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Cabot financial & written off debt

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  • 01-10-2021 6:43am
    #1
    bizzieebee
    Registered Users Posts: 25 ✭


    Would anyone have any knowledge of Cabot financial and if they do pay to delete on the CCR credit reports.

    An old debt that from over 15 years ago has recently shown up on the CCR. It's from a short period we fell on hard times and had thought we had taken care of anything outstanding from that time. Our mistake but we have had perfect credit since then and wanted to purchase a home so this is obviously a huge issue.

    We would like to try pay this debit and I have read online that as part of that people ask company's to agree to a pay and delete so you pay the debit and they remove it from your credit report. Iv just never dealt with Cobot so I wanted to see if this is something they do before making contact.

    Any advice would be most welcomed

    Tagged:


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    #2
    kirk.
    Registered Users Posts: 4,957 ✭✭✭kirk.


    I'd try citizens information

    I wouldn't be ringing Cabot in a hurry for help,nest of vipers that lot



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    #3
    Dempo1
    Registered Users Posts: 26,977 ✭✭✭✭Dempo1


    https://www.boards.ie/discussion/2058211214/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.

    Is maith an scáthán súil charad.




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    #4
    AnRothar
    Registered Users Posts: 563 ✭✭✭AnRothar


    The "statute barred" is a legal defense which you may avail of (terms and conditions apply) should you wind up in court.

    There was a change to the regulations where certain debts (greater than €500) must be reported.

    This then remains on your record, see below from the CCR link.

    While it may be possible that a lender is statute barred from pursuing a borrower for repayment of a loan, the passage of time does not erase the actual debt, and the loan may still be reported to the Central Credit Register.


    Also it seems that "settling" the debt may need a clarification to be added.



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    #5
    Dempo1
    Registered Users Posts: 26,977 ✭✭✭✭Dempo1


    https://www.boards.ie/discussion/comment/117961731#Comment_117961731

    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 .

    Is maith an scáthán súil charad.




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    #6
    kirk.
    Registered Users Posts: 4,957 ✭✭✭kirk.


    Mabs might be able to help



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    #7
    AnRothar
    Registered Users Posts: 563 ✭✭✭AnRothar


    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.



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    #8
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    Hi All

    Just to update and give clarity I called Cabot today - Did not give details but they where happy to answer my questions in general terms.

    The debt showing on the CCR is from a loan in 2007, Cabot put this up as written off on the CCR in 2018. As the debt is written off Cabot said they are unable to take a payment against it that it remains on the CCR for 5 years from the date they posted it and that it was posted when the CCR came into play.

    So now we have no way of addressing this issue and hands are tied until 2024

    My question now is, if the debt was 11 years old in 2018 then it had passed the 6 year statue of limitations at the point they posted it on the CCR is there any way of disputing this to have it removed from the CCR?



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    #9
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/117962114#Comment_117962114

    Sorry I have a lot of commitments right now, otherwise I spend some time digging into for you get you the right links for this, but I believe the information you have been given is incorrect. First of all just because a company writes off a debt does not mean that they can stop reporting on it nor make changes to it. The debt must be settled and once it is, it will be automatically removed from the registry after 12 months I think - so they need to reported it as 'settled'.

    The statute of limitations gives you no rights beyond a defence in court. But if you look at the CRR website, somewhere in the Q&A they list a few things you can do, including having your explanation attached to the record.

    I don't believe ringing up Cabot anonymously is going to move this on for you. You should probably think about seeking legal advice.



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    #10
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/117961774#Comment_117961774

    Thing is, it is not an Irish law, it an EU one and financial institutions all over the EU have access to this information so country level definitions don't work. The 27 need to agree on it and right now I guess there are a lot more pressing issues for them to discuss.



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    #11
    bizzieebee
    Registered Users Posts: 25 ✭bizzieebee


    https://www.boards.ie/discussion/comment/117962226#Comment_117962226

    Thank you for the reply. I have contacted the CCR and they where unable to give me any information in regards to how long it stays on the CCR or how long after its marked write off or settled.

    Idealy I'd like to clear the balance as it isn't a huge sum and get it settled ASAP. I was suprised to hear it couldn't be and that it total something could be heald against you for 17 years.

    Would you have any Insite into the type of solicitor I am looking to seek legal advice from? As I think we will have to do this.

    We want to move and are not getting any younger this has definitely thrown a spanner into the works in a bad way.



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    #12
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    Sorry I'm not in a position to recommend a solicitor.

    The information I got on the topic was from the the FAQ on the CCR site a few months back.



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    #13
    Squiggle
    Registered Users Posts: 1,254 ✭✭✭Squiggle


    https://www.boards.ie/discussion/comment/117962717#Comment_117962717

    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.



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    #14
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/118008383#Comment_118008383


    For the CCR report I believe it is 12 months after the date the debt is first reported as settled and for CBI it is 5 years.



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    #15
    Squiggle
    Registered Users Posts: 1,254 ✭✭✭Squiggle


    https://www.boards.ie/discussion/comment/118010393#Comment_118010393

    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.



