please can someone help??

CHEZ1

Hi,
apologies if this is not the right place but my husband has in the past serious debt problems prior to our marriage that led him to become mentally unwell. When we met I arranged payment plans with welcome finance to which he has paid for over 12 years,never missing a payment and is finally on the road to recovery.
Today we have had a letter out of the blue from a company called Cobot financial to say the debt has been brought by them and we are to contact them to arrange re-payment.
I realise he owes the money and will have to pay but the original loan was not the amount outstanding it is all interest that was added on whilst he was ill.
This has stirred up old memories for my husband of his illness, why have they done this ? and what should I do? I will contact them but we are struggling as it is if they want more money we will struggle even more. Any advice would be greatly appreciated, Thank you

sadbrokegirl

how long ago was that debt? if passed 6 years, should have the status barred and they are trying their luck. so dont answer otherwise will activate the claim.

CHEZ1

The debt is 13 years old and he has been paying it off to welcome so hes accepted it. They sold it on letter only received today don't know why they sold it as he has been paying !!!!

fatbelly

It's a commercial decision. They can sell the account at any time for any price they want.

The statute barred argument doesn't apply unless there was (ever) a period of six years (5 in Scotland) when he did not acknowledge the debt by way of payment or in writing.

The easy answer to your question is to start making those payments to Cabot.

However, making payments for 12 years and still owing makes me wonder whether this is the best strategy. Does he have other debts? Is he a homeowner? Does he have earned income, or benefits only? What is the total debt in his name?

Whatever you decide to do you should remember that this is a non-priority debt.

CHEZ1

Thank you Fat Belly, there was not a period of 6 years has they hounded him to the point he tried to commit suicide.
I realise they can sell the debt on but apparently because he didn't pay interest was added on to a high level. The Debt started at 3,999 and now stands at 3,989???? He has been paying regularly to welcome without fail. Thing is he was clearing his credit history and now this has come. He owes no more debts just this one now.
My worry is we will set up a payment plan with them but then will they too hound him??? The original loan was taken out in 2000 should I ask for the signed original credit agreement???
As you can see this is very worrying, any replies are greatly appreciated