Halifax OD to Cabot Financial

Goofy1

Hi there,

Newbie here so apologies

I had until recently, well September 2013, been paying a monthly payment to our Halifax Joint account which I believe we started in 2005 as this was when we got our first house to try and reduce the £6000+ overdraft, however all went quiet and then when I went to our online banking i noticed that the joint account had dissappeared, strange but now I know why has had a letter in the post today from Cabot Financial, I have typed out what they said below..

Ultimately I want to be debt free and but I acknowledge that we have run up this overdraft.. but just wondering what my next steps should be. as I have been suffering from depression for the last two years with financial worries and I just want to get back to feeling normal..

Obviously I dont want baliffs knocking on my door..

Any advice etc welcome, Goofy1

LETTERS:

On Halifax headed paper

Dear ?????

Reference: Current Account: Account Number ************

We write to inform you that Halifax has now assigned Cabot Financial (UK) limited to the outstanding balance under the the above referenced Current Account account effective 14/01/2014

Under the terms of the this assignment as defined in Data Protection Act 1998, Cabot Financial is now the data controller of your personal data contained in the records of this account

Though the bank has transferred the outstanding balance on your account to Cabot you can still contact the bank in relations to any complaints you have when they held your account,

You have a right to access (on payment of a fee) and where it is inaccurate or incomplete to update your personal data, should you wish to access your personal data and unless and until you are notified of an alternative contact for such requests, please write to data Subject Access Requests at Halifax

Cabot Financial (Europe) Limited have been appointed by Cabot Financial UK Limited to manage your account. All contact regarding your account should be now directed to Cabot Financial UK limited

Your total outstanding balance is £****.**

With this first letter in this envelope was also this letter on Cabot headed paper..

Welcome to cabot!

The cabot credit management group has recently brought the account you held with Halifax and the balance is now owed to us. We can also support you in managing this account

It then goes on to say to get in touch with them to pay or dicuss a montly plan,.

Stewart_78

Don't panic. Cabot are not the best but at the end of the day they can't have what you don't have. I would call them and discuss as they say. Or do it in writing might be better. I would suggest that you think very carefully about what you can afford though for monthly payments. Better to go in lower initially than be forced to miss payments later on. You can always put any spare into a savings account and look to make a settlement offer in the future for a percentage of the total.