Essential Tips To Deal With Cabot Financial Debt Letter

If you’ve received a debt letter or communication from Cabot Financial or another debt collection agency, requesting repayment, there’s no need to panic. Reach out to one of our debt experts today for guidance and support. We’re here to help you navigate through this challenging situation.

What is Cabot Financial And Why Are They Contacting Me?

Cabot Financial, a subsidiary of the Cabot Credit Management Group, boasts over two decades of expertise in credit services. As the United Kingdom’s premier credit management service provider, it maintains a widespread presence with numerous offices throughout the nation and its headquarters located in Kent. Cabot Financial specialises in debt collection and serves a diverse range of industries, including retail, banking, consumer finance, and utilities.

If Cabot Financial recently acquired your account from your previous credit provider, you can expect to be contacted by them. As Europe’s largest debt buyer, Cabot takes over your debt, making them the new entity to whom you owe the outstanding amount, instead of your original creditor. Their objective is to engage with you to establish payment arrangements and facilitate the resolution of your debt.

Received a debt letter from Cabot Financial? Get Help Today

If Cabot Financial Have Purchased My Debt, Why Do I Still Owe Money?

When a company buys your debt, this is a common misunderstanding. They are not repaying your debt; rather, they are purchasing it from your previous creditor. Cabot buys accounts from creditors who haven’t paid their bills.
Creditors will sell bad debts at a loss in order to obtain quick cash. They also delegate the responsibility for chasing down customers who have failed to pay the purchase company. Cabot, the debt purchaser in this case, then becomes the debt owner.
Cabot still has the money, and they stand to profit by requiring full payment despite the fact that they purchased your debt at a lower price.

What Happens If I Don't Pay?

Cabot Financial may have written or called you about your debt. Cabot will need to meet with you if you are unable to pay the bill. If you ignore Cabot’s letters, he may take legal action against you.
You could be sued, which would further harm your credit score and result in additional fees and charges on top of what you already owe.

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I have been issued with a County Court Judgement. What should I do?

A County Court Judgement (CCJ) is a court order declaring that you owe money. It is critical to repay your debt in order to avoid further action and mounting costs.
A CCJ will remain on your credit report for six years, but it can be removed if the debt is paid within one month.
If you are unable to repay the debt, you may be able to pay it in instalments. If you do not make the payments, you may be taken back to court. If this occurs, you may be charged additional fees and other penalties.

 

Will Cabot Send Bailiffs?

Cabot will take every precaution to avoid legal action. Bailiffs are typically used as a last resort. If a debt is not paid or a CCJ is issued, Cabot may send bailiffs.

To send bailiffs, the court must issue a Warrant of Control. You will be notified seven days before the first bailiff visit. If you do not want them to come, you can prevent them from coming by paying the outstanding balance within 7 days.

You can also ask for a N245 form to halt their visit. This section will go over how you intend to repay your debt.

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What is an Attachment of Earnings Order?

If you are unable to pay your County Court Judgement, Cabot can apply to the court for an Earnings Order (AEO). When your employer deducts debt repayment directly from your paycheck.
This could result in embarrassment in front of your boss, as well as disciplinary action.
The court may grant you permission to suspend the AEO. You will be given a N56 form to complete in response to an attachment of earnings request.
This form can be used to make a payment or to request a suspension. If you accept the offer, your employer will not learn about your debts.

How do I establish a payment plan?

If you are unable or unwilling to pay the full amount, Cabot can assist you in arranging a payment plan. It is critical to consider all of your financial obligations and create a budget when planning this type of arrangement.

It is critical to ensure that you have enough money to live on.

I can only make a partial payment.

You might be able to make a partial-payment to settle your debt. If you have some of the money owed, but can’t afford to pay it all, you can make Cabot Financial an offer. They may agree to settle your account for less than you owe.
If they do, your debt will be paid off, but this will show on your credit file as a ‘partial settlement’ and may affect your ability to get credit in the future.

What are my options if I am in debt?

Debt can have a negative impact on your mental health, but you can get help from a non-judgmental debt specialist, such as Scottishtrustdeed.co.uk, so you don’t have to face it alone.
We can assist you in a variety of ways and will assist you in exploring your debt management options. One of these options may assist you in lowering your monthly payments or eliminating all or a portion of your debt.

  • Debt management plan
  • Consolidation Loan
  • Debt Settlement Scheme
  • Scottish Trust Deed
  • Minimum Asset Process
  • Individual Voluntary Arrangement

I'm a Susceptible Customer

Cabot has a Sensitive Support team that can assist customers who are vulnerable. If you have a vulnerability, such as a terminal illness, mental illness, learning disability, or a recent loss, you should contact Cabot Financial.
Cabot can assist you if you find yourself in difficult situations, even if it is difficult to share this information. Forbearance is a type of payment that allows you to take a break while you re-establish yourself.

Accreditations

The Financial Conduct Authority and the Credit Services Association have both authorised and regulated Cabot Credit Management Group. It is also a member of the Lending Standards Board and follows the Standards of Lending Practice.

Where can I get advice on how to deal with bad debts?

Debt collectors can make it difficult to answer the phone, read your mail, or leave your house. This is not a way to live. You don’t have.

Acme Credit Consultant is one the UK’s largest debt management companies. Our team has decades of combined experience in dealing with debt collectors and will help you regain control over your finances and your personal life.

Talk to our debt experts today to learn more about how to manage your debts and stop debt collectors from being a problem.

If you received a debt letter or correspondence from Cabot Financial demanding repayment, you may have some concerns about the company, its legitimacy, and whether you should repay the money they claim you owe.

In this guide, we’ll look at Cabot Financial Europe Limited, including who they are, whether they’re regulated debt collectors, and how you should deal with them if they contact you.