Cabot Financial 75% off offer

[victormotris]

Morning all,

I was given an offer letter on the 8th of July this year from Cabot for 75% off reducing £1350(ish) to £340(ish). There appears to be no expiry on the offer. It says I'll receive a letter that the account is closed but doesn't state that it will be marked as partially settled, as I assume it will.

I had a little financial trouble a few years ago and I have ignored everything that has come through my door so far. So far, so good... My finances are fine now and I can afford the settlement offer. It feels tempting but a few things came to mind and I would like some assistance before I pay this.

1 - I don't remember the credit limit being that high. I thought it was £500 (could have been £1000... but this brings me to my second point)
2 - This is quite an old debt. The default date was January 2016. This means it's statute-barred in the coming January. What are the chances of them taking me to court this late? over 5.5 years since the default.
3 - I can see from their site that I can submit a settlement offer. What are the chances of them accepting something around £100? (I've already submitted it - I didn't think of asking until after...whoops. I'll have my answer next week anyway)


I haven't submitted a CCA (from what I have read, this applies to credit cards)
I haven't done a CPR 18 or 31 (not sure which I would do, I've seen both mentioned online - one is information and one is a request if I'm not mistaken?). Should I do this before making payment? If they accept the £100 offer, which I'm doubting they will, I'll pay that right away.

I don't have permission to attach the letter. Let me know if I've missed anything of if you need more info.

[MIKE770]

Subject Access Request Letter send to originator no charge keep copy get proof of posting free, see what that brings up. do not jump around like you are doing as no case issued to you as such cprs18/31???? for what??? no claim in court cpr 31.14 would be the one if ever needed asking for items in claim form mentioned only>

[MIKE770]

offer letter we seen before so no need to post unless asked

[MIKE770]

do not contact them at this stage statute barred next year could be lost!

[victormotris]

Subject Access Request Letter send to originator no charge keep copy get proof of posting free, see what that brings up. do not jump around like you are doing as no case issued to you as such cprs18/31???? for what??? no claim in court cpr 31.14 would be the one if ever needed asking for items in claim form mentioned only>

Saw them mentioned here. thought I may need to send them, hence the questions.

It's a capital one credit card so I'll send the SAR next week.

Would a CCA be of no benefit at this stage?
https://legalbeagles.info/library/gu...etter-example/
"A creditor must provide a copy of the agreement on request within 12 working days, or he becomes unable to enforce the agreement while his default continues. "

do not contact them at this stage statute-barred next year could be lost!

Does making that offer affect statute-barred status? There was no admission of owing the debt on the form, just simply "make us an offer and we'll consider" sort of message.

[MIKE770]

they may be trying a last resort due to coming statute barred, many do, but CCA another time if they tend to move on? not all cases run the same!

[victormotris]

they may be trying a last resort due to coming statute barred, many do, but CCA another time if they tend to move on? not all cases run the same!

I sent the SAR via email to the creditor but I've not had even an acknowledgment. I'll post a letter today recorded.


I've had the following reply to my £100 offer by the way... In summary, they will take what the letter offered of £338.23. Should I counteroffer that again? I'm comfortable that the debt is owed and I think 338 is a cracking deal but I'd happily pay less...lol





Email from Cabot:


Thank you for sending in your offer. It is great news that you are looking to settle your account.

I have reviewed your offer and unfortunately I’m unable to accept £100.00 to close the account as you do owe £1,352.94 in total.

However, I really want to help you become free of this debt so I have reviewed the account and I’d be happy to accept £338.23 in final settlement.

I can confirm that once this payment has been received, your account will be closed and the remaining balance will be written off. It will not be sold or passed on to any third party, and we will send you a letter to confirm this.

It’s very important that you contact us with your acceptance of our offers prior to making any settlement payments towards your accounts. This is so that we can action your accounts correctly and in a timely manner to ensure that your accounts are closed after we receive the agreed amount.

The relevant Credit Reference Bureaux will be updated to show that this account has a zero balance and is partially settled with us. Please bear in mind that this can take up to six weeks from the clearance of your payment.

I would just like to confirm a couple of things with you:

• Please can you confirm if the funds from your family/friends are a gift or whether this will need to be repaid?
• Your preferred payment date so I can put the arrangement in place for you

Alternatively we can look at setting up an affordable monthly arrangement. We pride ourselves on helping our customers get back on the road to financial recovery with personalised and affordable arrangements tailored to your situation.

???????Affordability is essential to creating the correct plan for you. I would need you to visit our website www.cabotfinancial.co.uk to complete an online budget planner. By submitting the budget planner this gives me some extra reassurance that any plan I put in place is within your affordability, of course you know your finances better than anyone else and the budget planner will give us an insight into this. A lot of my customers find this really beneficial as it ensures the plan is suitable for you and your situation.

As you are not currently in a repayment plan, I have held your account for 7 days. If we do not hear back from you within this time, we will look to contact you again.

I am keen to work with you on a one to one basis, therefore please allow me to be your point of contact. If you need me for any reason please let me know and I will be happy to help.

Thank you




edit - what do I hope to see, or not see with a SAR?

[MIKE770]

only told half a story by you???? does not help! sorry but Celestine may be able to help/advise?

[victormotris]

only told half a story by you???? does not help! sorry but Celestine may be able to help/advise?

Half a story? What are you on about?

[ostell]

You didn't say you had made an offer to pay. You've probably admitted the debt.

[victormotris]

You didn't say you had made an offer to pay. You've probably admitted the debt.

3 - I can see from their site that I can submit a settlement offer. What are the chances of them accepting something around £100? (I've already submitted it - I didn't think of asking until after...whoops. I'll have my answer next week anyway)

Except for right here...

[ostell]

So you've said to them "here's £100 to settle my debt" there bye admitting that the debt existed. restarted the statute barred clock

[victormotris]

So you've said to them "here's £100 to settle my debt" there bye admitting that the debt existed. restarted the statute barred clock

Ok, now for a more helpful answer?

[DE DOGS]

Personally, I would pay them to save yourself a bit more greif and get it off your back. ""I've had the following reply to my £100 offer by the way... In summary, they will take what the letter offered of £338.23. Should I counteroffer that again? I'm comfortable that the debt is owed and I think 338 is a cracking deal but I'd happily pay less...lol""

[victormotris]

Personally, I would pay them to save yourself a bit more greif and get it off your back. ""I've had the following reply to my £100 offer by the way... In summary, they will take what the letter offered of £338.23. Should I counteroffer that again? I'm comfortable that the debt is owed and I think 338 is a cracking deal but I'd happily pay less...lol""

My hope here isn't to avoid paying.

I know it's close to statute-barred but that doesn't mean they aren't going to submit a claim. I know I owe the money and I'm in a position to pay the offer they submitted. My main question is how much room do you think I have to negotiate? 75% isn't something I've seen a lot on here and that's definitely a good offer in my eyes

They sent me the 75% off offer via post and then reaffirmed it in a reply to my offer. Would I be compromising the offer by trying to negotiate further? I tried reading other topics but couldn't find anything that talks about negotiating in this circumstance.