I have an old Mbna debt of 17.9k which is now owned by Cabot Financial.
There has been no payments ever to Cabot and the last payment to Mbna was about 2014.I have never acknowledged the debt in writing or indeed ever engaged with Cabot.
This week they wrote offering a settlement of 30%(ie 70% off) .
I realise that if I was ever taken to court,I could enter a defence of the debt being statute barred,however having the debt settled for a token amount has some value as the amount is reported to the CCR every month and stops me borrowing ever again.
Now,questions!
(1) Does phoning Cabot to discuss a settlement cause the debt to be acknowledged and reset the clock on enforcement(I have seen other threads where the acknowledgement has to be in writing)
(2) What would be a reasonable amount to offer be?
Any insight gratefully received
There has been no payments ever to Cabot and the last payment to Mbna was about 2014.I have never acknowledged the debt in writing or indeed ever engaged with Cabot.
This week they wrote offering a settlement of 30%(ie 70% off) .
I realise that if I was ever taken to court,I could enter a defence of the debt being statute barred,however having the debt settled for a token amount has some value as the amount is reported to the CCR every month and stops me borrowing ever again.
Now,questions!
(1) Does phoning Cabot to discuss a settlement cause the debt to be acknowledged and reset the clock on enforcement(I have seen other threads where the acknowledgement has to be in writing)
(2) What would be a reasonable amount to offer be?
Any insight gratefully received