Cabot review

Billy_Dandy

Cabot have contacted me after 12 months of pro rata payments. They are asking for a review. Albeit my occupational pension did get a slight increase, the cost of living increases soon negated it. Not to mention my social landlord installed an air source heat pump and removed my oil-fired boiler. That has seen a big increase in the energy usage. The electric bill for December was £320, whereas previously it was £200 per month for combined electric and heating oil.

My argument is that I have nine creditors and each gets a pro rata payment based on the same formula.

I can’t increase one payment without the others.

They will no doubt ask for a budget planner and I don’t particularly want to spend time completing budgeting sheets.

Are there any online resources that I can use to complete an acceptable budget without having to pay out more money. Things I might have forgotten, for example, or not thought of?

Can they even do anything if I insist on continuing my current payment amount?

I’m not having somebody telling me how much I can spend on groceries, so they can try and get more out of me.

I’m already defaulted of course; so, what else can be done if I am actually paying off the debt, but refuse to increase the payments?

I’m paying £32 per month for a £2500 debt over 78 months (figures rounded slightly).

Thanks in advance for your constructive advice.

Grumpelstiltskin

They have no right to see your SOA, 2 choices, ignore them or make some figures up that show you can't afford an increase.

ManyWays

What sort of debt was this Cabot debt originally?
This could be a good time to ask Cabot to produce the CCA agreement for the debt.

Rob5342

You can pay them whatever you want, but it can be simpler to do it pro rata across creditors. Forget what you agreed before, work out what you can afford now and tell them what they will be getting. As Grumpelstiltskin says, either ignore the SOA request or make something up that supports the figure you want to pay.

Have you asked for the CCA? If they can't produce it then the debt can't be enforced and you can simply stop paying it.

Also you don't need to repay the full amount, they will be open to a reduced settlement offer at some point down the line. They won't have paid more than about £300 for the debt, so after nine months they will have made back what they paid for the debt and anything after that is profit for them.

Billy_Dandy

https://forums.moneysavingexpert.com/discussion/comment/81994739#Comment_81994739

It was a JD Williams catalogue account.