Cabot Financial blast from the past

Discussion in 'Banking, credit cards, etc' started by Pepper5050, Apr 16, 2018.

  1. Pepper5050

    Pepper5050 Registered User

    Posts:
    5
    Hello,

    Maybe a bit of a strange one but any advice welcome. Almost 20 years ago I came to terms with having a serious gambling problem. With help I managed to kick the addiction. Part of the process was sorting out debts with the help of MABS. Credit union. Banks etc. I did have one MBNA credit card loan of about 1500 euro. MABS wrote to MBNA asking for staged payment terms. We never received a reply. I asked what should we do and was told it was up to MBNA to reply as we had wrote a formal letter. Anyway after many tough years I repaid my loans but never heard from MBNA. A few years back I do remember getting some letter saying MBNA now hooked up with tesco or the like but it was jus an info letter.
    Now I have a letter from Cabot Financial saying I owe them 1500 euro. It must be over 20 years but for sure over 15 since MABS wrote that letter. Times have changed and although things are better a small business I had went under last year. Thankfully it was very clean with no monies owed to anyone or revenue. I am picking up work here and there but am not flush with cash.
    The MABS office I used to go to is closed now and I am sure the guy I dealt with is retired . By the way he was a great help at the time.
    Can these 3rd party debt collectors just turn up years later and demand payment?

    Thanks.
     
  2. Sunny

    Sunny Frequent Poster

    Posts:
    3,363
    Ignore them. If you had a small business etc you must have had credit so there was nothing on your credit record. They are just a bunch of chancers.
     
  3. LDFerguson

    LDFerguson Frequent Poster

    Posts:
    4,024
    First - well done on beating the addiction and repaying your loans. Debts aren't written off after a period of time. So yes, MBNA can appoint a debt collector, even after this length of time, to chase it. The fact that MBNA didn't engage with MABS years ago is poor form on their part but doesn't change the fact that you owe them the money. I'd suggest that you engage with Cabot Financial and come to some sort of arrangement that you can afford to pay off the €1,500 over time.
     
  4. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,471
    Check your credit record to see if the debt is still recorded on it or if Cabot tries to register it.

    Check elsewhere on Askaboutmoney, but IIRC, unsecured debt becomes statute barred after 6 years.

    Brendan
     
  5. Pepper5050

    Pepper5050 Registered User

    Posts:
    5
    Ok thanks for the advice all. I will check credit record first. Fully think is I have not borrowed off anyone bu my credit union in over 20 years.
     
  6. Sunny

    Sunny Frequent Poster

    Posts:
    3,363
    Normally I would agree that people pay their debts but considering the banks stringent use of the 6 year statute of limitations when it comes to things like PPI and other mis-selling, I would suggest that the banks be told where to go if they come looking for a debt after 15-20 years of non-engagement. If the debt was live, it must have been accruing interest so the OP must owe a sizable amount by now. If it hasn't been accruing interest or there wasn't regular communication about payments, it means the loan was not being managed and they are just chancing their arm. No court will enforce the debt. Any attempt to put it on the credit register should be brought to the regulator. Cabot will back off soon enough. You will get a letter soon enough from their solicitors (same crowd but use scary legal language) and you should ignore that too.
     
  7. Pepper5050

    Pepper5050 Registered User

    Posts:
    5
    I suppose the fact that they are looking for the exact amount that it was all those years ago proves they never made contact. I just kept paying my loans via MABS. They never replied and to be honest over time I forgot. 20 years is a longtime to get in contact. Over the last 20 years I have only borrowed with my Credit Union and even with them not for over 8 years. Debit cards were a god send as used for business and spent what I had. I am 56 now and dont think I would get a loan or really I do not want one either here on in from a bank. Anyway I have applied for a credit report online so will see what is on that.
     
  8. demoivre

    demoivre Frequent Poster

    Posts:
    2,499
    Can Cabot, and debt collectors in general, register information on the new Central Credit Register? The ICB have a readily available members list on their website, of which Cabot wasn't one or indeed any other debt collector for that matter, but I can't find similar information for the Central Credit Register.
     
  9. Pepper5050

    Pepper5050 Registered User

    Posts:
    5
    Just an update. Today I received my ICB credit report. Looks nice and clean. Just a credit union loan from 2010 which I have paid off over a year ago and regular. Nothing else. As stated before I had cleared all my gambling debts over time. MABS had asked MBNA for payment schedule which they never replied. 20 years later is a bit late for a reply. I am fairly sure Cabot have not a leg to stand o. I am going to go what MBNA did to me 20 years ago. Ignore the letters. Funny thing is I did pay everyone over time that got back to MABS and I. I am sure if I went back to them about an over payment 20 years later I be told where to go.
     
  10. Cossie39

    Cossie39 Registered User

    Posts:
    9
    Im the same as you... im 3 yrs free of gambling... well done to you... im getting letters from the same crowd... have gotten a letter threathening court
     
  11. Pepper5050

    Pepper5050 Registered User

    Posts:
    5
    Well done on the 3 years. The years will fly by. 1st few are the hardest. Maybe I am in a slightly different position. They replied to my correspondence 20 years later. I have checked my credit rating and no sign of of the credit card debt. It would have been at almost 20 years so it would have been taken off after 6 as far as I know. Think they are chancing their arm with me. If your debt is more recent maybe it still on your credit rating. I am no expert on these things so will let that side to people that are far more informed then I on here. Funny thing I was looking at a very clean credit rating the other day when I received it. I reflected how different it was 20 years ago. Not everything is perfect now but its it a million times better then back then. Best of luck with ever you do.
     
  12. Cossie39

    Cossie39 Registered User

    Posts:
    9
    Its not on my credit rating anyway as i recently got a loan fir a wedding. They are definitely chancing their arm with you. I will sort my situation out this coming week. This is the last monkey on my back in terms of people chasing me for money owed. I have been payin everything else back i put this on long finger. Ill offer them whatever i can afford. They cant get blood from a stone