help needed 18 yr old debt

[smoggie1977]

Hello All

Just need some advice please

I had a credit card opened in 1996. I defaulted in 2002 and since then payments have been made to the bank
So for 14 years no contact no pressure to pay additional sums total silence

In October 2013 the account to which the payments had been going into had closed. I had no contact or advice on how to pay. To be honest I didn't know exactly who it was going too.

In Feb 2014 the debt was sold to cabot

Is my agreement enforceable? I know its pre 2007 and the loophole has been removed , some have suggested that the agreement is not enforceable due to the age of the debt, near 20 years

The account is not statute barred , which I accept , however I don't want this to go back on my credit file.

These companies prey on the most vulnerable on society and whilst I owe the money ,My original payment was subject to the minimum payment as per the original agreement , so can they demand or example 20% plus per month , and do I have to go through my income and expenditure when in reality for the last 12 years bar the last 10 I have complied with the original agreements terms and conditions

Can they default me twice?

I don't think they can?

[sloane82]

Re: help needed 18 yr old debt

See if you were paying any PPI on the credit card also apply for a SAR to get all your statements for the account and ask for good will gestures etc how much is the debt for?.

[FlamingParrot]

Re: help needed 18 yr old debt

I had a credit card opened in 1996. I defaulted in 2002 and since then payments have been made to the bank
So for 14 years no contact no pressure to pay additional sums total silence

In October 2013 the account to which the payments had been going into had closed. I had no contact or advice on how to pay. To be honest I didn't know exactly who it was going too.

In Feb 2014 the debt was sold to cabot

Is my agreement enforceable? I know its pre 2007 and the loophole has been removed , some have suggested that the agreement is not enforceable due to the age of the debt, near 20 years

The 'loophole' you refer to was s.127 of the Consumer Credit Act which was repealed in 2007 but only for accounts opened AFTER it was repealed, not retroactively, meaning it would still apply to your account from 1996. :grin: :clap2:

Te age of the account by itself doesn't determine whether it's enforceable or not, however, with accounts this old the agreements are often nowhere to be found (I've got one of them early 90s accounts with no agreement available :grin: :grin: :grin The way to find out is to send a CCA request, however, if Cabot are not putting pressure on you to pay more, you may not wish to upset the apple cart, bearing in mind that the account will never go SBd as long as you are making payments.

The account is not statute barred , which I accept , however I don't want this to go back on my credit file.

You can only be defaulted ONCE for each account, so this should never go back on your file. Keep an eye on it in case Cabot decide to record a fresh default, in which case you can get it removed. :thumb:

These companies prey on the most vulnerable on society and whilst I owe the money ,My original payment was subject to the minimum payment as per the original agreement , so can they demand or example 20% plus per month , and do I have to go through my income and expenditure when in reality for the last 12 years bar the last 10 I have complied with the original agreements terms and conditions

Have they asked you to increase your payments? If not, just let sleeping dogs snooze away.

Can they default me twice?

I don't think they can?

No, they can't! :thumb:

[sloane82]

Re: help needed 18 yr old debt

Find out if you paid any PPI on your credit card and get all your charges back get an SAR from the credit card company and look into it.

[smoggie1977]

Re: help needed 18 yr old debt

Fantastic

well all payments have stopped due not have the correct account details

At the moment Cahbot haven't done anything , but At some point I think they will try and default the account , since they have issued a "Letter of concern" regarding my payments

Just a letter in March stating the transfer and then in September with annual statement and letter of concern

when they pressure starts I will ask for the agreement

[sloane82]

Re: help needed 18 yr old debt

Smoggie you need to get all of your statements that you have have a look through them contact xxxxxx consumer services and get all yor PPI etc back have you paid any amounts back to cabot or any other debt collection agency at all?.

[Kati]

Re: help needed 18 yr old debt

Smoggie you need to get all of your statements that you have have a look through them contact XXXXXX consumer services and get all yor PPI etc back have you paid any amounts back to cabot or any other debt collection agency at all?.

There are other ways of reclaiming PPI (if the OP needs to that is) than using a company that charges 25% (+vat) on all their successful claims ...... the OPs local CAB is a good source of free information :tinysmile_twink_t2:

[smoggie1977]

Re: help needed 18 yr old debt

no payments to them just the bank for 12 years , which is werid

[sloane82]

Re: help needed 18 yr old debt

Did you buy anything off your card also was their any insurance late payment fees etc that you can claim back ask your credit card also mention about section 75 as you can claim back purchases that you are not happy with on your card and get an SAR a list of statements for the credit card. Which bank do you have the debt with?.