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Ac1987
Regular Contributor

19 Posts

Posted - 22 June 2020 :  20:07:09  Show Profile  Reply with Quote
hi all.

Wondering if anyone can help me. I got an alert saying that 2 new things were added to my credit score. Went on to check and 2 accounts added under the name CABOT FINANCIAL. in default since my trust deed started. I definitely made sure every thing was included in my trust deed and I have just double checked. Was wondering have they bought debt from a company who were in my trust deed from the start? The 2 accounts have my old addresses on them. I've went thru my credit report and noticed that 2 debts that were definitely added into the trust deed are not there. I cross referenced the accounts on my credit score to my trust deed debts to make sure all on my trust deed were on my report.

I'm 6 months away from completion and I'm confused why these have been added now? Will they try to pursue for the debts altho they were in the trust deed from the start and my only explanation I can think of is theyve bought it off a company in my trust deed? Will the company who is in the trust still receive money from the trust deed company altho they've sold it and will i have to.pay this CABOT FINANCIAL

THANKS

TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 22 June 2020 :  21:51:19  Show Profile  Reply with Quote
Hi Ac1987,

This doesn't sound like anything to worry about.

Debts are often sold, even after trust deeds have begun.

Any debt that existed when your trust deed began is automatically included and will become uncollectable once you have been discharged.

The debt purchaser (Cabot Financial) will receive the dividend(s) paid by your trustee.

If you want to tie up loose ends you could give Cabot a quick call to check who they purchased the debts from, but unless they're originally new debts from after your trust deed began it's probably pretty much irrelevant as far as you're concerned.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert



3859 Posts

Posted - 23 June 2020 :  09:18:00  Show Profile  Reply with Quote
I always find Cabot Financial to be very straightforward to deal with, so if you are worried about this then you could try calling them and ensuring they are aware of your Trust Deed. They should then abide by this and contact your Trustee to get any dividend that may become due to them.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Ac1987
Regular Contributor

19 Posts

Posted - 23 June 2020 :  13:51:11  Show Profile  Reply with Quote
Thank yous both for your replies. Appreciate your advice and ill get in contact with them and see what they say
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