Cabot - review

kelslayer

I have a payment plan in place with cabot thats been going on for last 8 years or so for 2 debts.  I made a settlement offer of the smaller one of 50% but they rejected it as my current plan finishes in 2.5 years. they want me to do a review to make sure i can afford the payments.  i can afford the payments so i am happy with that. but can they insist I update my finances with them?

Grumpelstiltskin

Why have you been paying them for so long?

You do realize there will be an arrangement to pay on your credit file that won't disappear until 6 years after your final payment?

You need tell them nothing at all it's just a pity this has been going on for so long.

kelslayer

The debt disappeared from my file a few years ago. The overall debt was about £17k. Its now about £3000 in total.

I didn't think they could put it back on if it had already disappeared?

But yes it is a pity its been going on so long. I am aware, just with the house, and growing kids, i have had to prioritise my spending.  Cabot seemed happy to accept the agreement and it doesn't impact our household budget.

sourcrates

They can`t report accounts that have been removed due to limitation.

My guess would be it defaulted a long time before Cabot got a hold of it anyway.

If it was a consumer credit act debt, you can do a CCA request to Cabot, failure to comply would render the debt unenforceable?

Info and template here:

CCA Request Letter Example - LegalBeagles

Ideally this should have been done prior to making any settlement offers to make certain they had the legal paperwork to enforce this.

Rob5342

I'd definitely do a CCA request before I paid them anything as a settlement offer. 

fatbelly

50% is a generous offer. Do the cca request and if appropriate make it again.

Why they are asking for further details is to work out if it's worth starting a court claim against you.

If you are unemployed, no assets and in rented accommodation feel free to tell them