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Settlement offer using Cabot website?
zenshi
Posts: 1,132 Forumite
Has anyone successfully used their ‘settlement offer ‘ section? Wondering if it’s a yes/no answer or do they counter offer sometimes?
Dog has vet tomorrow so will see if I have any dosh to spare!
Dog has vet tomorrow so will see if I have any dosh to spare!
LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
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Comments
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I am pretty sure they will try a counter offer if they think its too low no experience with cabot directly.
Just start low as with everything else! Good luck
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Has anyone successfully used their ‘settlement offer ‘ section? Wondering if it’s a yes/no answer or do they counter offer sometimes?
Dog has vet tomorrow so will see if I have any dosh to spare!
What is the debt and have you established whether you lawfully owe it?
If it was originally an account regulated by the Consumer Credit Act (such as a credit card, loan, catalogue or overdraft) then you can send a s77-79 CCA Request to discover whether it is unenforceable.
If nothing else that may help with your bargaining power when negotiating any settlement.
Is there an option on Cabot's website to make your offer "Without Prejudice"?
I hope your dog makes a full recovery soon
Di0 -
Def my debt and have already gone through your suggestions.
I just put in a 25% offer this morning and had automated email back saying it will be reviewed and I will notified within 3 days with a yes/no answer
No option for the without prejudice but it looks straight forward. I guess my worry was that if rejected, they would expect that amount paid off but that looks not to be the case
And thankfully, the dog is fine and my purse, although lighter, is not as light as I had feared!
Will update when I recieve a replyLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Had an email reply yesterday with a firm no. No counter offer, just stated full balance accepted only. They’ll carry on getting a fiver a month then for a fair few more years then !
The actual submitting and replying service was hassle free thoughLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
my debt and have already gone through your suggestions.
I have one more suggestion
What is the exact name of the debt owner?
Because if it's Cabot Financial (UK) Ltd then they lack FCA authorisation so cannot lawfully issue legal proceedings.
Did you receive a compliant credit agreement following your s77-79 CCA Request?
I'm sorry your offer was rejected and they are only willing to accept 100% of the amount owed, which does seem to make nonsense of their "settlement offer" section.
Either they're open to "offers" or they're not - if only the full balance is acceptable then this suggests they're not.
Di0 -
CCA was compliant. Debt is owned by Cabot Financial (Europe) LTD, that’s the heading on all letters.
It’s frustrating that they won’t accept any offers. It’s my smallest debt which I could clear by the summer if I was careful with my food budget but it’s now got my goat and I will leave it and drip feed. It comes off my credit file this year anywayLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Who was the original creditor because the credit agreement may appear compliant (has someone run forensics over it?) but they may not have complied with all their other statutory duties?zenshi said:CCA was compliant.
Debt is owned by Cabot Financial (Europe) LTD, that’s the heading on all letters.
For example a 'bad' Default Notice under s87(1) or none issued/served, can make a debt unenforceable in court even if the credit agreement is 100% perfect. Or their can be assignment issues, lack of Notice of Sums in Arrears (s86) etc etc.
Also the heading on the notepaper may not be the actual owner, it could be part of the group which is managing the situation not the legal assignee. If you look at the column on the right-hand side of the notepaper it should say the exact name, it typically does.
Di
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Hi - just been reading over your post. I've been paying Cabot for a long time & they have, from time to time, made me settlement offers with 70% 'off'. It may be that over time they'll make you offers of settlement. Hope so. Good luck.0
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Rang them to re set up standing order and the girl offered me 60% settlement even after the computer said no! Happy days!LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640
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