🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

interest charges

Options
I have 2 'old' debts which I have been trying to clear albeit have not been able to afford much each month in order to pay them off.
My debts have been moved over to Cabot Financial and I have just received a statement from them (which I requested) and I'm shocked at how much has been added back on to my accounts in interest and legal fees. Basically, at the rate I'm going I'm never going to be able to pay these debts and it seems pointless me even trying whilst they keep adding charges. For example, debt 1 opening balance £410.46. Interest added £111.16 plus legal charges, a total of £283.16 added to my account. I have paid £241.50 but now still owe £452.12! I expect that I have most likely paid my debts over time but with extra charges added by Cabot or the company who held the account before them I will be paying this off time and time again...My 2nd account opened at £962.61 with additional interest/legal charges of £763.29! I have paid £591.12 but still owe£1,134.78.
Is there any way I can get these charges removed from my account to bring the balances down? Cabot tell me they cannot remove the legal charges added by their solicitor... I don't see any point in keep paying a nominal amount each month when the balance is never going to decrease        

Comments

  • sourcrates
    sourcrates Posts: 29,030 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 22 November 2022 at 8:08PM
    Options
    These debts have seen legal action then, is that correct, do you have county court judgements?

    If so, certain legal fees will be payable, what kind of debts were they, cards/loans/catalogues?

    Have they defaulted, if so, when?

    Who was the original creditor?

    Cabot are a debt purchasing company, they usually buy old, defaulted debt, they don`t usually add any interest, as interest cannot be added unless the original agreement allows them to do so.

    A timeline of events would help us understand things better.
    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-letter
Meet your Ambassadors

Categories

  • All Categories
  • 6 Election 2024: The MSE Leaders' Debate
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards