£1 token payments 22 years later

paulhgc

Hi everyone

About 22 years ago i lost control of my finances and set up token payments on £1 with my creditors

There has never been anything on my credit file and i have not heard anything from any until today a letter arrived from cabot financial with regards to a barclaycard for £2000

The letter read

You're still making payments to the company that was previously managing this account

We are recieving your payments but your plan is up for review and we would like to help you start paying us directly so that your arent missing out

So i am guessing they have purchased this debt or it has transfered to them

i am guessing this is not statue barred as i have been making token payments

What should be my course of action ?

Grumpelstiltskin

True, not statute barred, there has to be 6 years ( assuming England or Wales ) with no payment.

Is this your only debt?

What are you thinking of doing?

paulhgc

Grumpelstiltskin said:

True, not statute barred, there has to be 6 years ( assuming England or Wales ) with no payment.

Is this your only debt?

What are you thinking of doing?

To be honest there was a few from years ago when i got into a right mess

i could not even recall most of them

As it has been so long i just assumed that this debt had been written off

RAS

What sort of debt; consumer credit?

If so, since you've been paying and given the age of the debt, I'd suggest you send a CCA request. Even when I joined a good percentage of providers couldn't supply them. Given them time to receive it and stop paying.

PS, you need to send the £1 fee. They tend not to cash cheques.

paulhgc

RAS said:

What sort of debt; consumer credit?

If so, since you've been paying and given the age of the debt, I'd suggest you send a CCA request. Even when I joined a good percentage of providers couldn't supply them. Given them time to receive it and stop paying.

PS, you need to send the £1 fee. They tend not to cash cheques.

The debt was a credit card  Barclaycard

The £1 has been coming direct from my account for the 22 + years

may i ask what is a CCA request ?

sourcrates

paulhgc said:

RAS said:

What sort of debt; consumer credit?

If so, since you've been paying and given the age of the debt, I'd suggest you send a CCA request. Even when I joined a good percentage of providers couldn't supply them. Given them time to receive it and stop paying.

PS, you need to send the £1 fee. They tend not to cash cheques.

The debt was a credit card  Barclaycard

The £1 has been coming direct from my account for the 22 + years

may i ask what is a CCA request ?

A request for information under sec 77/79 CCA.

Its one of your statutory rights under the consumer credit act.

Template letter here:

National Debtline | Sample letters - Information about your agreement under the Consumer Credit Act | National Debtline

You have the right to ask for a copy of your credit agreement for any account with an outstanding balance, failure to provide the correct paperwork renders the debt unenforceable, and you can stop paying it if you wish.

We recommend those in similar positions to yourself send a request to each creditor, your first step is to stop making payments, then respond with the CCA request to whoever writes to you.

After 22 years its a fair bet at least a few won`t be able to comply, so first determine what is or isn`t enforceable, then see where you are.

This process may take a few months, so patience is required.

fatbelly

Stop the token payments . That is not a strategy for the long term. 


Cca anyone who writes to you

paulhgc

thankyou very much everyone for your help i will go down the cca route and see where that takes me

paulhgc

Also i must add the letter is worded

you're still making payments to the company that was previously managing this account

We are recieving your payments but your plan is up for review and we would like to help you start paying us directly so that your arent missing out

So i am guessing they have purchased this debt or it has transfered to them

ManyWays

So i am guessing they have purchased this debt or it has transfered to them
yes, Cabot has purchased the debt, so your request for the CCA agreement goes to them, not the original lender