# Negotiating statute barred debt



## Reasonablysolve (7 Jul 2020)

Hi,I have an ex MBNA debt of 20k that was sold to Cabot Asset Purchases.
The last payment made to MBNA was about 6 years ago,and the central credit register shows the debt to be in excess of 100 months in arrears.
This is my only debt and I'm currently otherwise debt free.
My problem is that I would like to maybe settle the debt for a smaller amount that I could get together,because this debt is re-reported every month to the CCR(in perpetuity?) and is preventing me moving on.
So...does anyone have any tips on how it is possible to negotiate a settlement in a way that doesn't acknowledge the debt and reset the clock for another 6 years,if the negotiations don't result in an agreement?


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## demoivre (7 Jul 2020)

Reasonablysolve said:


> Hi,I have an ex MBNA debt of 20k that was sold to Cabot Asset Purchases.
> The last payment made to MBNA was about 6 years ago,and the central credit register shows the debt to be in excess of 100 months in arrears.
> This is my only debt and I'm currently otherwise debt free.
> My problem is that I would like to maybe settle the debt for a smaller amount that I could get together,because this debt is re-reported every month to the CCR(in perpetuity?) and is preventing me moving on.
> So...does anyone have any tips on how it is possible to negotiate a settlement in a way that doesn't acknowledge the debt and reset the clock for another 6 years,if the negotiations don't result in an agreement?



Don't put anything in writing. To acknowledge the debt it must be done in writing and signed by you or you must make a payment against the debt. However if you do come to an agreement and start making payments those payments restart the clock.

If you do nothing , and wait it out , Cabot may offer you a deal. I've seen it done where they were willing to accept half the debt as full settlement.
Don't ignore legal proceedings though , as a judgement in their favour would give legal recognition to the debt and they would have 12 years to chase it up. If your information is correct and the debt is statute barred then that is a perfectly legitimate defence if Cabot go the legal route.


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## Thirsty (9 Jul 2020)

Not an expert here, but if the debt is now statute barred, can you look for it to be removed from your ICB record?


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## Baby boomer (9 Jul 2020)

Thirsty said:


> Not an expert here, but if the debt is now statute barred, can you look for it to be removed from your ICB record?


Even if you could, it would still remain on the Central Bank Central Credit Register.


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