Cabot no CCA account 'on hold' next step?

Sarahc12345

Thank you Fermi

Lloyds have written to me to say they are forwarding my payments onto Cabot, I continued paying Lloyds as I acknowledge the debt with them but not with Cabot. I will cancel the standing order to Lloyds.

with regards to Cabot as I am not acknowledging the debt to them and they have not been able to produce the CCA following my request and as their letter states have put the account on hold do I not pay anything or respond to them and just wait until such time as they can produce the CCA?

fermi

That is always the difficult point in these cases.

You can never be sure if or when they might turn up an agreement that allows them to comply with the CCA request, and/or that may be technically enforceable in court. While their letter doesn't sound optimistic, it has been know for things to change if the original creditor suddenly turns something up.

It's a case of balancing the pros and cons as to whether stopping payments altogether is a good plan.

- May be that you do and you never hear a thing ever again.
- May be that you do and a CCA turns up out of the blue and Cabot decide, 'right, we're taking you to court now'.
- May you keep paying and turns out that is throwing money down the drain as they never find a CCA
- May be that you keep paying and that turns out to be wise as they turn up a CCA later, and you carrying on paying is a +ve on your side.

No-one can say which of the above is best or may come to pass.

So you have to make a judgement call.

Sarahc12345

Ok thanks, my thought process is that as the agreement was originally taken out in 2004 With Lloyds I feel it unlikely they would find the CCA not impossible but unlikely. I acknowledge the debt with Lloyds so I will continue to pay the £5 per month to them as was our agreement (they can forward it onto Cabot if that's what they want) but as far as I am concerned I am adhering to the agreement with Lloyds. I am quite happy to continue paying £5 a month for however long.

Cabot I shall ignore until they can provide a CCA as I do not acknowledge that I owe them anything? Essentially Cabot cannot put pressure on me to increase payments then??

Next year it's off my credit file, wait 6 years and it's statute barred with Cabot??

What's your view, am I completely off track with this??

sourcrates

Sarahc12345 wrote: »

What's your view, am I completely off track with this??

Yes you are way off base !!!


Its Lloyds that cant provide your copy agreement, as they were the original creditor, Cabot have bought an unenforceable debt, they will most likely either sell it on, or return it to Lloyds.

Cabot are the new owners, Lloyds will not be interested, they have washed there hands of it and sold it on.

Why would you want to continue paying an unenforceable debt ?

You write to Cabot, and tell them, that as they don't hold a copy of your agreement, the debt is unenforceable in court, as such you wont be paying, you are entitled to do this as they have not complied with your CCA request, that's it, that's all you have to do, then walk away, and forget about it.


If they did ever "find" your agreement, then that would change things, but I feel it unlikely that they will.

Sarahc12345

Thank you both sooo much x

fermi

Sarahc12345 wrote: »

Next year it's off my credit file, wait 6 years and it's statute barred with Cabot??

What's your view, am I completely off track with this??

If Lloyds are now acting as agent for Cabot to pass on the payments, then each payment is still restarting the 6 year clock for it to be statute barred. Also each one to Lloyds while they were still the owner would have restarted it as well.

So, no, not going statute barred any time soon.

That is why you have to take account of the fact that if - unlikely as it may be - they turn up the compliant agreement, then the debt could be enforceable in court against you.