Cabot and Lowell

Darkcloudleaving

I would really appreciate some advice as I don’t know the best way to go about this.

I have 3 debts I’d like to pay off.

1. HSBC loan from 2009. Went to Myling Europe (?) in 2014. With Cabot now. £8515

2. HSBC credit card from 2009. Went to Myling Europe (?) in 2014. With Cabot now. £1617

3. HSBC (loan or card?) from 2009. Went somewhere and then to Lowell in 2023. £1049

I think there were other transfers between HSBC and where they are now, BPO was one but I don’t know any dates.

I have been living abroad since 2009 and my brother has been paying an agreed sum of £2 every month on each card. Maybe missed a few payments here and there over the years.

Now, my brother says he can pay them off for me if I can get the amount down to £3000.

It means I need to pay just over 26% for each I think. I have an online account for Cabot and Lowell.

I understand I need to declare all 3 cards and show equal payment calculations to both parties (?)

Do I need to request/demand anything regarding a final payment on my credit score or anything else as I will be returning to the UK in the future.

Cabot has a Settlement Offer facility, should I use that or send an email?

Lowell do not and just have a ‘Contact Us’ facility on the webpage.

These are my calculations.

Proportions:

• £8515 / £11,181 ≈ 0.7617

• £1617 / £11,181 ≈ 0.1447

• £1049 / £11,181 ≈ 0.0938

Payments:

• 0.7617 × £3000 ≈ £2285

• 0.1447 × £3000 ≈ £434

• 0.0938 × £3000 ≈ £281

or should I go in with a lower offer, say £2500? But without emailing there is no negotiation.

Are there original documents Lowell and Cabot need to produce and if they can’t it would give me more leverage. And can I ask for these by email? Sorry for all the questions.

Any help much appreciated.

Grumpelstiltskin

Have you ever requested CCAs for these debts?

If not ask for CCAs, if they can't provide them you can just stop paying them, no need to pay anything.

They will probably say they will still chase them but they can't go for a CCJ without valid CCAs.

BTW forget credit scores they are made up figures only you can see any lender can't.

Darkcloudleaving

Grumpelstiltskin said:

Have you ever requested CCAs for these debts?

If not ask for CCAs, if they can't provide them you can just stop paying them, no need to pay anything.

They will probably say they will still chase them but they can't go for a CCJ without valid CCAs.

BTW forget credit scores they are made up figures only you can see any lender can't.

I asked for CCAs years ago but didn't receive a reply.  As I'm abroad I am not worried about CCJs (should I be?).

But I'd rather just clear these paying as little as possible.

So, my first step is to ask for a CCA, this sounds like a lengthy process.

Grumpelstiltskin

This explains CCAs.

Credit agreements | Getting information | National Debtline

Why do you want to pay them if you needn't.

Remember these people buy debts for about 10p in the £, but they want as much as they can screw out of you.

sourcrates

Are you planning on returning to the UK any time soon? 

Why on Earth has your Brother been paying these for so long, if you`d have stopped payments they would have been statute barred by now, you say yourself your not bothered about CCJ`s, so why adopt a strategy that keeps on acknowledging the debts with every payment?

Save your Brother`s money, stop paying and just walk away, they can`t do a thing about it.

Darkcloudleaving

I plan on returning to the UK within the next 2 or 3 years.  Might I face problems if I try to open a bank account or need credit? Could they find me through a bank account and then issue CCJs?

AFter 16 years, I thought they'd be very happy to receive partial payment.

fatbelly

These will have dropped off your credit file years ago

If you did cca requests and got no reply, they were unenforceable at that point and you should have stopped paying then.

RAS

Unfortunately you've mismanaged this situation. Assuming consumer credit in England or Wales? Scotland is kinder.

If your brother had not paid these and the creditors had got CCJs before 2015, the CCJ would have become unenforceable around 2021. 

These debts dropped off you credit record around 2015 and you'd have been unlucky if even one had gone to court. So your brother has just been extending your liability.

If you asked for CCAs years ago and didn't receive a reply, you should have stopped paying.

It might be wise to do that again and given the expectations these days, they should reply in a few months. Give them a month and stop paying, as that will push them to clarify the situation.

No CCA, no pay. 

Darkcloudleaving

Thank you for the advice.  I will email them for copies of the CCAs and stop the monthly payments.

Darkcloudleaving

An update.

Just 2 days after emailing a request for the CCAs, I have received 2 replies. I am surprised they replied so quickly.

From Cabot on the credit card debt of £1617.

"Unfortunately, it appears that HSBC are unable to provide the requested documentation. If at any stage the documents become available, we will forward these to you and the account will become enforceable once more if received within the relevant limitation period.

What does this mean?  This means we are not permitted to obtain a County Court Judgment (CCJ) or a Warrant for Diligence against you.

 In addition, I can confirm due to the time elapsed this entry should no longer appear on your credit file.

Although your account is currently unenforceable, the balance remains payable and due."

And from Lowell on the debt of £1049.

"You’ve made a request for documents under sections 77/78 of the Consumer Credit Act 1974.

We do not currently hold all the documents for this debt, but we have requested these from HSBC UK Bank plc and, once received, we will post them on your online account at lowell.co.uk for you to view and download."

So, I am still waiting for the 3rd reply and for Lowell to supply the document which might take them months if at all?

Grumpelstiltskin

Just  stop paying until or if they come up with a valid CCA.