Cabot - what to do next

Sunflower659

Hello - have been following your Forum for a while and using your helpful advice to manage my debts. I wrote to some of the debt agencies who have bought my debts to ask for the CCA, as you advise on here.  

With one of my debts, I believe the correct information has been sent re: CCA request and I have had at least two subsequent follow up letters from Cabot, one today saying they ‘will consider sending an agent to visit you at your home to attempt to put you in contact with us.’  (I know from advice to others on here that I don’t have to speak to anyone who turns up or let them in).  

Should I just wait now and see what they do, or should I log on to their online portal and set up a monthly payment plan?

If I do that, what is the process? Can they still take me to court and do I have to give them a budget or financial statement or just start paying what I can afford (which isn’t a huge amount).  Or will this open the floodgates for them to contact me and try to manage up my payment amount or trigger further legal action?  I absolutely don’t want to speak to anyone there. The debt is quite large so I would imagine this isn’t one they will just ignore.  Thank you.

sourcrates

They have 6 years from the date the account defaulted to take legal action, whether they will do that depends on various factors, ignoring them may not trigger anything, or it may have the opposite effect.

Unfortunately there is no way to tell how Cabot will react, sharing budgetary information is entirely voluntary, and logging on to your account is your choice, standard collection activity will continue for as long as you are relevant to them.

fatbelly

The size of the debt is not much of an indication what they will do.

If it was your plan to make payment to enforceable debts then now seems a good time to start

Rob5342

They are entitled to take legal action should they choose to, but if you are paying something to them then it's not all thst likely that they will. Their business model is to buy debts at a fraction of their value, let the money roll in from repayments wherever they can and only take legal action where they think they could get quite a bit more from someone.

Sunflower659

Thanks for your advice.  If I get a Letter Before Action, is it too late then to log on and set up a payment plan online without speaking to them, or am I then in a different legal process?  Not sure on the process for this, want to avoid setting up a payment plan for as long as possible to try and save up some money. 

sourcrates

An LBA allows you to make a payment arrangement with them within 30 days, you make your proposal on the form and return it to them.

Sunflower659

Thanks @sourcrates if they don’t agree to my proposal at this point, would the next step by court?  

sourcrates

Sunflower659 said:

Thanks @sourcrates if they don’t agree to my proposal at this point, would the next step by court?  

Well, not necessarily, if you can show what you propose is all you can afford, they won`t gain anything, except the courts wrath, by proceeding with legal action.

Courts expect you to come to an amicable arrangement at this stage without involving them.