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Giving me a chance to clear my debt with no outstanding balance

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  • Giving me a chance to clear my debt with no outstanding balance



    The letter speaks for itself and by that I interpret this as a one off payment that will clear my debt once and for all. I'm currently working overseas and paying a neat penny per month.

    Amount saved would be 50 - 60% hence my initial reaction is that it's too good to be true.

    I'm going to contact them tomorrow about the details, however I am curious whether other members have been in the same position with Cabot or similar type of companies.
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  • #2
    Re: Giving me a chance to clear my debt with no outstanding balance

    It's not too good to be true and you might even get a better deal if you make them an offer. They will have paid peanuts for your account so they will make a healthy profit without much extra cost or hassle. Suggest you wait for further advice on here before contacting them!!

    QCK

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    • #3
      Re: Giving me a chance to clear my debt with no outstanding balance

      I agree with QCKate and offer them a considerably lower figure (say 10%) as an amount you couldn't possibly afford to increase. The chances are they paid just a few quid for the debt.

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      • #4
        Re: Giving me a chance to clear my debt with no outstanding balance

        I would suggest that you send them a s77-79 CCA Request to establish whether this debt is enforceable first, because if it isn't then you will be in a much stronger negotiating position .

        This forum has a template letter for that.

        I also note that the "current owner" of the debt is Cabot Financial (UK) Ltd which could be one reason why they're prepared to settle it with minimum fuss.

        Di

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        • #5
          Re: Giving me a chance to clear my debt with no outstanding balance

          If you're only paying a penny a month (12p a year) they must be desperate to get it off their books lol xx
          Debt is like any other trap, easy enough to get into, but hard enough to get out of.

          It doesn't matter where your journey begins, so long as you begin it...

          recte agens confido

          ~~~~~

          Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

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          But please include a link to your thread so I know who you are.

          Specialist advice can be sought via our sister site JustBeagle

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          • #6
            Re: Giving me a chance to clear my debt with no outstanding balance

            Would that be Cabot Financial (Europe) Ltd or Cabot Financial (UK) Ltd?

            It makes a difference since one is unlicensed Hello Di - I lifted this from another site,as its server seems to be overloaded and I can't do much there - I have a debt where current creditor is Cabot Financial UK Limited (no brackets around the UK) - if it is still unlicensed,why don't they just transfer the debt to one of their licensed companies? Grateful for any advice -

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