Help with Cabot Financial debts..please

Deep_In_Debt

Like jammin says and I'm probably putting a spanner in the works here, but I always thought that if you hadn't made a payment for 6 years since the default notice and last payment then it is statute barred but if you re-start the payments, it becomes repayable. I'm probably wrong though.

fermi

Once a debt has become "Statute Barred", it REMAINS so whatever you subsequently do.

I would get some professional advice from the people who wrote this factsheet.

Link: Factsheet | Liability for Debts and the Limitation Act (England/Wales)

If you have started to make payments on a debt where there was more than a six-year gap then it is probably unenforceable. Phone us for advice.

Tel free: 0808 808 4000

stevejv

Ok. Thanks to everyone who has been helping me here. It was the national debtline that told me -

6 years from when the account has defaulted if there has been no payment or contact from the creditor then the debt is statute barred.

Steve

stevejv

Does anyone think £2900 on a £4000 debt is an ok full and final settlement
(if I didnt go the staute barred way)

They probably purchased the debt for about 10-20% of that amount.

Thanks - Steve

stevejv

I know we aim to pay as less as possible but does this sounds like a reasonable reduction ??

Any views?

stevejv

I guess not. Cheers anyway

Steve

Ames

If it's with a DCA then I'd say it's more than reasonable, advice I've read on here says to start at about 30%, and you're offering nearly 60%.

stevejv

Thank you.

I started at £1432 then £2037 (both offers were turned down). They said they needed a figure around £2900. Cabot are quite tough on the negotiation side so I have read.

I suppose it is better than paying the full £4000 however it bugs me that they probably bought the debt for about 20% of its full value

Cheers - Steve

jammin_2

stevejv wrote: »

I started at £1432 then £2037 (both offers were turned down). They said they needed a figure around £2900.

What about £2400, full and final? I'd say that's reasonable.

stevejv

Thats about what I had in mind however it will take some hard negotiation to get that I think.

Thanks to all who helped in this thread.