Old debt

sourcrates

Hi,


Do you have other debts ?


Or just this 4k joint loan ?


Companies can demand what they like, you don`t dance to anyone elses tune, if this debt is still with the original creditor, and it gets defaulted, it will just be passed around various debt collectors for anything up to a few years, or it could be sold on quite quickly, there is no way of knowing.

One thing i do know, is the debt collection process can take a very long time, and i`m talking years here, you can also delay the process by denying knowledge of the account, asking for further proof, there are various ways to slow the process down further.

During this time you should try to save up some money, so that when, in a few years time, this gets bought up by Lowell, or Cabot, or some other debt purchasor, you can offer them a few hundred quid in full and final settlement.

Kittykat7

Hi

I'm not sure if I'm posting correctly, but I just have few questions.

I received a letter from cabot saying they've taken over my halifax loan which I've been paying £1 a month since 2006 & had interest frozen & an agreement settled with the help of CAB. (My ex wasn't the best back then & I was stupid & ended up with a debt of 11k)

Anyway I received a bank statement from halifax like I normally do showing my payments being made but I also received another letter from cabot (2nd day running) this time giving a small summary of my debt.
Saying opening balance 1st may 2018
Closing balance 30th April 2019.

Halifax haven't sent me anything & I still make payments direct to halifax via cash over the counter.

It says.........

Acc ref....
Owner.... Cabot xxx xxx
Original acc number.....
Date agreement became an executed agreement..... March 06
Acc type.... loan
Duration... 62 months
Amount if credit.... £0
Contractual payment.... £0

I'm not sure what to do? I've read about CCA, Prove it letters etc.
But I have an agreement with halifax which are still sending me my statements & nothing on selling the loan on?

Any advice? Thank you on advance. Right now I'm not in a financial situation to pay more, plus my interest is frozen.

I don't want to start paying cabot ,& be worse off

Thank you for your help

sourcrates

Cabot has bought your debt, you should make payments to them from now on.
The Halifax are required to send you a “notice of assignment” normally before this happens, I would suggest you write to them and confirm what I have said is true.

macman

CAB are not going to be able to help you any more than we are: the debt remains in joint names and so you are jointly and severally liable. All you can do is persuade the creditor that he has more realisable assets than you do.
BTW, even if he had continued to payt £3pm, it would have taken 111 years to clear the debt at that rate, even if no further interest was accrued.
How old is this debt now, and how long ago did you divorce?