NatWest Debt Sold to Cabot Financial

Spies

After getting home from work today there was a letter addressed to my partner from NatWest, upon opening it, it refers to a student credit card for which the debt has been sold to Cabot Financial.

I signed my partner up with Experian to double check and it does indeed show she defaulted on that card in September 2010. She insists that she saw someone at NatWest and that they wrote it off at the time... but that's by-the-by,

NatWest have made NO attempt to contact her regarding this debt in the meantime, she has a Current Account with them for which they have the correct details so they don't really have an excuse for having the wrong address on file.

Where do we stand with this? NatWest in my mind haven't made enough effort to inform her of the debt before passing it on to a collection agency. Also, I would like to see the statements relating to this debt, should they still have access to them after almost 6 years?

Thanks

Arleen

It's up to the person owing money to keep the lender up to date on their address and contact details, there is just no argument that will excuse her from doing so (okay, couple reasons but we didn't have earthquakes lately), and I guess that this is why she didn't receive any letters about it before?

And short of sending few reminding letters, they don't have to do anymore reminding before proceeding with debt collection, as again it's up to the person who owes the money to follow their debt.

It's also worth mentioning that whether they were to collect the debt themselves or passed it on to collection company makes no difference, most lenders do that simply because it's cheaper for them.

tomtontom

Difficult to believe they simply agreed to write off the debt. Were there extenuating circumstances, for instance was she very unwell? If not, being diplomatic, I would suggest her memory is incorrect.

fusionx212

Arleen wrote: »

It's up to the person owing money to keep the lender up to date on their address and contact details, there is just no argument that will excuse her from doing so (okay, couple reasons but we didn't have earthquakes lately), and I guess that this is why she didn't receive any letters about it before?

And short of sending few reminding letters, they don't have to do anymore reminding before proceeding with debt collection, as again it's up to the person who owes the money to follow their debt.

It's also worth mentioning that whether they were to collect the debt themselves or passed it on to collection company makes no difference, most lenders do that simply because it's cheaper for them.

it is not upto the person owing the debt it is upto the debt collector to prove the debt..

do not spout your rubbish here arleen,

op ask them to prove the debt with a CCA ( credit agreement) if they can't the debt doesn't stand and as such they cannot do anything with it in front of a court.

just because they say you owe doesnt mean you do.. feel free to challenge it and ask them to provide the evidence with their case and you provide yours.



the default will be gone in September 2016 which means it statute barred and as such they will not be able to chase for the money again because it's statute barred.

do you not accept or acknowledge this debt. wait it out.

Spies

So should we go ask NatWest to produce the statements or just ignore it until September? I fear Cabot will push hard in the next 3 months with threats of bailiffs etc but she doesn't have a penny to her name, shes currently at college full time so doesn't have time for work.

fusionx212

Spies wrote: »

So should we go ask NatWest to produce the statements or just ignore it until September? I fear Cabot will push hard in the next 3 months with threats of bailiffs etc but she doesn't have a penny to her name, shes currently at college full time so doesn't have time for work.

I wouldn't pay it or speak to them. first letter in 6 years. let them chase they have not given her a notice of default which they are required to do.
they love to threaten all sorts of doom but in reality they are just giving one last try before the debt goes to statute barred.

wait it out, if a debt collector knocks on your door simply turn them away

they have no power they will try and say whatever gets them their money.

once september comes they can't do anything.

Arleen

Spies wrote: »

So should we go ask NatWest to produce the statements or just ignore it until September? I fear Cabot will push hard in the next 3 months with threats of bailiffs etc but she doesn't have a penny to her name, shes currently at college full time so doesn't have time for work.

Ignoring the adhominem of angry guy with controlling issues, I would seriously advice AGAINST staying silent for one very important reason: it's not statute barred yet.

Limitation Act is there to limit start of action against old debts, which means that on default they have six years to obtain a CCJ against you, and the 3 months left is plenty enough to get that done.
By going silent then they may let it slip, but they also may just go to court and file a petition for CCJ using all the details they have right now, which may or may not include outdated address, in which case you won't even know that there is a case going on in court.
And when the CCJ will be granted then that not only will make the debt not become statute barred under Limitation Act, it will also add the CCJ to her credit file + allow for them to collect on said debt, either against income or assets.

Additionally if anywhere during that last six year your partner has admitted the debt, or made any payments toward it then it will prevent it from becoming statute barred. And who knows what she admitted to when visiting NatWest and, allegedly, the debt was written off (I'm sorry, but I just don't buy that story).

Your partners best course of action is to demand proof of the debt, just to be sure that everything is in order, and then just pay it off. If she can't just pay it off, go on a payment plan with them and pay it off in instalments. Of course its up to her, she can gamble and just ignore the world around her, hoping they will let it go rather than going to court and getting the CCJ, but that is that - a gamble, where a consequence can be a 6 years long CCJ marker on her file. Is it worth it? Not up to me to decide.

Thrugelmir

Spies wrote: »

She insists that she saw someone at NatWest and that they wrote it off at the time... but that's by-the-by,

No one she met would have had the authority to do so.

tomtontom

fusionx212 wrote: »

I wouldn't pay it or speak to them. first letter in 6 years. let them chase they have not given her a notice of default which they are required to do.
they love to threaten all sorts of doom but in reality they are just giving one last try before the debt goes to statute barred.

wait it out, if a debt collector knocks on your door simply turn them away

they have no power they will try and say whatever gets them their money.

once september comes they can't do anything.

Why should they not pay what you owe, money they borrowed and they spent?

This forum is about managing your financial affairs, not avoiding paying your debts.

CakeCrusader

Be careful with Caboot, they will take her to the small claims court to repay this and the last thing she needs is a CCJ. Your other half needs to write to them to ask them for confirmation that the debt is hers, and to ask them for a copy of the contract that she signed, and the date of the default. She could do with checking all of the credit reference agencies too.

Spies

How can you set up a payment plan when she has literally no money? She is at college full time and isn't claiming any benefit as she isn't eligible to.

She hasn't got any assets either, unless you class a Moto G as an asset for all its worth.