Cabot

Maha12

Can I ask, if Cabot sell it back to HSBC, does the banks admission - in above letter that they don!!!8217;t hold a copy of the managed loan arrangement - prevent them from getter by a CCJ also?

Maha12

I!!!8217;m pretty sure hsbc hold the 2003 CCAs but they do not hold the 2006 managed loan CCA, which merged the card, loan and overdraft. I!!!8217;m trying to think a move ahead, regarding what might happen when I shake off the DCA.

fatbelly

You are over-thinking.

Yes, Cabot now have an unenforceable account and they may try to sell it on to recoup something from it. It won't be HSBC who buy it, it will be some bottom of the pile debt buyer. Equally they might just throw it all in the bin now.

It's clear that no-one is going to have the paperwork to justify a court claim. That doesn't make it 100% sure that no-one will try but it does make it less likely. As long as you are open about your present address, any claim would come to you and you could defend it.

Cabot are not a DCA, they are a debt buyer. They are not acting for HSBC, they now own the debt.

Maha12

Thank you so much guys.

Maha12

Will it become statute barred in 6 years time?

Willing2Learn

It will become statute barred six years from the last time you acknowledged the debt. As you said you have been continuously paying down the debt, your last acknowledgement would therefore be quite recent.

Maha12

What constitutes acknowledging the debt?

Maha12

Is there a template of some kind where I can correspond with Cabot or whoever it becomes telling them to get lost its unenforceable but without acknowledging the debt?

Willing2Learn

You may want to use the letter linked below. It may require some minor editing. But, you are making a mountain out of a molehill. As fatbelly said, you are seriously over-thinking this situation. You've already had the solution in the post from sourcrates.


https://forums.moneysavingexpert.com/showpost.php?p=57703407&postcount=3

sourcrates

fatbelly wrote: »

You are over-thinking.

Yes, Cabot now have an unenforceable account and they may try to sell it on to recoup something from it. It won't be HSBC who buy it, it will be some bottom of the pile debt buyer. Equally they might just throw it all in the bin now.

It's clear that no-one is going to have the paperwork to justify a court claim. That doesn't make it 100% sure that no-one will try but it does make it less likely. As long as you are open about your present address, any claim would come to you and you could defend it.

Cabot are not a DCA, they are a debt buyer. They are not acting for HSBC, they now own the debt.

Willing2Learn wrote: »

You may want to use the letter linked below. It may require some minor editing. But, you are making a mountain out of a molehill. As fatbelly said, you are seriously over-thinking this situation. You've already had the solution in the post from sourcrates.


https://forums.moneysavingexpert.com/showpost.php?p=57703407&postcount=3

Agreed, no point playing letter tennis with Cabot, that just keeps the debate rolling on and on.

You can send a short letter advising them of your position, then, as long as a court claim isnt received, or a new player becomes involved, forget about it.
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