I had a loan account with Northern Rock which I defaulted on and they subsequently sold it on to Cabot.
The account has been staute barred for about 15 years.
I recently made a tentative equiry regarding PPI, via a claims company, as I heard that it shouldn't affect the statute barred status.
I have been advised that Northern Rock have accepted the claim and a refund of approx £1100 is due and will pay it directly to myself.
They also say that they will advise Cabot to update their account details too.
To receive the refund I have to sign an acceptance form which says that this ends any PPI liability etc.
However there is also a condition that states that I accept that the cash loan is still in force.
My question is this:
Even though NR sold the debt to Cabot will my acceptance of this condition for NR constitute activity that will affect the statute barred status, thus "starting the clock again" and therefore give Cabot licence to start demanding payments from me.
And also as the PPI is seperated from the original loan, which now doesnt belong to NR, are they entitled to make this a condition of acceptance.
My limited understanding was that as the debt was sold on, then my PPI claim was the only issue.
I'd appreciate any advice as I could really use the refund.