Debt transferred despite being repayed

scrappysphinx

Hi all, just looking for advice please.
I have outstanding debt with a few catalogue and credit card companies, most of which are handled by a company called Lowel. I also have one with a company called Likely Loans (Apparently a trading name of Oakbrook Finance). It was a cash loan a long time ago and since then circumstances have changed massively. I am a full time carer for my wife who suffers with Fibromyalgia and Symphysis Pubis Dysfunction and requires full time help with daily tasks. 
I receive carer's allowance at the rate of £67.25 per week and have various other debts. She receives Employment & Maintenance Allowance and PIP. 
To cut a long story short i contacted all my debts (around 15 in total) and after talking with them they agreed i wasn't in a position to pay them what they wanted and agreed to accept £1 per month paid via my wife's bank account with no interest being added. This is done by Direct Debit or Standing Order and has been in place for more than 12 months with no missed payments.  This week however i've received a letter saying that as of the 23/10/2020 they have transferred my debt to Cabot Financial LTD. Included with the Oakbrook letter is a letter headed Cabot Financial welcoming me to Cabot and outlining that they have bought the account from Oakbrook Finance and are requesting me to call them to go through my finances and arrange a repayment plan.
I am not familiar with how debts work, i am not trying to get out of paying them but i was under the impression that as long as something was being paid they couldn't sell or transfer it to a collector?
Do i continue to make the payments via the standing order to Oakbrook or do i now converse with Cabot?

sourcrates

Hi,

Common misconception, debts can be bought and sold at any time, you don`t have to be behind with payments, or have done anything wrong.

Oakbrook have made a commercial decision to wash their hands of your account, and have sold it to Cabot.

It`s very common, and happens every day, you no longer pay Oakbrook, they do not own the debt any longer, all rights and privilages have now passed to Cabot, so you will have to go through the same senario as you did before, explain your situation to them in a letter, and take it from there.

scrappysphinx

Thanks for the info. I guess i better converse with Cabot then and cancel the Standing Order for Oakbrook. I noticed you said explain by letter, is it best to converse by letter rather than speak on the phone?

Regards

sourcrates

scrappysphinx said:

Thanks for the info. I guess i better converse with Cabot then and cancel the Standing Order for Oakbrook. I noticed you said explain by letter, is it best to converse by letter rather than speak on the phone?

Regards

Yes always, you can’t be forced into an arrangement your unhappy with when your calling the shots.

fatbelly

Token payments are best viewed as a short-term strategy as they continually acknowledge the debt without paying it off.

https://debtcamel.co.uk/token-payment-debt/

Would you be better with another strategy?

liggerz87

Couldn't they cca request Cabot 

fatbelly

liggerz87 said:

Couldn't they cca request Cabot 

That's always an option on a Consumer Credit Act debt