We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help with old debt advise

lostmyname
Posts: 59 Forumite

Hello everyone,
many years ago I went through an
extremely difficult period in my life. I seeked assistance from a national debts charity (it doesnt appear to no longer exist?) who helped me set up plans with £1 monthly payments. I owe about £7k for one old loan and about £800 for an old CC. Over the last few years i have got back onto my feet, improved my credit rating with new finance and a couple of credit cards which I am able to pay with no issues (it helped me improve my rating, ironically). I now had pretty much forgotten about the past and my debts. Last week i
recieved a letter from Cabot stating that 'We need you to swith your payments as Im still paying the company my account previously'.
I am concerned that I have to go through my expenditures and all that stressful rigmarole again and that they will increase my payments which may then have a backlash on my finances. I thought that setting up a payment plan will stop this bouncing back after many years!
What options do I have if any?
Thank you!
0
Comments
-
When you say old, how old ?Who owned the debt before Cabot, are you still paying them the £1 a month ?Cabot have no authority to made any demands of you, its you who decide what they get if anything, your in charge of your money, not them.Your rating rises and falls with the tide, only you see it, its mainly for entertainment value.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
-
Hi, thanks for your reply.I actually just realised I pay £1 each to
- Apex - arrangement started Feb 2011
- CDCS - arrangement started Feb 2011
- Link Financial - arrangement started Aug 2012
The letter I received from Cabot refers to one of them and states that 'I am still paying the company that managed my account previously and there is not payment plan in place with them (Cabot).
I would welcome and really appreciate any advice received.
0 -
Well what advice are you looking for, can you be more specific ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
-
sourcrates said:Well what advice are you looking for, can you be more specific ?I wanted to know what option I had other than continue with my monthly payments of £1.Cabot took the debt over, but am I obliged to go over the income and expenditures again? I thought that once set up that would be it?0
-
Cabot won’t be aware of any previous arrangement, you’ll have to set up a new arrangement with them, there website is pretty user friendly.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
-
First thing I'd be doing is sending CCA requests to see if they are enforcable.1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards