Cabot - Offering full and final settlements!

ylesia

Well out of the blue my Mum has received 3 letters from Cabot, offering to clear the 3 debts they have for her at 40%, 40% and 30%!

These debts have been running on a low payment DMP for 6 years so I guess they just want them off the books!

My mum does not have any funds available but I could free up some money to give her but probably not quite enought to cover the full amount they are asking.

Do you think there would be any point in me trying to get them to lower their offers further? I was thinking of asking them to drop all of them to 30%?

The letters were really nice! Which is making me nervous!

This has taken me totally by surprise, if we manage to clear these 3 debts then it will almost half mum's debt

If anyone has any advice then please share - slightly worried about what CCCS are going to say as this will clearly be treating a creditor differently, I am going to phone them first before getting back to Cabot.

awayinchina

offer them 15% for the lot <starting point on the condition all defaults are removed, in regards the account and the account is marked as OK and settled. simple cabot have offered to settle the others have not. plus, money you save can be channelled into paying the others (win win for the creditors)

ylesia

awayinchina wrote: »

offer them 15% for the lot <starting point on the condition all defaults are removed, in regards the account and the account is marked as OK and settled. simple cabot have offered to settle the others have not. plus, money you save can be channelled into paying the others (win win for the creditors)

Thanks for replying, phoned them yesterday and managed to settle on 27% It was on the condition that I paid one of the debts off immediately (they sent me an email confirming F&F while I was on the phone) and then the rest within 6 weeks.

I then called CCCS this morning and all good.

McKneff

There is no way you can blackmail them into removing the defaults from your mums credit file.
They are a true record of her credit history.

They will drop off her file in 6 years from the date of the default.

This will only ever be done if a major mistake has been made by the company who filedthe default so I would hold your breath.

What are the dates of the defaults.

ylesia

McKneff wrote: »

There is no way you can blackmail them into removing the defaults from your mums credit file.
They are a true record of her credit history.

They will drop off her file in 6 years from the date of the default.

This will only ever be done if a major mistake has been made by the company who filedthe default so I would hold your breath.

What are the dates of the defaults.

I never mentioned anything about wanting defaults removed.

These debts are not even on my mums credit file anymore - the defaults are all more than 6 years old and have dropped off. Although I would prefer they stayed on there forever so she could never get credit again!

McKneff

ylesia wrote: »

I never mentioned anything about wanting defaults removed.

These debts are not even on my mums credit file anymore - the defaults are all more than 6 years old and have dropped off. Although I would prefer they stayed on there forever so she could never get credit again!

No, I know you didnt, but awayinchina did.

If the defaults are not on the file anymore there is no obligation to pay anything at all, so I really don't understand why your mum is doing so.

Your mum, with a clear credit file, can in actual fact tell them to do one because after 6 years the debts are not enforceable.

I find it incredulous to be honest or did you not know this.

ylesia

McKneff wrote: »

No, I know you didnt, but awayinchina did.

If the defaults are not on the file anymore there is no obligation to pay anything at all, so I really don't understand why your mum is doing so.

Your mum, with a clear credit file, can in actual fact tell them to do one because after 6 years the debts are not enforceable.

I find it incredulous to be honest or did you not know this.

My mum has been making payments towards to these debts every month for the last 7 years. I know there is a 6 year rule but my understanding is that is just for debts that you have not acknowledged or make any payments towards in that time?

Surely if they just stopped being enforceable when you hit 6 years past default then why do DMPs last more than 6 years??

I think I am going to stop posting on this site as for every supportive post there is a post of ridicule

McKneff

I was trying to help, sorry if I have offended you.

ah well, never mind, you can only help some of the people some of the time
and not all of the people all of the time.

I'm off too

ylesia

McKneff wrote: »

I was trying to help, sorry if I have offended you.

ah well, never mind, you can only help some of the people some of the time
and not all of the people all of the time.

I'm off too

Effectively calling me stupid is a funny way of helping.

Can someone please confirm or not if a debt is unenforceable after it drops of your credit file - even if you have been making payments?

So far I have only actually paid 1 of the debts and due to pay the others.

swanfan02

ylesia wrote: »

Can someone please confirm or not if a debt is unenforceable after it drops of your credit file - even if you have been making payments?

You mean statute barred?

That's 6 years from last payment or written acknowledgement.

ylesia

swanfan02 wrote: »

You mean statute barred?

That's 6 years from last payment or written acknowledgement.

Thank you

That is exactly my understanding