Debt bought by Cabot 9 years ago needs 'resubmitting'?

Hi all. Cabot financial bought a loan we took out with Northern Rock in 2015. We have paid the same small amount since then. I recently noticed that on the DD payment it said 'final payment' even though we still owe over £2300. I contact them and they said "there is a maximum of times we can take payment in one plan, as yours has been in place since 2015 we would be looking to ensure this is affordable for you and we can then resubmit the plan." Is this normal? Is there a time limit to these debts or do they literally continue until paid. I have never been contacted by them like this before. Many thanks for any help.

Comments

  • fatbelly
    fatbelly Posts: 20,243
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    No there is no rule about this.

    I think if I had seen 'final payment' I would have just stopped paying and see what happens.

    So you've been paying 9 years and still have £2300 left. Are you in a position to offer them a lump sum in full settlement?
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