Cabot Financial Final Settlement Letter

missangel_2

Hi,

I'm hoping someone can help. I'm on a debt management plan with Payplan and I have about 5 creditors and pay a total of £100 per month which is then divided between them all. My biggest debt is with Cabot Financial, the amount I currently owe is £15,409.72. They sent me a letter a week ago offering me to pay £6,163.89 to settle the debt which will save me £9,245.83 which is 60% off the debt.

In the letter it says 'Your account may be on your credit file and when you make this final payment we will update your record as 'Partially Settled, with 'nil' balance outstanding. This will indicate the account has been cleared but with a lesser amount than the balance.

My parents have given me the money so I decided to take them up on this offer and have paid the £6,163.89. They said they will send me a letter confirming the debt is now cleared. Looking through this forum I should have got this in writing before I paid but it does state all this in their letter to me.

Have I done the right thing or should I be worried?

Thanks

Tixy

If you have paid the amount stated in the letter by whatever date is specified on the letter then you'll be fine.

Jeff_winter

yeah as Trixy has said, as long as you keep a record of the letter then you will fine. Have you a noddle account, its a free credit reference agency, you will be able to see on there that they have reported the settlement of your account correctly.

fermi

If they set out the terms clearly enough in that letter then you can make them stick to it.

It's cases when they aren't clear that you need to go an extra mile.