Statute barred, offering refund?

Concerned-scot

Hi
Recd letter from Cabot Financial saying they had recently written to me (no!) identifying overpayment and that as I was living in Scotland at time account became statute barred they wish to repay any amount after this date (but no dates given)

"what you should do now" goes on to say I should phone them so they can explain what statute barred means and start to process my refund.

Can't be sure of dates as was ill for some time and let things slide but last used original lender well over 10 yrs ago. I thought I was pretty much debt free these days, not even been overdrawn in 8years, so bit surprised as thought had cleared everything some time ago, bit cynical these days but seems as if it's an attempt to reset a clock by enticing contact, can they do that?
Thanks in advance

I

fatbelly

I think this is possibly one of those rare occasions where they mean what they say.

They want to give you some money.

They can't restart a statute barred debt.

Block your number before you phone and if it is a scam, just put the phone down

sourcrates

Once statute barred, forever statute barred, nothing can change that.
Seems a bit strange to me offering a refund on a statute barred debt, I would proceed with caution if I were you, they cannot change the SB status, but seems a bit dodgy to me, are you sure this is genuine ?

shortcrust

I think it's very odd, but I'd be curious enough to ring them if I were you. I honestly can't think why they would want to refund the money. After all, you can continue to pay after a debt is statute barred. Could it be that they sent the wrong type of letter, misrepresenting the legal position?

PS I've just realised how daft it is to say "I honestly can't think why" directly before thinking about why.:)

fatbelly

shortcrust wrote: »

I think it's very odd, but I'd be curious enough to ring them if I were you. I honestly can't think why they would want to refund the money. After all, you can continue to pay after a debt is statute barred.

In Scottish law the debt is 'extinguished' when it becomes SB.

Maybe the FCA are leaning on them to repay amounts collected on extinguished debts.

That would have some logic to it.

sourcrates

fatbelly wrote: »

In Scottish law the debt is 'extinguished' when it becomes SB.

Maybe the FCA are leaning on them to repay amounts collected on extinguished debts.

That would have some logic to it.

Ah yes, that would make sense.


If it were in England or wales, it would throw up a red flag, but your explanation seems reasonable.