Help with Cabot Financial debts..please

stevejv

Hello. This is my first post so please be patient.

I currently have two debts with Cabot Financial, one for a Morgan Stanley credit card and one for a Halifax credit card. Both debts are registered at a previous address of mine. At the beginning Cabot were pestering my parents/grandmother (different address from myself) with repeated phone calls. The debts are both in my name even though I accumulated them jointly with my ex-wife. We have since signed a legal form saying there were no outstanding debts (after the divorce completed) and that any debts after this were our own responsibility.

Morgan Stanley

Original balance £2199.71. Paid to date £286.14 (through CCCS)
Last payment (I can tell) 26/09/2001 then 12/07/07 (£1 token payment)
Purchased by Cabot 27th May 2004, balance £2199.71
1st contact (from Cabot) 23/05/07 (written)
1st contact (from me) 10/07/07 offering £1

I applied for a copy of the credit agreement and statement of account on 26th Nov 2007 (to both Cabot and Morgan Stanley). Receive no reply from the Morgan Stanley). After Cabot stated they were not the original lender and so they had no obligation to comply I eventually received a copy of the credit application (one sheet with my signature on it) and statements (Sep 2000-Sep 2001). These state that the last payment was 26/09/2001. I am currently paying this debt through the CCCS.
Was offered (after asking for) a full and final payment in November 2007 of £1900 then £1650 but could not afford either amount.

Halifax
Original balance £2192.04. With interest £3356.64. Paid to date £74.82 (through CCCS)
Last payment (I can tell) 02/05/2002 then 25/05/2008
Purchased by Cabot 30/10/2003, balance £2192.04
1st contact (from Cabot) 07/01/2008 (written)
1st contact (from me) 26/11/2007 (not acknowledge debt). First acknowledgement of debt on 25/05/2008

I applied for a copy of the credit agreement and statement of account on 26th Nov 2007 (to both Cabot and Halifax). Receive no reply from the Halifax. I eventually received a copy of the credit application (one sheet with my signature on it) and statements (Nov 2001 – May 2002). These state that the last payment was 02/05/2002. I am currently paying this debt through the CCCS.
Cabot have since removed interest (£1164.60) on the condition that I keep up my repayments.

Is there any possibility either account could be statute barred?

Full and final on both accounts
In the past few weeks I have tried to obtain a full and final offer for both accounts (combined). I offered Cabot (£1432) however this was turned down. Later I offered £2037 to be turned down again. They are stating they need a figure of £2900. Combined debt now is £4048.79. This is £1148.79 less.

If there is a possibility that one of these debts could be statute barred then I am prepared to try this however if I do try this I am worried that they may withdraw all offers altogether.

Please could you give me some advice as to what is my best choice of action.

Many thanks – Steven

stevejv

If anyone has had any experience dealing with Cabot I would appreciate your help.

if anyone has any help with full and final offers


if anyone has any help with statute barred debts


I would appreciate ALL help you can offer

Many thanks

LilacPixie

Where in the country are you??

stevejv

I am in Newcastle, Tyne and Wear. Can you offer any help?

stevejv

As it stands I think I have three choices

1. To claim that the debts are statute barred. The Halifax one might just be.

2. To write to Cabot, explaining my circumstances and see if they will accept a lower offer

3. To see if Cabot will accept a lower offer, say £2400

Normally I wouldnt use a forum to discuss financial stuff but I thought/hoped I would get some response.

Please help

Cheers - Steve

jammin_2

stevejv wrote: »

1. To claim that the debts are statute barred. The Halifax one might just be.

If you last made payment towards this debt on 25/05/2008, the 6 year "statute barred" clock was reset on this date, afaik.

stevejv

Thanks for replying, jammin.

Does it not matter that there was a six year gap in between payments?

Steve

jammin_2

stevejv wrote: »

Does it not matter that there was a six year gap in between payments?

It does not. I'm open to correction, but I believe that, once you acknowledge a debt, the 6-year clock is reset. I'm sorry, mate.

Ames

I'm pretty sure the clock isn't reset, that once there's been a six year break then it is and always will be statute barred. That's what I've read on here anyway.

stevejv

No problems. Thanks mate.

Steve

(From what I have read this seems like a 'grey' area of the law. Some people say it is 'unenforceable if a payment is made when there has been a 6-year gap' whilst others say 'the 6-year clock is reset when a payment is made')

stevejv

Forgot to add.

I have been told it is 6 years from the default date (i.e. after the last payment was made. not sure if this is right though)

So the Halifax debt may be statute barred, even though I have made payments.

Only trouble is, if I take this action (and it turns out NOT to be) Cabot may stop all offers and I will end up paying the full amounts on both debts.

Steve