Lloyd's Loan and Cabot...
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peteuk
Posts: 1,336 Forumite
Can anyone help me with this...
My wife has a loan with Lloyds, it had previously been on a DMP, however it is now our last loan to pay. The DMP started in 2005.
Payments we going to a debt collecting company, over the years this was switched twice with regular monthly payments being made. That was until we moved in Aug 16. At the time we had a few issues but kept the Debt company informed. Come Jan this year I contacted them to reset up the payments, only to be told it had been sent back to Lloyd's.
I then contacted Lloyd's for a full statement to ensure it had records of all the payments made over the years, which they half did. They sent the records from when it entered their collections department. However I noted at on point it was transferred to another department and the balance was given as £0.00. Subsequent payments then start a positive balance. This was when it was originally sent out to a Debt company.
I complained that in 2008 the balance was £0.00 - LLoyd's quickly changed their tune, resent the statement and the balance now reads -£3K
So as I thought we were getting somewhere I contacted LLoyds to set up payment however I was told they had sent it to Cabot.
Cabot have our over seas address, and have written once. I cant talk to them because the authority to speak on behalf of my wife has not been transferred from Lloyd's. we have never disputed the loan, however I understand that the default marker should have dropped off my wife's credit file (being as its over 6 years old).
Will the outstanding debt show on her file, will Cabot still update it. I know Cabot have brought the debt for considerable less, do I offer them a really low settlement?
I am looking at taking Lloyd's to the Ombudsman due to the initial statement they sent, which they blamed on a lazy cut and paste...
Any advice would be welcomed.
My wife has a loan with Lloyds, it had previously been on a DMP, however it is now our last loan to pay. The DMP started in 2005.
Payments we going to a debt collecting company, over the years this was switched twice with regular monthly payments being made. That was until we moved in Aug 16. At the time we had a few issues but kept the Debt company informed. Come Jan this year I contacted them to reset up the payments, only to be told it had been sent back to Lloyd's.
I then contacted Lloyd's for a full statement to ensure it had records of all the payments made over the years, which they half did. They sent the records from when it entered their collections department. However I noted at on point it was transferred to another department and the balance was given as £0.00. Subsequent payments then start a positive balance. This was when it was originally sent out to a Debt company.
I complained that in 2008 the balance was £0.00 - LLoyd's quickly changed their tune, resent the statement and the balance now reads -£3K
So as I thought we were getting somewhere I contacted LLoyds to set up payment however I was told they had sent it to Cabot.
Cabot have our over seas address, and have written once. I cant talk to them because the authority to speak on behalf of my wife has not been transferred from Lloyd's. we have never disputed the loan, however I understand that the default marker should have dropped off my wife's credit file (being as its over 6 years old).
Will the outstanding debt show on her file, will Cabot still update it. I know Cabot have brought the debt for considerable less, do I offer them a really low settlement?
I am looking at taking Lloyd's to the Ombudsman due to the initial statement they sent, which they blamed on a lazy cut and paste...
Any advice would be welcomed.
Proud to have dealt with our debts
Starting debt 2005 £65.7K.
Current debt ZERO.
Current debt ZERO.
DEBT FREE
0
Comments
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First of all, for such an old account, send a CCA request to Cabot.
Template here: http://forums.moneysavingexpert.com/showthread.php?t=709639
Yes, it'll be off the credit files for a long time, but wont be statute barred if you were paying in 2016.
Your timeline is a little confusing. You complained about something that happened in 2008, but were still paying the debt in 2016?
Regardless. Send the CCA request. If they fulfil it, feel free to send an F&F offer. They may well accept if you're paying a low figure each month. If not, walk away.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
First of all, for such an old account, send a CCA request to Cabot.
Template here: http://forums.moneysavingexpert.com/showthread.php?t=709639
Yes, it'll be off the credit files for a long time, but wont be statute barred if you were paying in 2016.
Your timeline is a little confusing. You complained about something that happened in 2008, but were still paying the debt in 2016?
Regardless. Send the CCA request. If they fulfill it, feel free to send an F&F offer. They may well accept if you're paying a low figure each month. If not, walk away.
We got into financial difficulty in 2005 when my son was born and my wife went onto mat pay. We entered a DMP with CCCS (now step change) and yes its taken that long to pay off the loan. We left step changed and continued the DMP independently. The original debt was an unsecured loan for £25K, current balance is just over £3K.
I actually had the balance at £1K hence the request for the full statement from the original date of the loan. Covering payments before and after it defaulted.
Thanks for the info I will take a look at it.
PeteProud to have dealt with our debtsStarting debt 2005 £65.7K.
Current debt ZERO.DEBT FREE0
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