Cabot Logic

AlwaysOnTheGo

I have a card with £5.7k debt I pay at £1 a month and have done for years. This debt is so old it has fallen off my credit rating in 2014 and doesn't affect my credit file. Interest is frozen. This card was opened in my name by my ex husband and I had no idea of its existence for years until we divorced. When I found the maxed card I spoke to Halifax (now with Cabot) about the situation and they allowed me to place the debt on £1 a month.
I want rid of this. I haven't paid it for 2 years as I have challenged the debt SAR to get the full history. I have requested an F&F settlement and written to them making an offer of £60 demonstrating my financial situation.

Cabot told me it would be passed to their Write Off team. but I'm now dealing with the sensitive account team who have offered me

a) £48.03 a month for 5 years and it's paid off. Total repayment 50% so around £2.8k, or

b) £1 a month for the rest of my life. If I live until 86 that is still under £400 repayment

I've chosen b) commencing January BUT will this debt now go back on my credit record as an active debt?

Is there any advantage I haven't thought about meaning I should choose option a). Oh, and it costs more to administer this debt than writing it off but apparently because I have waited until my mental health is better I have missed the opportunity to write it off. I said when my mental health was bad I wasn't in the right headspace to more than service the debt and get better. We are going in circles so I chose option b) as I don't have an easy £50 a month for 5 years to give them.

What would your next move be? or what would you advise me to do? I want this debt out of my life. It genuinely isn't mine but it is in my name

[Deleted User]

It won’t go back onto your credit files no.

However they can at any time demand a statement of earnings from you to determine if you can pay more and could also get a CCJ should you refuse or payments fall behind.

fatbelly

Did they ever produce a copy of the original agreement?

https://forums.moneysavingexpert.com/discussion/5615961

PixelPound

The debt is in your name, and you have been making payments, which is taken usually as an admission, so harder to now claim fraud. Companies won't refused payment, so strange comment that they allowed you to set a plan.

You offered £60 settlement on a £5700 debt, or 1% of the debt, no wonder it got rejected. It doesn't matter how much it costs to administer, its you that is wanting to settle the account. They will have millions of accounts, so won't flinch at keeping yours at £1pm until circumstances change. Why are you wanting to settle now?

AlwaysOnTheGo

After many years of avoidance I am trying to shut the door on my ex husbands death and start afresh hence tackling this now
I will check to see if I have the original agreement, I believe I do complete with the good fake sig

boo_star

AlwaysOnTheGo wrote: »

After many years of avoidance I am trying to shut the door on my ex husbands death and start afresh hence tackling this now
I will check to see if I have the original agreement, I believe I do complete with the good fake sig

I'm not sure what you hope to gain by digging out the original agreement. You've left things far too long to dispute this now and your actions look suspect at best.

From Cabot's point of view they have a £1/month token payment debtor who just made a really cheeky F&F offer that was rejected. They then come back and say "well the account was set up fraudulently by my dead ex husband."

Pretty convenient. And I'm not disputing that it was set up fraudulently but if I were Cabot I wouldn't be having any of it.

AlwaysOnTheGo

There is a long recorded history of me telling them this since I found it the debt in late 2009. I'm not springing an excuse on them in late 2018. I'm wanting them to set me free. They refused. It looks like I'm stuck with a reminder of the past unless I can find £50 a month for 5 years.

boo_star

AlwaysOnTheGo wrote: »

There is a long recorded history of me telling them this since I found it the debt in late 2009. I'm not springing an excuse on them in late 2018. I'm wanting them to set me free. They refused. It looks like I'm stuck with a reminder of the past unless I can find £50 a month for 5 years.

Did you report it to the police back then?

AlwaysOnTheGo

I can't say anything else it is too 'outing' and you don't accept private messages, sorry

boo_star

AlwaysOnTheGo wrote: »

I can't say anything else it is too 'outing' and you don't accept private messages, sorry

It's a yes or no question.

I don't think it's going to reveal your identity.

JayMawds82

If it was me I'd have a DD set up for the £1 per month and forget about it. It'll be off your credit file in a few years.