis45]

Re: Cabot Financial moving towards legal action

Thanks Nem.

I wrote to Cobot and did exactly that. They replied saying they would accept the current arrangement that I have that with the OC since OC is currently paying them.

I can't help thinking that they are desperate to get me to pay them directly as the stsue of bar is approaching since they acquired the debt in 2011 so if this is correct it will be bared next year as I have never paid them directly. Does this sound correct to you?

I have never paid them directly so will the debt become statue barred even though I have been paying the OC?

Appeciate your responces.

i
The provisions of the Limitation Act 1980 have not / cannot come into effect as payments have/are been/being made to the original creditor:

Each and every payment resets the 6 year clock to zero on the date paid.

The debt will be removed from credit files on the 6 anniversary of the default date paid or not.
It remains payable and open to litigation.

nem