Giving me a chance to clear my debt with no outstanding balance

[denis]

The letter speaks for itself and by that I interpret this as a one off payment that will clear my debt once and for all. I'm currently working overseas and paying a neat penny per month.

Amount saved would be 50 - 60% hence my initial reaction is that it's too good to be true.

I'm going to contact them tomorrow about the details, however I am curious whether other members have been in the same position with Cabot or similar type of companies.

[QCKate]

Re: Giving me a chance to clear my debt with no outstanding balance

It's not too good to be true and you might even get a better deal if you make them an offer. They will have paid peanuts for your account so they will make a healthy profit without much extra cost or hassle. Suggest you wait for further advice on here before contacting them!!

QCK

[EXC]

Re: Giving me a chance to clear my debt with no outstanding balance

I agree with QCKate and offer them a considerably lower figure (say 10%) as an amount you couldn't possibly afford to increase. The chances are they paid just a few quid for the debt.

[Diana M]

Re: Giving me a chance to clear my debt with no outstanding balance

I would suggest that you send them a s77-79 CCA Request to establish whether this debt is enforceable first, because if it isn't then you will be in a much stronger negotiating position .

This forum has a template letter for that.

I also note that the "current owner" of the debt is Cabot Financial (UK) Ltd which could be one reason why they're prepared to settle it with minimum fuss.

Di

[Kati]

Re: Giving me a chance to clear my debt with no outstanding balance

If you're only paying a penny a month (12p a year) they must be desperate to get it off their books lol xx

[hra47]

Re: Giving me a chance to clear my debt with no outstanding balance

Would that be Cabot Financial (Europe) Ltd or Cabot Financial (UK) Ltd?

It makes a difference since one is unlicensed Hello Di - I lifted this from another site,as its server seems to be overloaded and I can't do much there - I have a debt where current creditor is Cabot Financial UK Limited (no brackets around the UK) - if it is still unlicensed,why don't they just transfer the debt to one of their licensed companies? Grateful for any advice -