Cabot financial & written off debt

When you say it showed up recently, are you saying you've just noticed it or was it added by Cabot recently 🤔

I'm not an expert but I've heard companies like Cabot, vulture funds etc very slow to remove details even if settled and regardless, the record remains on the CCR , for how long I'm unsure.

Whilst you appear to want to address this debt and Cabot are likely to negotiate a reduction to settle the debt, you should equally be aware if the debt is not secured or subject to a judgement mortgage , it is highly likely to be statue barred after 6 years. 15 years seems an extraordinary time for no action to have been taken or correspondence to have occurred.

Before you consider your options, you need to consider,carefully your options because if you acknowledge this debt , particularly in writing, your essentially re starting the clock in relation to debt being statue barred. Be aware however statue barred doesn't mean the debt dissappears and Cabot could still chase the debt in the courts , this is when debtor lodges Statue Barred defense.

To surmise, if its your intent to pay the debt, negotiate a settlement, you need to ascertain if doing this,...

Will Cabot update details on CCR and how long that takes

Regardless of any settlement, will information regarding this Debt still be accessible on the CCR.

Perhaps someone more experienced can offer advice on how settling a debt is reflected on the CCR.

I wasn't entirely sure how a settled debt is recorded on the CCR, I get a sense the OP wondering if all details pertaining to the debt,settlement or even clearance is documented on CCR for the purposes of for example credit rating, check etc.

There's so many varying opinions on Statue Barred debt, whilst the rules seem straightforward enough, Terms & Conditions etc seem vague .

There are 2 separate elements.

1 the debt must be recorded warts and all.

In "askaboutmoney" they were discussing the need for more nuanced terms regarding "settled" as it has possible unforeseen consequences.

2 Can you be pursued for the debt?

Qualified yes.

If its large enough then there can be case for pursuing it.

Here is where the legal defense of "statute barred" ( terms and conditions apply) could be used.

Even if you could clear the balance outstanding the record wouldn't be wiped from the CCR for 5 years .

The loan remains on record for 5 years after the last payment of a scheduled loan, a write off or a payment to clear a loan in arrears that , for example, no payment has been made against for several years.

No solicitor can change that.

If by CBI you mean the Irish Credit Bureau (ICB) they ceased their credit reference services on 01/10/2021 and their credit records are no longer available for credit reference purposes.

The CCR FAQs will confirm for you that the loan will remain on record for 5 years after settlement/completion/write off.

Why do people say utter bullsh1t like this.

I'll bet you won't cover the costs and the amount due when it is shown they are genuine papers and the op then has a court judgement against them.

That's how crap your advice is.

For the op, maybe check with MABS or if it's substantial enough, ask a solicitor.

Jim above is spot on.

Also if you can offer about 40% as settlement, the chances are they will accept it - of course you tell them that you would have to get it from family members so that they see an opportunity to close the debt

The best thing to do is - obviously contact a solicitor - but also contact the court mentioned on the document and enquire. If it's a real document

Absolutely this. I hate the word predatory but these companies are predatory chasing every last cent. Make sure you have confirmation as above. Full And Final Settlement needs to be on the document.

How did you proceed here JJ ? Extremely likely that this claim notice is genuine and should be addressed.

The papers may not be lodged in court yet.

In some cases you will be sent unstamped court papers and if you don't respond they then enter them.

A company like Cabot will not send fake paperwork.