Cabot minimum payments

lillypoo

Morning all

Self managing my dmp . One of my cc debts was sold to Cabot. The amount outstanding on the card was/is a relatively small £750. But added to all the other debts ... I couldn't afford it .

Anyway when I last met minimum payments on that card ( may last year) the min was £25

The bank stopped interest immediately

Earlier in March i paid Cabot £10 towards this card debt. I keep trying to set up a direct debit but they will not accept less than £30 pm. ( when I first tried it wanted me to pay over 300!!)

I have not spoken to or otherwise engaged with anyone at Cabot and don't intend to. But they keep saying the only way to have a lower dd is to send them my SOA. Which I will not do.

I know the answer is to just continue making the £10 on the same day every month without a dd. But has this happened to anyone else? Insisting on a higher payment than you were struggling to meet before you defaulted?

To put it into context , the other card debt they bought is for £10000 and they're accepting £100 pm on that no issues.

stu12345_2

you are in charge , not them. set a monthly standing order with them , get the sort code and account number and set it up at £10.
tell them what day they are getting it per month and tell them that's the max and goodbye.

basically they don't want the admin fees on a £10 direct debit imo

lillypoo

I think you're right stu. Thank you

stu12345_2

their sort code and account should be listed on methods of payments in some of their literature 

then when you do it at your bank remember to put your debt account number as the reference so they know who the money is coming from

lillypoo

Thank you!

Rob5342

I agree with the above. No matter what they say, you should always pay debt collectors by standing order or bank transfer, never by debit card or direct debit, so you are in complete control of the money they get.

sourcrates

The idea is to get them to agree to £10 per month, without them questioning it.

Why not just provide them with any old randomly put together budget showing that is all you can afford?

That`s all it takes to keep the peace.

(Your real budget is yours and yours alone).

It pays to think outside the box, so box clever.

Sly72

sourcrates said:

The idea is to get them to agree to £10 per month, without them questioning it.

Why not just provide them with any old randomly put together budget showing that is all you can afford?

That`s all it takes to keep the peace.

(Your real budget is yours and yours alone).

It pays to think outside the box, so box clever.

That suggestion worked for me.

lillypoo

Thanks guys. I'll work on the soa and do a standing order over eastet

Angelcrackers

Can this work? They don't ask for proof of income?

sourcrates

Angelcrackers said:

Can this work? They don't ask for proof of income?

Lol, they are a debt collector, its none of their business.