Dealing with Cabot - Final Payment offer

Vaninja

Hi everyone. I've been on a DMP for over 12 years, and still have an outstanding debt of approx 18k with Cabot (another 12 years to go). I called this morning to discuss a Final Payment figure. I didnt give a figure, instead they offered 75% which is way over what I was expecting / hoping for.  What should my next move be ? come back with a counter offer ?...or sit it out and wait for them.  I have had  to reduce my DMP monthly amount due to increased cost of living, so the final payment date is likely to be another 20 years.  Any advice would be really appreciated

GreenCat80

I went in with 30% last month, they came back with 70%, I said 40% they said 50%, I said 40%, they said they really couldn’t go less than 50%, that was going to be their lowest offer so I took it

Good luck with it 

Vaninja

Thanks Greencat, good to know. Can i ask what the amount was and how long the back and forth process lasted ( I'd like to get it resolved as soon as possible).  Also, was this done via email or over the phone ?

GreenCat80

Vaninja said:

Thanks Greencat, good to know. Can i ask what the amount was and how long the back and forth process lasted ( I'd like to get it resolved as soon as possible).  Also, was this done via email or over the phone ?

I wrote to them early November I think, they wrote back, then I went over to email in Early/mid December. Once we were communicating via email things went a lot faster! It was 2 debts, they totalled around 11.5k together and we settled on half that. I can’t remember all the details but I did write in on the full and final thread in this section of the forum so that might be worth a look at  

benny213

If they have a charge on your property they will not take any offer   they tell you   they can not  take offers because it has gone to court,  i offered them 80%  of a £27000.00 debt,  it seems they would rather get £10.00 a month  for 225 years , defies  logic