Written off loan problem!

Joe0202

I have now made a DSAR request for further information too BOS to back up what I’ve sent to Cabot. Cabot have also requested further details from them too.
I’m still unsure as to wether Cabot can chase me for this debt.

The_AA_Company_Representative

Joe0202 wrote: »

I have now made a DSAR request for further information too BOS to back up what I’ve sent to Cabot. Cabot have also requested further details from them too.
I’m still unsure as to wether Cabot can chase me for this debt.

Hi Joe, we're sorry to hear about this. Please contact the Loans team on the most up to date correspondence you've received. They'll be able to provide you with details about your Loan and any concerns you may have.

Joe0202

I have contacted your loans team to be told that you no longer hold the account and will not deal with me, You even refused to allow me to make a complaint! I contacted BOS AA line who told me its written off and are now sending me the relevant information. Perhaps you can give me a number to speak with you over this? As I’m not getting anywhere calling the AA line and would like this resolved ASAP. In fairness the only really helpful ones have been Cabot.

nomoneytoday

Maybe the lender had written off the debt, but by selling it on?

foxy-stoat

Joe0202 wrote: »

Last date I paid them was November 2018

I would think the debt is still valid - it got sold on to another company and they have every right to chase you for it. Do you know the balance, it is a long time to pay a loan back 14 years.

Have you been saving the monthly repayments since November last year?

You probably miss understood, they sold it on, didnt write it off. Keep paying.

boo_star

nomoneytoday wrote: »

Maybe the lender had written off the debt, but by selling it on?

That's not writing it off in normal parlance though, certainly in relation to personal debts.

Writing off a debt in this instance would result in the debt no longer being chased, and not being passed onto someone else to collect.

Perhaps BoS use this term internally to describe selling debts on but it's a tad misleading when most people wouldn't use "written off" to describe this situation.

Bermonia

When a lender decides to ‘write off a debt’ it merely means they are no longer going to pursue a creditor for the funds - in essence the funds are still owed and a lender fee is well within their rights to bulk sell the ‘dead’ debt on.

Joe0202

I have not been able to continue paying the debt as BOS/ AA will not take any further payments and have refunded me the over payments from writing the debt off. I am awaiting a response from them on my data request as this will show Cabot that what I have said is true. Speaking with Step change they seem to think this shouldn’t of happened the way it has. I have a meeting on Friday with citizens advice about this as well.
I was under the impression that a written off debt can not be purchased? I’m not sure where I would stand on a legal point with Cabot about this either.

boo_star

Joe0202 wrote: »

I have not been able to continue paying the debt as BOS/ AA will not take any further payments and have refunded me the over payments from writing the debt off. I am awaiting a response from them on my data request as this will show Cabot that what I have said is true. Speaking with Step change they seem to think this shouldn’t of happened the way it has. I have a meeting on Friday with citizens advice about this as well.
I was under the impression that a written off debt can not be purchased? I’m not sure where I would stand on a legal point with Cabot about this either.

They're refunding you because they sold the debt to Cabot and presumably don't want to act as a middleman between you and them.

I don't see why a written off debt couldn't be sold, although as I said earlier using the term "written off" isn't commonly used when referring to debts that have been sold on, at least in the UK.

Bermonia

The term IS commonly used by some of the major high street banks.