Cabot FINANCIAL and Peoples Bank

Aramai

Hi, I wonder if someone can shed some light on what's going on here?

So I received a letter from Cabot Financial claiming that I owe £975.11 and that the Original Lender was Peoples Bank and that the Account type was a credit card.

They then say that they have not been able to track me down and that they are willing to accept £97.51 making it a 90% reduction!

1. I have never heard of Peoples Bank and never had a credit card with them, could they have been another Credit Card but owned by them. ( By this I mean how RBS and Tesco before Tesco ran their own show).

2. If I do owe this, I am fully prepared to settle this right away..just cautious, since I can't see why they would give someone a 90% discount from a debt.

Should I call them and discuss this, how do I know that this isn't some scam?

Anyone that can answer some or all of my questions and give any guidance and /or advice, I thank you in advance.

Ara

planteria

i certainly wouldn't pay it at this stage.
do you have any knowledge of any credit card account that you have not settled?
does it seem right that they have been unable to track you down for a period of time? have you moved house during the period concerned?

forgotmyname

Seems to be a few Cabot threads around. Chasing old debts with offers to settle for 10% of the amount.

I had one although i made a full and final settlement.

Scraping the barrel i think. Odd the other thread i posted in vanished?

g6jns_2

Aramai wrote: »

Hi, I wonder if someone can shed some light on what's going on here?

So I received a letter from Cabot Financial claiming that I owe £975.11 and that the Original Lender was Peoples Bank and that the Account type was a credit card.

They then say that they have not been able to track me down and that they are willing to accept £97.51 making it a 90% reduction!

1. I have never heard of Peoples Bank and never had a credit card with them, could they have been another Credit Card but owned by them. ( By this I mean how RBS and Tesco before Tesco ran their own show).

2. If I do owe this, I am fully prepared to settle this right away..just cautious, since I can't see why they would give someone a 90% discount from a debt.

Should I call them and discuss this, how do I know that this isn't some scam?

Anyone that can answer some or all of my questions and give any guidance and /or advice, I thank you in advance.

Ara

Sounds like a scam to me.

Aramai

Thanks for the reply!
I have just one card which i pay every month. i have no idea what this is. I have lived in the same house for the last 7 years.
Weird weird weird!

FireWyrm

Aramai wrote: »

Weird weird weird!

Not especially. The letter tells you a number of things.

1) They are not at all sure that they have the correct person and you have confirmed this by not knowing of any 'people's bank'. They are required by law to have a reasonable expectation of actually having the correct person prior to contacting them.

2) They bought the debt speculatively for pennies on the pound. The fact that they are 'willing' to settle for 10% tells you this, they wouldnt make a loss if they could help it. The debt is also almost certainly statute barred (even if you did owe it) due to the same 'lenience' offered.

3) They probably sent the same letter to dozens of other people with similar sounding names to your own.

Your course is one of three option.

1) Ignore it completely but keep an eye on your credit file.

2) Send them a Prove It letter

3) Send them a letter telling them to jog on, you are not the person they are looking for. (Oh, and, prove it)

harveybobbles

Options:

1) Use the letter for emergency toilet paper (very MSE)
2) Give to your hamster to shred as bedding
3) Write on it in crayons, fold into paper aeroplane and return to sender.

Killick

Peoples bank did exist at one time, I think it had conections to Citibank