Tweet
Hi all, I am totally naive to all of this, and not sure where I stand with things. :-)
The ex-wife (thankfully) left me in around 2006, but I ended with close to £85k debt, all of which has been cleared, with the exception of a Nat West dual gold credit card. Nat West were one of the few who would not accept a settlement and for the past years I have been paying £40 monthly, zero interest, to clear this debt.
About 18-24 months ago I received a letter from Cabot Financial that they had purchased the debt from Nat West and I should now pay them. Not wanting to stir the hornets nest I ignored the request and continued paying Nat West.
Last weekend I received a text from Cabot, which thinking it was a case of mistaken identity (it has happened several times before), I called to speak to a very snotty/arrogant man demanding I switch payments to them, as it was no longer satisfactory that I pay NW, despite the money being forwarded each month.
He wanted to know my current financial position, I suspect because they want more from me each month!
I wasn't really in a position to talk to them at the time, so told him I would need a week to sort things out. I did (out of interest) ask what sort of settlement might be acceptable, to be told they would not be prepared to discuss it until they had further financial information from me.
In the past few days I have found a letter from Cabot stating they were happy with the current repayment but they suggest a new plan of £41.66 monthly to clear the debt faster.
The letter had no bank account details for me to switch the standing order that is in place, so I registered an account on their website (cabotfinancial.co.uk) and made a payment of £7.40 to reduce my total balance due down to £6950.00
I subsequently googled what might be an acceptable settlement to them (I paid most others around 30%) and came up with information about cca's and this forum! I still don't really fully understand about these, and would have continued paying NW for another 14+ years! However the attitude of the guy from Cabot made me angry!
The Nat West debt and the amount outstanding to them/Cabot does NOT appear on my Noddle credit record.
So, being naive, where do I stand?
Should I just continue paying my £40 a month to Nat West?
I could probably increase payments to £50 a month, so do I offer to do this? Should I pay this to Nat West or Cabot?
Does the fact I registered on, and subsequently used the cabot system to pay them £7.40 mean I have made them aware I now accept I owe Cabot the money rather than NatWest?
I can probably find £2000 to settle, but I have a feeling this will not be accepted by them? I certainly cannot find any more as a lump sum. Should I even bother?
Is it worth me looking at the cca process to see whether this debt is enforceable? This is completely new concept to me, and I can honestly do with stress of constant phone calls/threatening correspondence.
Any advice received with thanks.
Regards
Gee
The ex-wife (thankfully) left me in around 2006, but I ended with close to £85k debt, all of which has been cleared, with the exception of a Nat West dual gold credit card. Nat West were one of the few who would not accept a settlement and for the past years I have been paying £40 monthly, zero interest, to clear this debt.
About 18-24 months ago I received a letter from Cabot Financial that they had purchased the debt from Nat West and I should now pay them. Not wanting to stir the hornets nest I ignored the request and continued paying Nat West.
Last weekend I received a text from Cabot, which thinking it was a case of mistaken identity (it has happened several times before), I called to speak to a very snotty/arrogant man demanding I switch payments to them, as it was no longer satisfactory that I pay NW, despite the money being forwarded each month.
He wanted to know my current financial position, I suspect because they want more from me each month!
I wasn't really in a position to talk to them at the time, so told him I would need a week to sort things out. I did (out of interest) ask what sort of settlement might be acceptable, to be told they would not be prepared to discuss it until they had further financial information from me.
In the past few days I have found a letter from Cabot stating they were happy with the current repayment but they suggest a new plan of £41.66 monthly to clear the debt faster.
The letter had no bank account details for me to switch the standing order that is in place, so I registered an account on their website (cabotfinancial.co.uk) and made a payment of £7.40 to reduce my total balance due down to £6950.00
I subsequently googled what might be an acceptable settlement to them (I paid most others around 30%) and came up with information about cca's and this forum! I still don't really fully understand about these, and would have continued paying NW for another 14+ years! However the attitude of the guy from Cabot made me angry!
The Nat West debt and the amount outstanding to them/Cabot does NOT appear on my Noddle credit record.
So, being naive, where do I stand?
Should I just continue paying my £40 a month to Nat West?
I could probably increase payments to £50 a month, so do I offer to do this? Should I pay this to Nat West or Cabot?
Does the fact I registered on, and subsequently used the cabot system to pay them £7.40 mean I have made them aware I now accept I owe Cabot the money rather than NatWest?
I can probably find £2000 to settle, but I have a feeling this will not be accepted by them? I certainly cannot find any more as a lump sum. Should I even bother?
Is it worth me looking at the cca process to see whether this debt is enforceable? This is completely new concept to me, and I can honestly do with stress of constant phone calls/threatening correspondence.
Any advice received with thanks.
Regards
Gee
Comment