help with Cabot ccj

ade3101

Hi I have received a ccj claim this morning for a old welcome finance secured loan taken out in 2007 we have since lost our house.
Now the second charge was passed on to Cabot which is what I need information about.
I have never received a default notice for this debt which is £36308.5.
The particulars of this claim read
By an agreement between welcome finance and the defendant on or around 29/03/2007 then it goes on to say that we didn't keep up with the repayments ect.
Now my question is if they don't know the exact date the loan was taken out have they got the right papers to claim a ccj?
Many thanks

InsideInsurance

So you've received the claim form not a CCJ which would mean the court had already made its judgement and awarded to the claimant?

Most slight vagueness in court papers is intentional to avoid dispute, what date is the loan "taken"? The date of the application being accepted? The date the CA was signed? The date the CA was received back? The date the funds were released? The date the funds hit your account?

With several of these the lender would never know with absolute certainty the date and would just have a best guess (you could have put the wrong date down when you signed or funds could have been delayed after it left their account before hitting yours etc)

When was the last time you had contact with them? If you are wanting to try and escape your responsibilities the normal port of call is the statute of limitations if you've not contacted them in any way for over 6 years.

iolanthe07

The Statute of Limitations is 12 years for mortgages. The loan was a secured one, so AFAIK this is the limit that would apply.

National_Debtline

InsideInsurance wrote: »

When was the last time you had contact with them? If you are wanting to try and escape your responsibilities the normal port of call is the statute of limitations if you've not contacted them in any way for over 6 years.

Any capital element of this debt would be subject to a 12-year limitation period under s20(1) of the Limitations Act. Any interest charged on the capital borrowed would be subject to the standard six-year limitation period.


With a debt like this one, the majority of the balance is likely to be capital rather than interest and thus enforceable even if the debt is over six years old.


More info, including a letter than can be used to seek a breakdown of the amount claimed:


https://www.nationaldebtline.org/EW/factsheets/Pages/11%20EW%20Mortgage%20shortfalls/Default.aspx


Dennis
@natdebtline

fatbelly

There might be some arguments under the consumer credit act if this is a regulated agreement. But is it? I think there was a maximum loan value of 25k in 2007. How much did you borrow?

However, if you've got other debts and are no longer a property owner, now may be the time to think about an insolvency option.

ade3101

Thank you for your input I may well be looking at going down the insolvency route as I am disabled on esa support group and pip so have a very limited income

AUTUMN5

is a secured loan classed as a mortgage or just a loan?


thanks