Cabot - Your credit file indicates that your situation may have changed letter.. HELP

nomorecc

Hi All,

I REALLY hope someone can help me .

It's been a while since I've been here @ MSE... It all started when my father had health issues about 8 years ago and I ended up buying the family home.

I raised as much money and before I knew it I was up to debt to my eyeballs :eek:

It's been over 7 years since we completed and not long after completing the financial crash happened, income dropped and I was unable to pay back the credit cards that I had borrowed heavily from, it wasn't all for the house mind various purchases etc.

Since then, my credit file has been awful, I've spent the last 6 years waiting for the defaults for various debts to drop-off of my credit file before even trying to get any credit, over the last 3 years however I have managed to get an Aqua card. Fast forward a few years and I've managed to obtain some rather impressive CC offerings, most of which are untouched.

However this doesn't help me as my situation has only slightly improved in a REAL monetary sense however I am able to afford more than the minimum payments that I am currently making.

Now recently I received various Cabot letters (I've been paying them all this time so I can't unfortunately just say the debt is statute barred... or can I? ). However very recently I received one stating that "Your credit file indicates that you situation may have changed" indeed it has improved but not ALL that much I earn an extra few grand a year now as to what I did previously so I could increase my offerings buy only slightly, I still have the financial statement I did with the CAB - I have tried to contact them but it's been weeks since a response so I fear any power that they have against creditors and "knowing the rules" won't be around this time, hence why my post is here today.

As I said my credit file shows some rather large payments of £3k £4k £500 here and there for various cards so to Cabot it looks like I'm quids in for them, however the credit increase where all thanks to my brother who has been using my cards with permission to borrow and payback of which he is nearly done, he borrowed something like £10k+ on my credit cards and has paid them back hence the large credit limits etc, however now looking back this doesn't look good for me and my "old" debts.

I haven't responded to Cabot yet and really don't know where to start. Any help would be so VERY much appreciated.

sourcrates

Hi,

It's absolutely none of Cabots business what you do with your money.

They have a cheek sending a letter like that, but as with all DCA letters, it's another standard computer generated load of tosh, designed to get you to contact them.

You are still paying them I take it ?

I would just ignore said letter, and file it very carefully in the re-cycle bin.

Explain to me, in a little more detail, about this debt that you are repaying to Cabot.

nomorecc

Hi Sourcrates

Cabot were after a financial statement update prior to this letter and I ignored it and just continued paying it.

They've called a lot too my family say asking for me.

Yes I'm afraid so wish I hadn't for 6 years...

It was a loan and an overdraft from LloydsTSB total around £20k

sourcrates

So is it one debt or two ?

Has there ever been a period of 6 years or more, when you didn't pay ?

nomorecc

Two, I've received letters for both. I believe another CC I used to have also was taken by them but nothing for that yet...

sourcrates

Ok, if I were you I'd just send a simple letter stating your financial situation has not changed, and leave it at that.

That's unless you want to pay more to get rid of it quicker ?

nomorecc

Ideally I wish I didn't have to pay any of it...

Should I even bother contacting them, would it be worth sending an updated FS?

I'm starting to wonder if this was an automatically generated report it looks like it of course a templates one but because the amount is large and the fact that they have checked my credit file (which I've checked also that they did a trace) means hat they are looking to make contact.

EssexHebridean

sourcrates wrote: »

Ok, if I were you I'd just send a simple letter stating your financial situation has not changed, and leave it at that.

That's unless you want to pay more to get rid of it quicker ?

Would also be worth you instructing them within that letter that all contact with you is to be in writing I would suggest, if they are currently telephoning and getting hold of family members. Personally I would thereafter be telling the family members concerned to simply hang up if further calls are received too.

nomorecc

EssexHebridean wrote: »

Would also be worth you instructing them within that letter that all contact with you is to be in writing I would suggest, if they are currently telephoning and getting hold of family members. Personally I would thereafter be telling the family members concerned to simply hang up if further calls are received too.

Is there a letter template for this kind of thing?

What should I do with regards to re-arranging payments do they have any power to make me pay more?

sourcrates

nomorecc wrote: »

Is there a letter template for this kind of thing?

What should I do with regards to re-arranging payments do they have any power to make me pay more?

Debt collectors have no more rights than you or I do.

They would have to use the courts like anyone else.

https://www.nationaldebtline.org/EW/sampleletters/Pages/Creditor-harassment-warning-%28sole-name%29.aspx

nomorecc

And at what point would they use the court?

Also can Cabot put a default on my account or increase interest?

Still unsure of the best action to take right now... :think:

I really appreciate the help so far thank you btw!