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  • FIRST POST
    • DictionaryB
    • By DictionaryB 29th Nov 17, 9:22 AM
    • 6Posts
    • 1Thanks
    DictionaryB
    CCA's and clearing my debt
    • #1
    • 29th Nov 17, 9:22 AM
    CCA's and clearing my debt 29th Nov 17 at 9:22 AM
    Hi All,

    Have read on the forum for some time but first post.
    In my late teens I was rather foolish and built up a quite large amount of debt.
    I serviced this until 3 years ago when I defaulted on my Halifax credit card at around 10k.
    Since then I have been repaying Akinika 100p/m and recently the debt appears to have been transferred to Cabot. I regularly check my credit reports with Noddle and Clearscore, and the Halifax account seems to have disappeared and been replaced by an entry from Cabot.
    I'm continuing to pay the 100p/m and balance is now around 6500.
    Would it be worthwhile at this stage sending a CCA request (Halifax account was opened October 2007)?
    As I understand if they cannot comply with this I can make a low offer of settlement to clear the default?
    Would appreciate any advice.
    Thanks in advance,
Page 1
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 29th Nov 17, 10:00 AM
    • 5,191 Posts
    • 5,312 Thanks
    poppasmurf_bewdley
    • #2
    • 29th Nov 17, 10:00 AM
    • #2
    • 29th Nov 17, 10:00 AM
    Hi All,

    Have read on the forum for some time but first post.
    In my late teens I was rather foolish and built up a quite large amount of debt.
    I serviced this until 3 years ago when I defaulted on my Halifax credit card at around 10k.
    Since then I have been repaying Akinika 100p/m and recently the debt appears to have been transferred to Cabot. I regularly check my credit reports with Noddle and Clearscore, and the Halifax account seems to have disappeared and been replaced by an entry from Cabot.
    I'm continuing to pay the 100p/m and balance is now around 6500.
    Would it be worthwhile at this stage sending a CCA request (Halifax account was opened October 2007)?
    As I understand if they cannot comply with this I can make a low offer of settlement to clear the default?
    Would appreciate any advice.
    Thanks in advance,
    Originally posted by DictionaryB
    You understand wrong. If they cannot comply with a CCA request, then they cannot take you to court, so the debt is effectively null and void, and you need pay nothing.

    The default on your credit file will remain there, no matter what you do. The only difference being that it would be marked settled if you paid it in full, or marked partially settled in you part paid it.

    I think it unlikely that a debt from 2007 will not have a paper trail, and the DCA will probably be able to satisfy the CCA request, but nothing ventured nothing gained.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
    • DictionaryB
    • By DictionaryB 29th Nov 17, 11:01 AM
    • 6 Posts
    • 1 Thanks
    DictionaryB
    • #3
    • 29th Nov 17, 11:01 AM
    • #3
    • 29th Nov 17, 11:01 AM
    Sorry I should have been further explanatory - that if they cannot comply I am on good grounds to negotiate for them to mark the default as satisfied.
    I'm quite happy to carry on paying the 100p/m, but satisfaction will no doubt improve my credit position?
    • sourcrates
    • By sourcrates 29th Nov 17, 8:04 PM
    • 14,039 Posts
    • 13,299 Thanks
    sourcrates
    • #4
    • 29th Nov 17, 8:04 PM
    • #4
    • 29th Nov 17, 8:04 PM
    Never underestimate the incompetance of a creditor to keep paperwork.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 29th Nov 17, 9:47 PM
    • 12,247 Posts
    • 9,281 Thanks
    fatbelly
    • #5
    • 29th Nov 17, 9:47 PM
    • #5
    • 29th Nov 17, 9:47 PM
    If Cabot have bought the debt from Halifax I would sat it's unlikely that they have the original credit agreement on file.

    Whether Halifax will be interested in digging it out if Cabot request it, that's the question.
    • datlex
    • By datlex 29th Nov 17, 11:51 PM
    • 1,630 Posts
    • 1,533 Thanks
    datlex
    • #6
    • 29th Nov 17, 11:51 PM
    • #6
    • 29th Nov 17, 11:51 PM
    Hi All,

