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Cabot Finacial
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2020lou
Posts: 5 Forumite
First time writing a thread not very good at this kind of stuff 
so a very long time ago well over ten i opened a student account with TSB and they gave me a £150 overdraft being 16 at the time i spent it instantly then lived in and out of it for maybe about 2 years then decided to changed banks now 17 years after opening 15 not used ive received a letter off cabot financial saying i owe £1464.46 i know i should of paid at the time but that was last on my mind at 16/17 now im worried about defaults ccjs do i need to pay this debt will it effect my credit score
i can set up a monthly payment with them i cant afford to pay in full also im maternity leave so my wages are really low so just seeing if anyone has any advice please
thanks
so a very long time ago well over ten i opened a student account with TSB and they gave me a £150 overdraft being 16 at the time i spent it instantly then lived in and out of it for maybe about 2 years then decided to changed banks now 17 years after opening 15 not used ive received a letter off cabot financial saying i owe £1464.46 i know i should of paid at the time but that was last on my mind at 16/17 now im worried about defaults ccjs do i need to pay this debt will it effect my credit score
i can set up a monthly payment with them i cant afford to pay in full also im maternity leave so my wages are really low so just seeing if anyone has any advice please
thanks
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Comments
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Are you sure the debt is not statute barred. Have Cabot threatened court or what have Cabot said?
- All land is owned. If you are not on yours, you are on someone else's
- When on someone else's be it a road, a pavement, a right of way or a property there are rules. Don't assume there are none.
- "Free parking" doesn't mean free of rules. Check the rules and if you don't like them, go elsewhere
- All land is owned. If you are not on yours, you are on someone else's and their rules apply.
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I suspect this debt will have defaulted many years ago and dropped off your file six years after that.The limitation period is 6 years, no payment or written contact by you for any period of six years, since the OD was called in, which is usually the date of default, then it will be statute barred and you won`t have to pay it.National Debtline cover the subject here -
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I have no way if finding any info on the account debt is for as was so long ago I haven’t heard anything off TSB for years i would assume it is statute barred as it well over 6 years thanks for reply
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No threat with court order0
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