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    #16
    TheOriginalJ
    Registered Users Posts: 16 ✭TheOriginalJ


    Hey folks,


    I know it’s been a while since anyone posted here. Question for the two that we’re having issues with past loans from over 10 years ago showing up on the ccr thanks to Cabot.

    Has there been any luck with getting the outdated report removed or amended on your CCR report or were you left stuck with it on your file.


    Also I had a loan that was sold to Cabot in 2014, I paid when I could but there was periods where I could not afford and also I tried to settle for very close to the amount owed and they refused. Anyways we came to a settled last November, unfortunately I did not realise it was on the ccr until switching credit cards.


    Now they showed missed payments even after I tried to settle the amount, there was no signed agreement in place on payment plans so in my opinion this should not have any standing. Now one discrepancy which is present is the date that they have listed that they have the loan since is incorrect the date they have listed I was actually still paying said bank at that time. In my opinion this is a pretty big issue and shows there ability to enter incorrect information without any evidence of same. Would this give me ground to challenge this and have the report by Cabot removed from my ccr? Any tips would much appreciated. It makes no sense to crippled by a past debt especially if your pay back on current loans is showing no issues.



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    #17
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    The purpose of the legislation requiring Cabot to report on this is to provide an accurate account of your indebtedness regardless of age, so I very much doubt you’ll be able to convince a judge to direct that the entry be removed as opposed to directing that it be correct.



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    #18
    JJS31
    Registered Users Posts: 3 ✭JJS31


    I’ve just received court papers - debt claim from Belgard Solicitors / Cabot Financial.

    it was for MBNA credit card back in 2011 that I had an arrangement with to pay a small about every month as far as I remember. Had an injury then and could no longer pay. It was then sold to Avant and then Cabot which I’ve never spoken with or engaged with ever. Last discussion i had was with MBNA in 2011.

    how do I deal with this? Is it statute barred ? Can I ask for a credit agreement which there will be none. On a side note I’m almost sure I was sold ppi back in the day which I was told didn’t cover the debt as my now ex husband was self employed. I’ve no paperwork from MBNa now though as it’s 11 years ago

    thanks in advance for any help



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    #19
    kirk.
    Registered Users Posts: 4,957 ✭✭✭kirk.


    Court papers are probably fake anyhow

    I wouldn't contact them think it starts the loan again



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    #20
    JJS31
    Registered Users Posts: 3 ✭JJS31



    https://www.boards.ie/discussion/comment/119872828#Comment_119872828

    They look legit. Record number and stamped. Can’t get through to the court to check.



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    #21
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119872828#Comment_119872828

    Bad advice. You have no idea of what the actual situation actual is.

    Both Belgard Solicitors & Cabot Financial are reputable firms who are not in the habit of committing fraud by falsifying court documents.



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    #22
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119872797#Comment_119872797

    First of all, to clear one thing up - statute barred, is a defence in court, it does not prevent a creditor from attempting to collect the debt.

    The second thing to keep in mind is that an unsettled debt will remain on your CCR until such time as it is settled and this may impact your ability to obtain credit in the future.

    I would not advise you to post personal details relating to the loan here and it could lead to your identity to the parties involved. I suggest you contact a solicitor and take their advice about how to proceed.



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    #23
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    https://www.boards.ie/discussion/comment/119872828#Comment_119872828

    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



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    #24
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119883892#Comment_119883892

    Just to follow up on the last point OP: If you reach a settlement with them be absolutely clear that it is in full and final settlement of the debt in writing, not some kind of write down or write off. Otherwise it would still have to be reported on your CCR report.



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    #25
    ELM327
    Registered Users Posts: 21,914 ✭✭✭✭ELM327


    https://www.boards.ie/discussion/comment/119883892#Comment_119883892

    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

    https://www.boards.ie/discussion/comment/119885254#Comment_119885254

    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.

    Post edited by Jim2007 on


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    #26
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119885318#Comment_119885318

    It's not about the creditor's attitude, it's a legal requirement that such events must be reported. I have dealt with many debt write off and recover situations over the years and it is not unusual that the people involved are not aware of the legal requirements. I know of situations were both the debtor and the creditor were happy with the deal they did, signed off on it and went away happy only to discover much much later that the event was a reportable credit event and as a matter of fact it can't be undone because the world has moved on.

    That is why it is very import to know the difference between a debt being written off and a payment being accepted in full and final settlement of a debt.



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    #27
    Squiggle
    Registered Users Posts: 1,254 ✭✭✭Squiggle


    https://www.boards.ie/discussion/comment/119872797#Comment_119872797


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



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    #28
    JJS31
    Registered Users Posts: 3 ✭JJS31


    Thanks all. I just rang the court to confirm the documents are real and they have no record of it at all. I will double check again but will lodge a defence with the court anyway



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    #29
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    https://www.boards.ie/discussion/comment/119939445#Comment_119939445

    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.



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    #30
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,241 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119939445#Comment_119939445

    But what are you trying to achieve? Unless the debt is actually settled it is going to remain on your CCR report, which means it will block you should you wish to seek credit in the future.



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