    Have read on the forum for some time but first post.
    In my late teens I was rather foolish and built up a quite large amount of debt.
    I serviced this until 3 years ago when I defaulted on my Halifax credit card at around 10k.
    Since then I have been repaying Akinika 100p/m and recently the debt appears to have been transferred to Cabot. I regularly check my credit reports with Noddle and Clearscore, and the Halifax account seems to have disappeared and been replaced by an entry from Cabot.
    I'm continuing to pay the 100p/m and balance is now around 6500.
    Would it be worthwhile at this stage sending a CCA request (Halifax account was opened October 2007)?
    As I understand if they cannot comply with this I can make a low offer of settlement to clear the default?
    Would appreciate any advice.
    Thanks in advance,
    Originally posted by DictionaryB
    Silly question late teens were you over or under 18 when yo took out the debt?
    • DictionaryB
    • By DictionaryB 30th Nov 17, 9:00 AM
    • 6 Posts
    • 1 Thanks
    DictionaryB
    • #7
    • 30th Nov 17, 9:00 AM
    • #7
    • 30th Nov 17, 9:00 AM
    Thanks for the replies, will send a CCA. Nothing to lose at this stage!
    I was over 18!
    • StopIt
    • By StopIt 30th Nov 17, 9:20 AM
    • 1,395 Posts
    • 1,250 Thanks
    StopIt
    • #8
    • 30th Nov 17, 9:20 AM
    • #8
    • 30th Nov 17, 9:20 AM
    Sorry I should have been further explanatory - that if they cannot comply I am on good grounds to negotiate for them to mark the default as satisfied.
    I'm quite happy to carry on paying the 100p/m, but satisfaction will no doubt improve my credit position?
    Originally posted by DictionaryB

    If they cannot comply, then yes, they may accept a low ball F&F offer to settle the default.


    It can't hurt to send a CCA request and see what happens.
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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.
    • DictionaryB
    • By DictionaryB 30th Nov 17, 10:56 AM
    • 6 Posts
    • 1 Thanks
    DictionaryB
    • #9
    • 30th Nov 17, 10:56 AM
    • #9
    • 30th Nov 17, 10:56 AM
    Great - that was my understanding. Will send it off today and keep my fingers crossed!

    Is there a recommended template for this?
    • StopIt
    • By StopIt 30th Nov 17, 2:33 PM
    • 1,395 Posts
    • 1,250 Thanks
    StopIt
    See this old thread for CCA examples: http://forums.moneysavingexpert.com/showthread.php?t=4422783
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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.
    • DictionaryB
    • By DictionaryB 15th Jan 18, 4:39 PM
    • 6 Posts
    • 1 Thanks
    DictionaryB
    Update: So I sent off my CCA, and received a response from Cabot stating that they could not comply within the 12 days, but would attempt to locate the agreement and reply within 40 days.

    I understand they are already unenforceable given the 12 days, I'm now at 21 working days with nothing further. Note they didn't say working/not in their letter.

    Would appreciate any tips on what to do next?

    My thoughts and what i'd like is to write offering a very low amount (c.10% of the remaining) as full and final settlement? Any thoughts appreciated.
    • fatbelly
    • By fatbelly 15th Jan 18, 6:46 PM
    • 12,247 Posts
    • 9,281 Thanks
    fatbelly
    If Cabot have bought the debt from Halifax I would say it's unlikely that they have the original credit agreement on file.

    Whether Halifax will be interested in digging it out if Cabot request it, that's the question.
    Originally posted by fatbelly
    Update: So I sent off my CCA, and received a response from Cabot stating that they could not comply...

    My thoughts and what i'd like is to write offering a very low amount (c.10% of the remaining) as full and final settlement? Any thoughts appreciated.
    Originally posted by DictionaryB
    No problem with you doing that. It's a very generous offer considering they can't enforce this. Personally, I would think you have better things to do with your money but it's up to you.
    • DictionaryB
    • By DictionaryB 4th May 18, 9:07 AM
    • 6 Posts
    • 1 Thanks
    DictionaryB
    Update 2:
    Cabot have now sent me another letter confirming that they cannot comply with the CCA request.

    I'm now in two minds:
    1) Cease all payments and ask Cabot to cease contact until they can comply, leaving the defaulted balance on my credit file for the next 3ish years.
    2) Make a low ball offer on the condition the balance is cleared and default marked as partially satisfied.

    So what would you do? and if 2) what would you offer?
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 5th May 18, 10:14 AM
    • 5,191 Posts
    • 5,312 Thanks
    poppasmurf_bewdley
    Update 2:
    Cabot have now sent me another letter confirming that they cannot comply with the CCA request.

    I'm now in two minds:
    1) Cease all payments and ask Cabot to cease contact until they can comply, leaving the defaulted balance on my credit file for the next 3ish years.
    2) Make a low ball offer on the condition the balance is cleared and default marked as partially satisfied.

    So what would you do? and if 2) what would you offer?
    Originally posted by DictionaryB
    It's up to you really. Neither option will affect your credit status.

    But personally, I'd go with option 1.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
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