cabot financial letter limited offer?

atwitsend_2

I have just recieved a letter through the post from Cabot financial. This is something that has appeared on my credit report but that I didn't know anything about (i only accessed it last week for the first time!)
It shows on my credit report twice...both with the nearly the same details, one just has a different update date,

start date 12/09/2005
date last deliquent 03/07
default date 16/03/2007
update date 08/05/2008 on the second one it says update date 22/10/2008



The letter says that if I respond then they can offer me a discount of 30% to settle the account.

Do I write to them and ask them to prove the debt first?the debt amount is £681.60, if they prove the debt is mine, what would be a reasonable repayment amount? Also does the whole amount need to paid to clear the default on my credit report?

fermi

If it was yours, what would it be for?

If they haven't proved any proof that you are liable, I would certainly make them produce it first.

They also shouldn't have two entries on your reports for the same debt.

If you settle the account the defaults would still stay. They would just be marked as settled.

However, if they can prove liability you may be able to do a deal to get them removed.

atwitsend_2

fermi wrote: »

If it was yours, what would it be for?

If they haven't proved any proof that you are liable, I would certainly make them produce it first.

They also shouldn't have two entries on your reports for the same debt.

If you settle the account the defaults would still stay. They would just be marked as settled.

However, if they can prove liability you may be able to do a deal to get them removed.

I think it might be mine, I know that sounds stupid, but me and my ex had some joint debts, I thought this one (next account) was in his name and was paid off when we split, having not heard anything from Next regarding the account since 2007, I assumed it was settled along with the others.

Would it be them that I would need to remove the defaults? also would the fact that I settled the debt be an adavntage to me for future credit? ie would creditors still decline me as i have a default on the record still even though its showing as settled?

fermi

Settled would look better than just the default, but the default would still be bad.

You could:

1) Start out informing them that you do not know of any debt to them, and require that they to prove it.

Letter here: http://forums.moneysavingexpert.com/showpost.html?p=11570893&postcount=2

2) Or you could make them give you a copy of the agreement, and a full statement of account for this (CCA request).

Letter here: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=getting_a_copy_of_your_credit_agreement_and_account_details

Or you could do (1) followed by (2) if you find out it is yours but they won't prove that you singed the agreement and that it wasn't settled.

Then you would know where you stand.

If the defaults are in Cabot's name, then they are the ones who can remove them.

If you decide to settle the account, then you may be able to do a deal to remove the default in exchange.

fermi

By the way, if they start out by giving a 30% discount, it really does make you wonder how sure they are you owe what they are asking?

Cabot are renowned for chasing debts that should not be owed or are unenforceable in law.

I wouldn't part with a penny until I had full details and knew I was liable.

atwitsend_2

super stuff! thank you ,what of they can't prove its mine? has this ever happened?

atwitsend_2

fermi wrote: »

By the way, if they start out by giving a 30% discount, it really does make you wonder how sure they are you owe what they are asking?

Cabot are renowned for chasing debts that should not be owed or are unenforceable in law.

I wouldn't part with a penny until I had full details and knew I was liable.

Thank you, I will defiantly be asking for proof. I honestly thought the next store card we had was a limit of £200, so can't see how it would be £600 odd, although they probably add alot of fees to that!

fermi

atwitsend wrote: »

super stuff! thank you ,what of they can't prove its mine? has this ever happened?

Frequently with debt collectors. :rolleyes:

At the very least it would give you huge leverage to get the defaults removed.

Either for nothing if they turn out to have been falsely added, or for a very small % of the real debt.

You may want to added to any letter that recording two defaults for the same debt is against the law. That is true regardless of anything else.

atwitsend_2

Mnay thanks, will get letter sorted and sent off Monday!