Cabot Financial (please help not sure what todo)

superwoman1

Hi all, I'm confiding and asking for advice as i don't have anyone else to speak to.

I have debts from about 5/6 years ago (credit card and store cards) that i have hidden away, well i moved so many times over the years they debts collecters never found me!

Now i have received a letter this morning from Cabot Financial saying ''they will be calling'' at the end of the week, it doesn't say if this is to my house or by phone but i am so stressed, i only work p/t due to childcare and i have no disposable income at all, every penny is counted for bills and baby food! Please help x

CLAPTON

Firstly remember that if they call (and that's not at all certain) they have no legal powers at all. They are not bailiffs (who have some limited powers) and so you can just tell them to go away. Do not enter into any discussion and do not make any offer of payment. Just tell them to go away and write to you if they have anything to say.

Secondly, if the debts are over 6 years old (that is, you have paid no money for over six years) then the debts are statute barred and so are not enforceable.
It is very very important that you don't offer to pay any money or make any payments because if you do the the six years restarts.
So its important that you try to find out when you last paid them any money .. more than six years they can't do anything now but less than six years they can pursue the debt. Do you have any records of what happened?

This link has more details on the matter.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act


Thirdly, even if they aren't statute barred (i.e. you paid some money lesss that six years ago) obviously you are not going to give someone money without proof that they own the debt so you will what them to produce a copy of the original agreed and a statement of the account.

So I would recommend that at this stage you just wait and see what happens and

1. if they come to the door (unlikely) just tell them to go away and write to you... do not enter into any discussion and donot pay or offer to pay anything

2. If they phone then just tell them to write; again do not enter into any discussion and do not offer to pay anything.

3. If they write come back and seek further advice. You can also contact nationaldebtline who are very helpful.

superwoman1

Thankyou so much for your advice Clapton, i'm already feeling a whole lot better about the situation, will keep you posted x