Cabot Financial

Maggiesm70

Hi,

I had an Avent credit card that ran into arrears of E10k, i was paying off bit by bit, due to a sudden change in my circumstances, i think it was 2015, the debt was sold in 2017 or this year i think

The debt was sold to Cabot and they sent me a letter looking for money, i wrote to them and advised them of my circumstances and they gave me a bit of time to get things in order, i thought i would have got a new job but it didnt work out

they wrote to me last week saying that they are going to pass this onto the collections department, i've never seen in this kind of situation before what does it mean, will they be taking me to court, i have nothing to give them, what do i do

its really freaked me out, the most i could give them as a settlement is e2k, i doubt they will take that

will they be sending round debt collectors?

iwillhtfu

Maggiesm70 wrote: »

Hi,

I had an Avent credit card that ran into arrears of E10k, i was paying off bit by bit, due to a sudden change in my circumstances, i think it was 2015, the debt was sold in 2017 or this year i think

The debt was sold to Cabot and they sent me a letter looking for money, i wrote to them and advised them of my circumstances and they gave me a bit of time to get things in order, i thought i would have got a new job but it didnt work out

they wrote to me last week saying that they are going to pass this onto the collections department, i've never seen in this kind of situation before what does it mean, will they be taking me to court, i have nothing to give them, what do i do

its really freaked me out, the most i could give them as a settlement is e2k, i doubt they will take that

will they be sending round debt collectors?

Firstly try not get yourself to worked up their collections dept is more than likely a desk in the next office and the debt collectors will not be calling to your door anytime soon.

You will however need to engage with cabot and come up with a payment plan. They will want a financial assessment completed to show your incoming and outgoing.

As it is neither an overly massive sum nor a relatively small sum they're unlikely to accept a settlement or write off the debt.

I would contact https://www.mabs.ie/en/ first and ask them what your next steps should be. Burying your head in the sand will only lead to a large number of unwelcome calls and letters demanding payment.

Try not get to worked up but do follow up with the above steps as you're more than likely flagged as not engaging on their system so they will persist in trying to contact you.

my3cents

OP its unlikely that Cabot paid more than 1k for your debt so be prepared to negotiate with them I'd offer them the 2k and point out its all you've got because you aren't working so they have little chance of getting more. Get it in writing before you pay anything, that 2k or however much you negotiate will be the end of it.

Maggiesm70

Thanks guys, i wrote to them informing them of my current financial status and that I will be contacting MABS

got a very sharp letter back saying that my account is on hold for 10 days and if they do not hear from me or my money advisor they will continue with their proposed legal action.

absolutely shaken by this i have paid them a bit here and there when i can, was not expecting a reply like this

the_syco

Maggiesm70 wrote: »

got a very sharp letter back saying that my account is on hold for 10 days and if they do not hear from me or my money advisor they will continue with their proposed legal action.

absolutely shaken by this i have paid them a bit here and there when i can, was not expecting a reply like this

Is your amount something worth taking you to court over? The letter is written to scare.

iwillhtfu

Maggiesm70 wrote: »

Thanks guys, i wrote to them informing them of my current financial status and that I will be contacting MABS

got a very sharp letter back saying that my account is on hold for 10 days and if they do not hear from me or my money advisor they will continue with their proposed legal action.

absolutely shaken by this i have paid them a bit here and there when i can, was not expecting a reply like this

This is common practice for non engaging customers, you need to call them not write to them. They will withhold access to your account until you call them.

You'll probably be anxious a making the call this is to be expected but what they will want from you is a financial statement which is a break down of you incoming and outgoings they will talk you through all of this and typically they have a rough idea of allowances shopping,electricity,etc. As they go through this they will guide you to a degree then once complete they will work out what is a feasible payment plan. This will then go for review if they come to the conclusion that you're unable to replay the debt and this is unlikely to change there is a possibility they will write off the debt. Offering them large chunks of money or trying o make deals at this point is a wasted effort they want to talk to you.

On the upside once you call them explain you need access to your account and they should lift the block on it.

iwillhtfu

the_syco wrote: »

Is your amount something worth taking you to court over? The letter is written to scare.

€10k It's in the OP.

Kristopherus

Maggiesm70 wrote: »

Thanks guys, i wrote to them informing them of my current financial status and that I will be contacting MABS

got a very sharp letter back saying that my account is on hold for 10 days and if they do not hear from me or my money advisor they will continue with their proposed legal action.

absolutely shaken by this i have paid them a bit here and there when i can, was not expecting a reply like this

IMHO, you should not tell them robbing cretins anything about any third party help you may be getting. Keep your contact with them strictly between yourself and them.You can contact Mabs every day, if you wish, but you don't have totell Cabot.
Find out how much you actually owed the credit card issuer and negotiate with Cabot the clearance of the balance only. Do not agree to pay interest to them(I doubt they can charge interest) and reject outright any proposal from them to impose admin charges, etc.Be firm, but not nasty, unless they are nasty first. You can always threaten the Central Bank or the Financial Ombudsman on them & see how they react:). Hopefully things won't get that far.

Very best of luck

gordongekko

iwillhtfu wrote: »

This is common practice for non engaging customers, you need to call them not write to them. They will withhold access to your account until you call them.

You'll probably be anxious a making the call this is to be expected but what they will want from you is a financial statement which is a break down of you incoming and outgoings they will talk you through all of this and typically they have a rough idea of allowances shopping,electricity,etc. As they go through this they will guide you to a degree then once complete they will work out what is a feasible payment plan. This will then go for review if they come to the conclusion that you're unable to replay the debt and this is unlikely to change there is a possibility they will write off the debt. Offering them large chunks of money or trying o make deals at this point is a wasted effort they want to talk to you.

On the upside once you call them explain you need access to your account and they should lift the block on it.

This is all nonsense

iwillhtfu

gordongekko wrote: »

This is all nonsense

It's actually not but you believe what you will. :rolleyes:

iwillhtfu

Kristopherus wrote: »

IMHO, you should not tell them robbing cretins anything

With comments like this I'd take his advice with a pinch of salt.

my3cents

iwillhtfu wrote: »

It's actually not but you believe what you will. :rolleyes:

Why call Cabot and talk to someone on minimum wage working from a script?

A letter is engaging and its a process that Cabot started by writing to the OP.

Nothing is hanging on Cabot waiting for a phone call.

iwillhtfu

my3cents wrote: »

Why call Cabot and talk to someone on minimum wage working from a script?

A letter is engaging and its a process that Cabot started by writing to the OP.

Nothing is hanging on Cabot waiting for a phone call.

I would be certain they're already calling and either numbers have changed or aren't on file if not.

Best of luck OP but as I said originally most important is not letting this get to you. Worrying about debts can be extremely stressful so try not let it get to you and just go through the process. No one will be knocking on your door so put that out of your mind.

Have a nice Christmas I'll leave it there.

my3cents

iwillhtfu wrote: »

I would be certain they're already calling and either numbers have changed or aren't on file if not.

Best of luck OP but as I said originally most important is not letting this get to you. Worrying about debts can be extremely stressful so try not let it get to you and just go through the process. No one will be knocking on your door so put that out of your mind.

Have a nice Christmas I'll leave it there.

If they aren't calling then it would be even more stupid for the OP to call them and give them another method to harass him.

Maggiesm70

thanks for all the advice, no they are not calling

the_syco

iwillhtfu wrote: »

€10k It's in the OP.

I read that amount as how much they had gotten into debt, but as they were paying it off, I assumed that the figure may be lower.