Unable to pay bank loan

johnoconnor1

I am wondering how things progressed for you they are also chasing me for a lot smaller BOI debt?

thecreek

John, sorry, just getting back to you now.

With Cabot I found that they trade on being aggressive, demanding & invasive.

Obviously a conversation between debtor & debt collector is never going to be friendly but in my experience Cabot Financial will stress & intimidate the debtor by constantly threatening legal action, sheriff, repossession of goods....etc.

Initially I was very honest with Cabot but I found they just have no respect for any debtor who has found themselves in any situation.
I was threatened with all above initially & demanded I pay immediately or at least make firm commitments to pay over 3 yrs.

At this stage I realised the company have no interest in my situation & exist purely as a profit driven organisation who don't care how they collect as long as they get some kind of commitment regardless of the debtors situation.

After our second conversation they sent me income & expenditure forms which- lets just say they like to know where your last penny is!!!!

After this this I contacted them again & told them that if they dealt with the account on a human level, threated me with some respect instead of making demands & chanting down the phone about legal action I would respectfully agree to engage with them.
This seemed to send shock waves through them! This was met with total confusion & they constantly informed me they had done nothing wrong, are with in their rights, regulated blah blah....

So I told them about my income & asked them to decide what a reasonable standard of living is for a person in my situation is, subtract that from my salary & the resulting figure could be paid against the debt.
This just cant be anymore straight forward!!!! How reasonable am I?? I'm allowing them to decide how I live my life!!!!

Again total confusion from them & I was told by them that they're not a financial advisory organisation.

So for the moment they are insisting on legal action, I'm telling them that I cant be more honest with them & if I have to face a judge I can only tell the court what I have told them!

My advise is if you can pay the debt pay it, if you cant but can put a payment plan in place do it, but if you your choosing between putting food on the table & paying a debt collector who bought your debt for a tiny percentage of the amount owed............, a collection agency who will stress you until they find your breaking point.........that's just shameful.

pedronomix

I am sorry to learn that this still drags on. The time has come to put a stop to this nonsense, tell them you will see them in court. Any judge with human blood in their veins will be very harsh on them. Represent yourself, have your case and story/history well documented, they might a get 50cent a week order but I doubt they will get anything at all in the short term. Call their bluff, you have nothing to lose and could get your life back.

johnoconnor1

The way they are treating you is terrible.

I have dealt with a few companies like this in the past but these are by far the worst.
I had a BOI credit card debt of 4000+ that I was unable to make full payment on after paying a few euro a month for a year I told them I could not meet the monthly amount and offered 25% of the debt they accepted that and a family member helped me out.

I had the same issue with an MBNA credit card they too accepted a settlement of 25%.

Cabot seem to be unwilling to accept anything near that settlement I will struggle on and pay what is agreed for now but that cant go on forever . I agree with Pedronmix go to court with you facts figures and proof of contact and I am sure things will go your way

thecreek

the problem with these companies is that with such a high turnover of staff there is an obvious lack of expertise.
I've had some of their representatives just repeatedly threatening we with hell being unleashed, others have said they're just doing their job.
In my experience as a distressed caller, I think their handling of my account has been irresponsible at least.
Lets face it, these companies are purely profit driven & aren't worried about the position or mind set of the distressed account holders.

thecreek

thecreek wrote: »

Lets face it, these companies are purely profit driven & aren't worried about the position or mind set of the distressed account holders.

Of course they are, thats their business model. Its a profitable business model too, often pitched for investment on shark tank and dragons den in different areas. Usually the ruthless shark/dragon likes it while the others dont want to be a part of such an ugly business.
I would say adopt the same attitude to them as they adopt to you, be totally ruthless about it, care as little as possible about what they want. Might be easier to sleep at night that way!