Cabot. My default balance is half what it is now.

deezyweezy

Hi
I just checked my credit file. I am currently on a DMP with CCCS. I have three creditors on my DMP and one of them is Cabot. Two of my creditor's balances have been nicely reduced since being defaulted and going on to the DMP but the balance I owe with Cabot has doubled since my default even though I have kept up the agreed payments. Has anyone else had this problem with Cabot and has anyone any advice as to what I do about it.
Thanks
Deezy.

Tixy

Sounds like they are still charging interest or charges or something. Have you had any statement from them recently? If not I would ask them to supply a statement/ full list of transactions so you can see what is being added. If they are still adding interest then you could try writing again to see if they will reconsider agreeing to freeze interest. However if they won't agree to it there is not much you can do but hope that they might sell the debt on and that the new owner will agree to freeze interest.

MoneyWasting_Expert

I just made a final payment on a debt to Cabot a couple of days ago. Register online at
www.cabotfinancial.co.uk.

Have your Cabot reference number at the ready to sign up. You can make payments there, set up another repayment plan, view your transaction history (which by the way states that interest may be applied to outstanding balance depending on te debt). My debt was old CC and interest free.

thechippy

It's worth sending them a cca request.

Dca's cannot add interest unless the original agreement had the provision to do so when the debt is sold on (and they rarely do).
Therefore, it's highly likely that any added interest and charges are illegal and can be contested.

deezyweezy

I have had statements from Cabot and they are not applying interest (phew) it seems that £5000 was added to the debt between defaulting and Cabot taking on the debt. I am waiting to hear back from Cahoot.
Thanks again.
Deezy