Help with Cabot Financial

[akashi]

Hi,

 

I took a loan with Lloyds in 2003 for £10,000. I started missing payments and eventually the loan was passed to DCA, Cabot Financial.

 

Since 2007, I have been making regular payments to Cabot Financial.

 

I have managed to bring the balance down to just a little over £6,000 now. I called them and made a full and final settlement offer of £3,300 after going back and forth multiple times!

 

I told them I was not making any payments until I received a written confirmation accepting my offer in figures as a full and final settlement of the money owed to the account. I also wanted the letter to mention the credit agency will be updated as paid in full.

 

The advisor told me a letter was on its way to me and that once payment had cleared they will write to me again confirming the account is settled and closed. He also mentioned the credit agency will be notified and account will be marked as "satisfied"

 

I wrote to them before with a final settlement but they replied with a much higher amount. As long as I have their letter accepting my offer I should be safe?

 

Can anyone see any problems with this? I don't trust DCA and know they will use tricks just to get the money. Like the advisor wanted me to pay straight over the phone without any written confirmation!

 

I also noticed that the loan in not displayed on my credit file anymore, this might be because it is over 6 years old. How can Cabot Financial mark the loan as "satisfied" if it is not on my credit file anymore?

 

I will scan the letter and upload here once I receive it.

 

Thanks in advance.

Edited August 2, 2011 by akashi

[dx100uk]

urm...

 

me thinks you've been had as a cash cow all these years.

 

the oc would have written it off against tax years ago.

 

pers i'd not settle yet

 

how about an sar to the OC, let see what they say.

 

if its not on your cra, then i've got severe doubts about their legality to the money at all.

 

dx

[akashi]

I have checked a new credit report from Equifax on 01/08/2011 and there is no mention of the account for the Llyods / Cabot Financial loan anywhere on it.

 

I also have an old Experian credit report on paper from 2008 and the Lloyds / Cabot Financial loan in not mention of this either.

 

I checked if they used a different company name, but there is nothing whatsoever for the £10,000 loan account.

 

Can someone please help me? What does all this mean? It cannot be Statutory Barred as I have been keeping payments since 2007.

 

Thanks in advance.