Haggling With the DCA for F&F

Want2BeDebtFree

Hi guys.
So I tackled one of my Cabot Debts today, (or which I have 3), and rang them up, and we ended up haggling. I offered 50% of the debt, but finally agreed to pay 66% of the debt -- with her agreeing to wipe off the other 33% as full and final settlement. However when the email came through it reads as follows!?!?!

Dear xxxxxxxxxxxxxxx,

Your Cabot Account

We are pleased to confirm that we will accept £XXX.XX to clear your account, providing that we receive your payment by the 30/06/2018

Terms of this arrangement

Your payments can be sent to us or you can pay us over the phone with a debit card. If you are paying directly into our bank account, then please call us and confirm that the payment has been sent. Please ensure you quote your Cabot reference when sending your payments.

Once you have made this payment we will send you a letter to confirm your account has been cleared.

Where your account is reported to the Credit Reference Agencies and a discount has been applied, we will update your record as ‘Partially Settled’ with a ‘nil’ balance outstanding. This will indicate the account has been cleared but with a lesser amount than the balance owed. Where the full balance is paid, the record will be updated as ‘Satisfied’, indicating that the full balance has been cleared.

If you need us

Many of our customers have already taken advantage of clearing their accounts through a reduced payment and it's great that we have found a solution for you too.

We look forward to receiving your payment.

Yours sincerely

Cabot Financial

0345 070 2618

######################################################################

So my issue is, that she did not include my account number at the top of this Email, Nor was the Email signed by anybodies name at Cabot? And NEITHER DOES THE EMAIL READ: "The £XXX.XXX has been accepted as full and final settlement of your account -- with no further action to be taken by Cabot nor any associate company and you will be released of any potential future liability" ( I have emailed them back (replied to it) asking them to re-write it to include that bit about being released of any future liability.

Also? Am I correct in saying that one has to receive it via WRITTEN POSTAL LETTER rather than Email before it is classed as Legally Binding??? She is going to also send a letter in the post... Shall I wait for the letter before I pay? Or is this Email legally binding? She said to me "Well the email should be legally binding because it will include Cabots Logo's etc" (which it does - but as I say - its DOES NOT have MY specified account number on it and I have two other debts with Cabot, I need it to have the CORRECT account number at the top)

Thanks Guys.

fatbelly

Yes, you do need them too specify which account this s.

Maybe the letter will have it - wait until you see it

Settlement deals are not strictly legally binding but in practice if you have hard copy of the agreement and keep it safe you can fend off any attempt (mistaken or otherwise) to get more money from you.

Want2BeDebtFree

Thanks "fatbelly" -- Am beginning to wonder now if Cabot are pulling a fast-one here and are are intending to transfer my "One-Off-Amount" to one of the other accounts I have with them? i.e NOT the agreed one? It HAS to be paid to the agreed one you see. (This money is borrowed from a 3rd party). I've replied to the Email asking for it to be amended, and sent again - showing the correct account number (but if letter arrives with NO account number I will just pull out of this "agreement" and not pay them a single penny -- and they will just have my BAD blood and will lose any respect gained). The slightest whiff I get of them playing games I SHALL PULL OUT!

fatbelly

Yes, it's the old dilemma - are they being cunning or are they just incompetent? Usually with a DCA it's the latter.

If you're happy with the deal, just persevere until you get it properly set out.

Want2BeDebtFree

I see??? So usually it is them being incompetent?? Hmmmm?? Yes I've made my mind up, i shall await the PHYSICAL letter in my hands!! And not pay them till i receive it and am happy the wording is correct. Thanks "fatbelly" :T

StokieBecks

I did all my full and final offers with cabot via email. Got same templated letters via email once an offer was accepted and paid them with enough time for the payment to clear before their given date. All went to balance of zero and received letters in the post after they were closed stating zero balance and account closed. I had no issues

Edited to add - i used the reference number for each account as the email subject. When I paid I used my account on their website and selected which account the payment was for. It was all really easy and updated online to a zero balance within a day or two - the letters afterwards took a couple of weeks

sourcrates

To be fair, tricks of the kind you suggest may of happened in the past, but Cabot are a major player in the debt collection industry, and have to face the scrutiny of the FOS as well as its regulator.


So behavior of this kind would render them open to substantial fines, compensation claims, and possible loss of there consumer credit license.


Cabot do occasionally sail close to the wind, but always seem to know where the rocks are.

Want2BeDebtFree

OKay guys! So I REALLY need your help BIGTIME on this as their has been a development today. They responded to my return email last night which i complained: "Hey you have NOT included the Account Number on that Email letter, and it does not have a signature on it - so its no good!! Send it as a word document please, and make sure it is signed -- and also make sure it has the account number on it.."


Anyway so they have DONE SO!! i will fully type out the narrative of the new letter which is a PDF document... And I deffo need Socrates opinion... This pdf letter is in full colour, it has the correct account numbers on it... It has ALL of the blue Cabot Logo's on it.. At the bottom it has the CSA logo (Credit Services Association Logo) and writing etc.


Dear Xxx xxxxxxxxxxxxx

Your Cabot Account xxxxxxxx

We are pleased to confirm that we will accept £xxxxxxx to clear your account, providing we receive you payment by 30th June 2018.

Terms of this arrangement
Your payment can be sent to us or you can pay us over the phone with a debit card. If you are paying directly into our bank account, then please call us and confirm that the payment has been sent. Please ensure you quote your Cabot reference when sending your payments.

Once you have made this payment we will send you a letter to confirm your account has been cleared.

Where your account is reported to the Credit Reference Agencies and a discount has been applied, we will update your record as !!!8216;Partially Settled!!!8217; with a !!!8216;nil!!!8217; balance outstanding. This will indicate the account has been cleared but with a lesser amount than the balance owed. Where the full balance is paid, the record will be updated as !!!8216;Satisfied!!!8217;, indicating that the full balance has been cleared.

If you need us

If you have any queries, please call one of our Customer Consultants on 0345 070 2618. Our opening hours are 8:00am to 9:00pm Monday to Friday and Saturday 9:00am to 1:30pm.

Yours sincerely
### WRITTEN SIGNATURE ###
xxxxxxx xxxxx (Name of Head of Operations)
Head Of Customer Operations

#########################################################################

So guys??? Is this PDF legal??? I NEED to know before tomorrow (before I pay over the phone) - as if its IS LEGAL it will save me 33% of the debt -- and I cannot afford to miss out on this deal... I would only be paying 66% of the debt...

Thanks SO much guys

StokieBecks

It is basically the same thing they will print out to send you in the post . You can print it out yourself and keep a copy. As I said earlier I did all my negotiating with cabot for full and finals via email and had no trouble whatsoever. All accounts closed as agreed. All showing zero balance and have letters confirming account closed and zero balances - all credit files updated accordingly too

fatbelly

That letter seems ok to me. Sourcrates will give his opinion when he gets back from the pub.

Want2BeDebtFree

Awesome Thanks so much guys