Cabot Financial

LucyAmy

Hi. Could anyone help me with this please, I’ve had Cabot financial appear on my credit report as a default account and it’s damaged my credit score.
About 10 years ago I had a NatWest account with an overdraft. I owed then £299 on it for ages but I moved house and forgot all about it, yes I know that was irresponsible but that’s what I did. Anyway my NatWest account has actually cleared from my credit score and hasn’t been on there for a couple of years but just before Xmas I got a letter from Cabot about a debt for £349. They came to my door last week and he said it was a NatWest debt. So I told him I didn’t owe NatWest any money and the account is clear in my credit file and I’ve never borrowed any money from Cabot. I wasn’t sure if it was all legit but I’ve seen found them online.
Anyway my question is, can Cabot just add a debt that they have brought from someone else onto my credit file like that?? NatWest have settled my account with a zero balance, is it legal that Cabot have done this when I haven’t actually signed any agreements to pay them this money??

boo_star

NatWest will have marked the debt as settled because Cabot bought the debt.

While Cabot reporting the debt isn't unreasonable, a 10 year old debt should have defaulted more than six years ago so shouldn't show on your files.

I'd write to Cabot asking them to amend the default date to something more reasonable.

[Deleted User]

Yes Natwest have settled it with a zero balanace as they have sold it onto Cabot.

What are Cabot not reporting the debt as?

What is the default date listed?

sourcrates

As above, Cabot are a debt purchasing company, so will of bought the debt from Natwest, and are now trying to collect on it.


Be very careful what you do here, assuming the debt defaulted over 6 years ago, which is likley, it will now be statute barred, so do not do anything to acknowledge this debt with Cabot.


What is the default date on Cabots entry on your credit file ?

LucyAmy

It’s listed in my closed accounts as a current account with Cabot. They have entered it on my credit file in August 2018. I didn’t even notice it was there because it’s in the closed accounts. I found it the other day when I checked my NatWest account status.
When the representative came to my door he told me he was from Cabot collecting a debt on behalf of NatWest. Which is why I told him that I don’t owe NatWest any money because they have settled with a zero balance on my credit file. The accounts been that way for a long time, at least a year

LucyAmy

I just think it’s really unfair, I’ve repaired the damage from it being defaulted with NatWest and then it’s gone from my credit file, to suddenly pop up again out of the blue and damage it for another 3-5 years! I know it’s my own fault and I should have sorted it the first time, it’s been a rough few years and things got the better of me

[Deleted User]

So did you pay off the debt to Natwest or left money owing with them?

sourcrates

So if I may ask again, is there a default date showing, if so what is it ?

It could be on the NatWest entry.

The debt isn’t settled unless you have settled it, which you admit you haven’t, so you remain liable, the information I am attempting to extract from you could mean time has run out for Cabot to collect on this account, under sec 5 Limitations act 1980, 6 or more years without payment or written acknowledgement, would mean this account is statute barred, and you won’t have to pay it.

As this is an overdraft, the default date is usually taken to be the “cause of action date”, the date from which the time clock ticks away, so in this case, the date of default is very important, if the account defaulted, the date will be shown.

All the nessesary information at once would be nice so that we can help you.

LucyAmy

I can’t see a default date on either account. Just the date it was entered on my credit file. I only have access to a free credit report.

I’m not disputing paying the money now I know who they are and that Cabot are a legit company. It’s my debt to take responsibility for. I just wanted some advice on the impact it’s had on my credit score now Cabot have purchased it, as the NatWest account isn’t affecting it but now Cabot have added it on this month I’ve dropped 50 points. I’ll just get it paid and then start rebuilding all over again

sourcrates

LucyAmy wrote: »

I can’t see a default date on either account. Just the date it was entered on my credit file. I only have access to a free credit report.

All credit reports are now free, it does not mean you see any more or less information, as things stand, the default date can be argued as been irrelivant here, as ten years have passed since you have acknowledged or paid anything to this account, it will now be statute barred, and you won`t have to pay it.

Your so called "credit score" is a number only you see, its a marketing gimick used by credit reference agencies in order to sell you credit improvement products, which are themselves a waste of money.


Paying this account will not remove the entry from your credit file.


Send this letter to Cabot :


https://www.nationaldebtline.org/EW/sampleletters/Pages/Time-has-run-out-to-recover-the-debt-%28sole-name%29.aspx


The debt is now statute barred, and you do not have to pay it.

[Deleted User]

It will have no impact on your credit score as it's not a gimmick that lenders see or use when making lending decisions.