Cabot Financial 75% off offer

[ostell]

The whole point is that it is not close to statute barred as you have admitted the debt and reset the clock. Take their offer.

[MIKE770]

get on an accept the offer with a provisal (Full & Final) integrated in it as it will not be sold on for the balance as I found out decades ago. fight if you got the stamina (as they pay 10 pence in pound for it and they thrive on peoples misery. or pay up on offer? your choice we will not condemn you, do you really owe them ? anyway your choice good luck!

[Celestine]

Okaaay! Sorry if wires got a little crossed here.

I must admit I did spot straightaway at the first post that you had reset the limitation clock by offering £100. So yes, whoops on that one.

You may have got close to avoiding the whole debt by virtue of Limitation Act but let's move on from that now. Golden rule, no offers and no contact aside from CCA/CPR31.14/SAR statutory requests.

I couldn't tell from your post whether this was credit card, loan, payday loan or whatever. Whichever it was, it would have been covered by CCA 77-79 and that should have been sent at the beginning of this process.

I'm sorry if we found your posts a little frustrating, your description was a little all over the place!

OK - settlement is the route here and you have been clear throughout that you're looking for settlement. Their latest offer is perfectly decent and you can put this all behind you. Xx

[victormotris]

Okaaay! Sorry if wires got a little crossed here.

I must admit I did spot straightaway at the first post that you had reset the limitation clock by offering £100. So yes, whoops on that one.

You may have got close to avoiding the whole debt by virtue of Limitation Act but let's move on from that now. Golden rule, no offers and no contact aside from CCA/CPR31.14/SAR statutory requests.

I couldn't tell from your post whether this was credit card, loan, payday loan or whatever. Whichever it was, it would have been covered by CCA 77-79 and that should have been sent at the beginning of this process.

I'm sorry if we found your posts a little frustrating, your description was a little all over the place!

OK - settlement is the route here and you have been clear throughout that you're looking for settlement. Their latest offer is perfectly decent and you can put this all behind you. Xx

Thanks for getting back to me.

Would it be worth sending a CCA request regardless? Would that affect the offer they have made me?

As you and I have both said, it's a reasonable offer. I've enquired about payment plans so waiting to hear back about that.

[Celestine]

You have nothing to lose by sending a CCA request. What type of account is it and what year was it opened? I ask because I may be able to guesstimate likelihood of them complying.

[victormotris]

You have nothing to lose by sending a CCA request. What type of account is it and what year was it opened? I ask because I may be able to guesstimate likelihood of them complying.

I sent a SAR to Capital One a week or so ago and it came yesterday. It was a credit card. The limit was £1000.

The bundle has a "Notifce of Default" dated 1st December 2015
Also has a "statement of default" dated 3rd January 2016

I received the credit agreement too. The date signed on there is 5/12/2014. Do you want me to post a copy of it?

[Celestine]

You certainly can attach an anonymised copy of the credit agreement, I'll take a look.

On balance of probabilities, it does sound like they have sent you the required documents. This case is making me a little curious as to why they offered such a chunky discount?? I guess its because this is at pre-litigation stage, I would be inclined to clarify whether there is a time limit on their offer as the next step would probably be court.

[EnglandPi]

They set the trap with 75% bait and once taken the clock starts again. Note they say

'The relevant Credit Reference Bureaux will be updated to show that this account has a zero balance and is partially settled with us'.

Why would it only be partially settled?

[MIKE770]

All records on CRAs have to show "Settled" if paid back in full OR "Partially Settled" if only a percentage is agreed and accomplished, it has to be an accurate record.

Also if anybody goes through this event make sure in the agreement that " Any balance will not be sold on to another Debt buyer"., as the fraudulent companies did to me decades ago.

[MIKE770]

deleted

[MIKE770]

good discount to get it out of the way & peace of mind< make sure if you do it is full & final and not to be sold on for balance>

[victormotris]

You certainly can attach an anonymised copy of the credit agreement, I'll take a look.

On balance of probabilities, it does sound like they have sent you the required documents. This case is making me a little curious as to why they offered such a chunky discount?? I guess its because this is at pre-litigation stage, I would be inclined to clarify whether there is a time limit on their offer as the next step would probably be court.

Evening all,

Just an update regarding this, I agreed to three monthly installments of just over £110 each. I was going to push for six payments but ultimately, I can afford it so decided to not push it any further...

We agreed on the 1st of the month and they have requested payment by the 8th starting in September.

One thing they have said, I hope it's nothing to be concerned about:

"I have put the settlement plan in place for £338.23 to be paid over 3 x instalments of £112.75 first payment due 8th September 2021 and then due by that date again in October and then a final payment of £112.73 in November.

Unfortunately we are unable to set this arrangement up via Direct Debit as we have agreed a reduced figure to close the account. "

Could they go back on the offer once it has been paid? My personal thought is that they have agreed this and specifically in writing so a contract is formed, correct?

[MIKE770]

make sure it is headed no further amounts sold on! before agreeing

[ostell]

Not using direct debit could mean that they are looking/hoping that you are late with a payment then they can cancel the agreement

[victormotris]

make sure it is headed no further amounts sold on! before agreeing

They previously stated:

I can confirm that once this payment has been received, your account will be closed and the remaining balance will be written off. It will not be sold or passed on to any third party, and we will send you a letter to confirm this.