M&S sold my credit card debt to Cabot?

gemmylouise

Anthorn wrote: »

Do I assume correctly that the debt is closed but not defaulted? If that is the case then the debt is not going to drop off your credit history in August 2018. It looks like you have calculated 6 years from the account opening but it should be 6 years from the default date or the cause of action date if different. In the case of a closed but not defaulted account it could stay on your credit history for up to 10 years after the settlement date and will include the whole history of the account.

However I don't understand why Cabot should be collecting payments for a closed account.

Yes it is in closed accounts. I will check with them tomorrow

gemmylouise

molerat wrote: »

From previous posts the "agreed" payment is part of a DMP so is not a contractual payment. Every now and again lenders will want to get bad debt off their books. Last year you were going to make them an offer, what happened ?

This is not part of a DMP. This is not a bad debt. I will contact them tomorrow to find out what's going on

molerat

gemmylouise wrote: »

This is not part of a DMP. This is not a bad debt. I will contact them tomorrow to find out what's going on

I've been in a DMP for 2 years and I have paid off over 8k of my debt (nearly half). I have 3 credit cards on my plan. The lowest one is for M&S with just over £1000. My relative is gifting me some money soon. Can I write to M&S with a percentage offer to clear the debt and close the account? If I can is there a standard template or acceptable percentage to offer them? Outnofnthe 3 credit cards M&S are the worst for putting defaults on my credit report so would like it closed asap. Can anyone advise me. Thanks a lot

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bt542000

Anthorn wrote: »

Do I assume correctly that the debt is closed but not defaulted? If that is the case then the debt is not going to drop off your credit history in August 2018. It looks like you have calculated 6 years from the account opening but it should be 6 years from the default date or the cause of action date if different. In the case of a closed but not defaulted account it could stay on your credit history for up to 10 years after the settlement date and will include the whole history of the account.

However I don't understand why Cabot should be collecting payments for a closed account.

defaults fall off 6yrs from time of settled not time of default

[Deleted User]

The default will drop off 6 years from default date.

Not the settled date

SnowTiger

bt542000 wrote: »

defaults fall off 6yrs from time of settled not time of default

Nope.

Let's see what one of the CRAs says about that. From Experian:

A default date will be recorded on the account and it will be kept on your credit report for six years from the default date. After this time it is removed from your report automatically even if the full amount isn’t paid.