Cabot Financial - Settlements

[slindy21]

Hi Guys

Does anyone have any experience of Cabot and Full and Final Settlements? How are they viewed by Cabot and whatshould I offer?

Many Thanks

[enaid]

Re: Cabot Financial - Settlements

Hello slindy, I am sorry I can't answer your question for you.
Quite a few on here have had dealings with Cabot and I may say some are aces,
I am sure someone who can help will be along soon
Enaid x

[LuggerBugs]

Re: Cabot Financial - Settlements

What you offer depends really on how enforcable the supposed debt might be.

If they have all the correct paperwork in place, all the i's dotted and the t's crossed, they will probably not settle for anything less than the full amount.

If they paperwork is a wee bit dodgy, anything over 50%.

If it's completely unenforcable for whatever reason, they would probably bite your hand off for upwards of 10%.

Do bear in mind though, that they will NOT remove a default. They will merely mark it as satisfied. No matter how much you pay them. They do like to kick you when you're down that lot.

Have you CCA'd them? Are they actually entitled to what they are claiming? Can you set off, say, bank charges or the like against the debt?

Loads to consider. And you have come to the right place for advice.

I'm with Cabot, and I have the "shove it up yer jacksy" budget plan in place with them.

[slindy21]

Re: Cabot Financial - Settlements

Thanks for that.

I will be sending CCA's to all my creditors, but will I get replies from the agencies, like CL Finance and Cabot? And will I be able to negotiate on interest and charges that have been made?

[LuggerBugs]

Re: Cabot Financial - Settlements

You will get a reply from Cabot, and you will get your £1 back, cos I challenged them on their right to it if, as they claim, they are not bound by the CCA to provide you with copies of your agreement. But they will try anyway, and will probably fail, to comply with your request.

You do know that Cabot supposedly own your account now, don't you?

As for their interest and charges, they are only entitled to charge a MAXIMUM of what is in your agreement with the OC. Anything else is just pure fantasy. And Cabot HAVE confirmed to me, albeit over the phone, that 12% is their standard rate for interest bearing accounts. Which is fine if your original interest rate was 36%. But utter nonsense if you were paying, say, 6%.

Of course, since Cabot never buy debts with sight of your agreement, where the heck do they get 12%, or indeed ANY, rate from? So they just wing it. Unlawful, yes. But then, that's Cabot for you.

[slindy21]

Re: Cabot Financial - Settlements

I've now had 2 replies from Cabot and both without my agreement. Just letter to say they are still trying to obtain my CCA.

I just want rid of my debt now, can i just offer a F&F to be rid of it? If so what should I offer?

[MIKE770]

Re: Cabot Financial - Settlements

I've now had 2 replies from Cabot and both without my agreement. Just letter to say they are still trying to obtain my CCA.

I just want rid of my debt now, can i just offer a F&F to be rid of it? If so what should I offer?

I may be wrong but I would wait the outcome of CCA request, if they admit no CCA then F&F settlement but wait and see, AWAIT OTHER OPINIONS ON HERE.:beagle:

[LuggerBugs]

Re: Cabot Financial - Settlements

Soz, been at sea for a while, so no easy access to the Forum. (Unlucky, Cabot. You had time to get court proceedings under way, and I wouldn't have been home to respond. HAHAHA).

But, yeah. I know it's a bummer having this hanging over youy. But to be honest (unlike that lot at Cabot Towers), in what way would you be better off paying them a bean until you know where you stand?

As above, hold off until Cabot finally admit they have the square root of FA chance of coming up with a compliant agreement.

[slindy21]

Re: Cabot Financial - Settlements

Well it's now January 2010, and finally received an answer to my CCA request from EGG. No signed agreement with the detail, WELL not one signed by me anyway!!!!

I have received a reply to someone elses CCA request with their signature on an agreement and addressed to a solicitors that they must be using........

What do you think of that then? Breach of DPA??????