Cabot Financial Debt Settlement Offer – How Much To Pay?

Did you receive a Cabot Financial debt settlement offer? Are you wondering how much to pay the debt collector? If so, you’re one of the many people who find themselves in this situation.

I explain the ins and outs of a debt settlement offer and how you should deal with creditors and debt collectors in my post. Check out the paragraphs below to find out more!

Do you have to pay Cabot Financial?

You might not have to pay Cabot Financial.

If you genuinely can’t afford your debt repayments then looking into whether you could have your written off might be just what you need. 

If you want to find out whether you qualify for having debt written off or payments lowered then fill out the short form below.

Who is Cabot Financial?

Cabot Financial is a debt collection business. It’s one of the many companies that chase people for money they owe. That said, Cabot claims to only get in touch with you by phone.

But first, the debt collector sends you a letter ‘introducing’ themselves to you!

Cabot chases you for debts owed to other businesses and their clients. Or they may have purchased the debt and therefore, they own the debt!

Is Cabot registered with the FCA?

Yes. Cabot is registered and regulated by the Financial Conduct Authority (FCA). Plus they are members of the Credit Services Association (CSA) and must follow the CSA Code of Practice.

Can you lower your repayments?

If you’re struggling to pay back your debt, then you might qualify for a debt solution.

Some solutions lower your monthly payments while others write off a portion of your debt. 

To find out whether they could work in your situation, hit the button below.

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Should you ignore letters from Cabot Financial?

No. Ignoring letters from Cabot Financial won’t make the problem go away. If anything, it just makes matters worse. Moreover, you could find you miss out on important information.

For example, you could lose out on:

• Discovering the debt isn’t even yours but belongs to someone else. In short, Cabot is chasing the wrong person for payment!
• Establishing the debt is yours, but it’s too old to enforce. A debt that’s six years old is deemed statute barred and therefore you can’t be forced to pay!
• Cabot offering you a fair debt settlement offer, one you can afford to pay!
• Having some of the debt wiped off makes it easier to resolve

Also, ignoring letters from Cabot Financial could lead to:

• Having a CCJ recorded on your credit file because you were unaware of the court action taken out against you
• Dealing with enforcement officers (bailiffs) who could visit you at home and seize your possessions to cover what’s owed
• Having an attachment order placed on your earnings!

Take a look at what happened to one person who ignore letters from Cabot Financial:

Source: Moneysavingexpert

When is a debt statute-barred?

A debt is statute-barred when it’s at least six years old. In short, you can’t be forced to pay the amount owed and courts won’t hear the case. It means a County Court Judgement (CCJ) can be levied against you.

But the following must apply for a debt to be enforceable:

• You or anyone representing you hasn’t been in touch with the creditor in the last six years
• You or anyone representing you hasn’t paid anything toward the debt in the last six years
• A court hasn’t already issued a CCJ against you over the outstanding debt

A debt is still enforceable if any of the above applies to it. But if none of the above applies, the debt is statute-barred. Therefore, you can’t be forced to pay.

It is, however, worth noting the debt doesn’t simply vanish when it’s statute barred. It still exists and could remain on your credit file!

What is a fair Cabot Financial settlement offer?

Cabot Financial may propose a financial settlement offer provided you stayed in touch with them when they contacted you. It may have left you wondering if the amount proposed is fair or not.

Would the Cabot Financial debt settlement offer be accepted?

Cabot Financial must prove the debt is yours by sending you an authenticated copy of an agreement/contract you signed. Once you receive the confirmation in writing from Cabot, you should seek advice from a debt adviser.

Debt collectors must allow you the time to seek advice and to find out about your options!

Get in touch with Cabot Financial once you’ve consulted a debt adviser to propose an affordable debt settlement offer. Debt collectors are under no obligation to accept your proposal but they must consider it!

Debt collectors can’t just reject a debt settlement offer out of hand!

What is a fair Cabot Financial debt settlement offer?

It depends on how much you can afford to pay Cabot. Moreover, your circumstances must be taken into consideration when calculating a fair debt settlement offer.

Generally, a debt collection business may accept 75% of the total amount owed as a fair debt settlement offer. But it’s not set in stone!

If you owe £3,000, you could offer to pay £2,250 as a full and final settlement.

You should contact a debt adviser if you’re at all concerned about things or feel that Cabot Financial is being unreasonable.

How should you deal with a Cabot Financial debt settlement?

Make sure you get everything in writing if Cabot Financial agrees to a debt settlement offer. Don’t just accept a verbal agreement. The debt collector appears to have a decent reputation but it’s always better to have an agreement in writing so they’re set in stone!

Moreover, the agreement means you must meet any payments on the agreed due dates. If you don’t, the agreement may become null and void.

You may have to pay the full amount when you miss agreed payments after setting up a debt settlement offer.

How do you contact Cabot Financial?

I’ve listed ways to contact Cabot here:

What debt advice can you find in the UK?

If you need advice from a professional, you can contact a debt charity. Their advice is free and could be invaluable when negotiating with Cabot.

I’ve listed some of the major UK charities that provide free debt advice here:

• Money Advice Service
• National Debtline 
• Citizens Advice
• Step Change Debt Charity

“It will only get worse” 😩

It’s cliché to say, but with debt it’s true; the longer you leave it, the worse the problem gets. 

There are straightforward and effective ways to deal with debt, but you have to know your options. 

Fill out the short form to find out about the debt solutions that could reduce your monthly payments or even write off some of your debt.

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Thanks for reading my post. I hope the information helps you deal with a Cabot Financial debt settlement offer so the outcome is positive!