Cabot Financial Offer

[Fraggle]

Looking for a bit of advise on next steps with Cabot.

I defaulted on a unsecured bank loan due to redunandacy back in June 2017 and being in Scotland I assume that it will become statute barred in June 2022. So not long to go now.
The value of the outstanding balance is £11,500

I have not had any communication with Cabot during this time but I have recieved letters over the years asking me to make contact which I have disregarded.

Today I recieved a letter offering 75% off when I pay my account which is just short of £2900.

My biggest worry is that they start legal proceedings and a court decree is issued as another 6 years on my credit file is something I want to avoid at all costs.
With regards to the offer, this is something I could indeed pay off (and I am willing to do so if its the best move) but if it did go to the courts, I would not be able to pay off the full balance without arranging a longer term agreement.

What would be my best course of action in this scenario?

Thanks

[MIKE770]

pay it off if you feel the need to _ but get confirmation full/final and balance be written off before accepting?? sure others will advise also? Des-8

[Fraggle]

Letter states that file will be updated to partial settlement with balance of nil

[Fraggle]

Hi All,

So I just received a letter from about this morning stating that I have been selected for legal action. (decree in scotland)

I've not had a chance to think much about my 75% offer letter that I previously received so to date there has been zero contact from me.

If I were to make contact now, would this new letter likely to affect the offer I was previously sent?

The original credit agreement would be from 2014 and the debt will be statute barred in June 2022.

What I can't afford to have a credit impact for an additional 6 years I don't want to jump the gun and would explore any advice given.

The two options I see are

1) send cca request with a hope and a prayer. If j were to do this what would be the implications. Could it affect the offer?
2) pay Cabot. Whereas I can technically pay the 2900 that the offered to close, it could put me in a bit of a bind but if it's the smart move to avoid more credit file pain (and the stress of it hanging over me) then I will choose that option

Appreciate any advice

[MIKE770]

Send. Cca proof posting

[MIKE770]

Near statue barred they having another try,???

[Fraggle]

What would the implications be by sending a cca request? If they were able to produce the goods would this make it less likely for them to accept the original 75% off offer or would this still stand. Does this also reset the statute barred timer?

They say I have 1 month from date of letter to contact before they pass along for legal proceedings

[MIKE770]

they would have to produce an enforceable CCA1974 to win a possible case (why have they left to near last minute to try their hand again??) if they fail to produce within 12-14 days then a case cannot be finalised in court until if ever they do!!! they hope you are nor aware of the law, a court case can be started (they tend to) but withdraw near last minute before they loose their case fee, if they know they cannot win. read around CCA1974 issues?

[Fraggle]

I'm going to send a cca request and see what comes if it. If they cannot find it and the debt becomes unenforceable would my act of sending a request reset the statute barred timer?

the time is currently up in June but want to know if they could potentially jump into action if they were able to produce it some time down the line. If this was the case would it be worth offering a lowball full & final settlement just to put it to bed

[MIKE770]

no CCA request is a right and cannot affect statute barred.

[Fraggle]

I sent off the CCA request on 5th January and today I have reicved two letters howevr both are dated before I sent my request so not sure if they just arrived late or are mean tot be a response to my CCA request (I can provide redacted copies if required)

1) 8th Dec 2021

titled "Statement of your account"

Lists:

Acc Ref
Owener
Original Acc number
Original Lender
Date thata greement became executed
Acc Tupe
Agreement duration
Amount of Credit
Contractual Payment

Provides balance for period 7th Sept 2020 to 6th Sept 2021 with a statement of no financial transactions


2) 24th Dec 2021

titled "Notice of Sums in Arrears"

Shows similar information as other letter for dates between 24th Dec 2020 & 2021 and also states that its been given in compliance with CCA1974 because I am behind with sums payable


Are either of these letters anything to be concerned about following my CCA request or does it warrant any action by me at this point?

[MIKE770]

no their move now