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Advice needed - old debts
Comments
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Update: recieved a letter from Cabot/marlin today. The state " we have been advised by the original creditor they are unable to supply us with a copy of your agreement. This does mean that the agreement is now unenforceable however this does not mean that the debt can be written off. We look forward to hearing from you with your payment proposals to clear the outstanding balance"
How should I proceed? I am in a self managed DMP and could afford a minimal payment to them? It would take forever to pay as the original loan was approx 20k but I am willing to make attempts to clear this as I indeed did borrow this money years ago.0 -
Update: recieved a letter from Cabot/marlin today. The state " we have been advised by the original creditor they are unable to supply us with a copy of your agreement. This does mean that the agreement is now unenforceable however this does not mean that the debt can be written off. We look forward to hearing from you with your payment proposals to clear the outstanding balance"
How should I proceed? I am in a self managed DMP and could afford a minimal payment to them? It would take forever to pay as the original loan was approx 20k but I am willing to make attempts to clear this as I indeed did borrow this money years ago.
Have you read and inwardly digested the above ?
They have admitted they have no agreement, and also admitted to you its unenforcable.
This is liquid gold !!!!!!
They can't enforce the agreement through the courts, whatever you do, don't lose that letter.
Think yourself extremely lucky,
Do you really expect me to advise you what to do ????I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you - yes am still in a bit of shock!!
Am very grateful for all your help with this matter!0 -
Sounds to me like you should be writing back and telling them to kindly go forth and multiply and that you do not intend to make repayments going forward.
Well done, wish I was that lucky!!Original Total: £34200.78 / Current Total: £24017.00 (July 2017) -29.88%!
DMP started March 2014. DFD: November 20250
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