cabot financial letter

Discussion in 'Banking, credit cards, etc' started by oscarwild13, Apr 27, 2015.

  1. oscarwild13

    oscarwild13 Registered User

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    hi there, i am looking for advice on what to do about a letter i have received, telling me that cabot financial now own my credit card debt, i fell into arrears in april 2013 as i had a real threat of losing my job, i didn;t lose it in the end but was kept on 16 hours a week which meant a massive drop in my income, as soon as i learned of my situation i contacted MBNA/Avant and told them of my situation, i wanted them to liaise with me and try and work with me, i sent letter after letter they didn't acknowledge one of them, i asked them to settle and i asked them to stop the interest so that i could catch up but nothing came of it, to be honest i never contacted them for a good few months now but have now received this from cabot, they are telling me i owe them 3,500, i really dont know what to do about this, i cannot afford to pay them anything like this amount on my wages which are 187 a week, can anyone give me any advice as to what i do from here, do i ignore these people or interact with them, i could pay them off 40 maybe 50 a month but that would be it....any help you can give me would be so much appreciated, i have never owed or been in financial difficulty in my life and have always honoured my debts but this is just too much for me at this stage and the majority of that balance is all interest added each month.
     
  2. unsub

    unsub Frequent Poster

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    Write back to Cabot & show them proof of your Income and Expenditure, account for everything. MABS has a good I & E form for you to download and use. Prove to them what is the most you can pay. Be realistic about this, do not over promise. You need to have a contingency fund for life's little emergencies/Xmas etc. Are you up to date with all of your bills? Would be of the opinion that €15/20 p.m. might be a fairer figure, without having seen your I & E. If you have access to a lump sum, offer them 10% in a full and final settlement and negotiate up to 25% max.
     
  3. oscarwild13

    oscarwild13 Registered User

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    Hi there, thank you for your informative feedback, i really appreciate it, i would have thought that Avant card would have worked with me instead of ignoring my suggestions to work things out, i have seen on here that they actually approached some of the clients and offered them settlements but they didn't acknowledge anything from me at all which is very surprising and there was really nothing i could do about it, yes, it would be more realistic for me, i could offer them 10% of course i would borrow it from a family member and could pay them back, but how do i know that they have any legal docmentation belonging to me in relation to Avant, they haven't produced anything other than the letter threatening me that i dont correspond within 5 days they will pass it on to their Solicitors, i dont want to owe anyone anything i never have and its really worrying at this stage, i suppose i did bury my head in the sand a bit, but i want to get rid of it if i can, i have kept all the documentation sent to Avant as proof, if and when they do take legal action if they wont agree a figure, should it not be Avant taking me to court and not cabot financial, i really dont understand it to be honest, again thank you very much for your information.
     
  4. 44brendan

    44brendan Frequent Poster

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    I would tend to send them back a letter telling them you can't afford to pay them anything. At 187 pw you are effectively earning the equivalent of SW entitlement and while they potentially could take a judgment against you this will get them nowhere given your low earnings. Paying them anything at all from your low wage is not recommended as you will get continuous hassle for more! Have no worries
     
  5. oscarwild13

    oscarwild13 Registered User

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    ok everyone, thank you so much, should i send them a copy of my P.60 showing my low earnings or not?? i am just afraid of going to court i would have heart failure to be honest and would be so ashamed of letting this happen to me, how can i prove to them that i cant pay, they say that the debt has been taken over by them since 31 january, how soon would they have me in court for this, why would Avant card not work with me, i have had a credit card with them since 1994 and never defaulted in any way, i am shocked that they didn't try to help me out with allowing me to pay them instead of a debt collector
     
  6. 44brendan

    44brendan Frequent Poster

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    No problem in sending them a copy of P60. No issue about going to Court. Even if they did progress to getting a judgment you don't need to appear unless you are putting in a defense (unlikely if the debt is due). You need to develop a hard-neck on this. As I said previously they are unlikely to progress this to Court given your low income. Even if they do, there is little that they can do with a judgment unless you own property and they can register it against any property owned. Given you income an installment order would not be granted against you.
     
  7. oscarwild13

    oscarwild13 Registered User

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    thanks so much brendan but i have a mortgage too its in joint names, so could they go after me in this case, i will send them my p.60 and explain my situation to them, i guess thats why avant didn't bother dealing with me, i made them aware that i was going to lose my job and then made them aware that i only have 16 hours per week so i guess they thought i wasn't worthwhile deal with.....i would be desperately worried about my home in this case although its not secured or anything
     
  8. Gerry Canning

    Gerry Canning Frequent Poster

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    Oscar wild 13,

    Cool down ! Cool down !.
    Take the good comments and advice given.You WILL be OK.
    The House is 100% safe, I repeat safe.
    ........................................................
    Cabot are shaking the branches to see what free funds you have.In fairness they are entitled to check things, before they back off.
    From what you posted you have NIL free funds.
    When you send them your Income p60 etc they may try to get something from you.
    Please pay nothing, you DO not have the income.
    Please come back to AAM if you feel too bullied/stressed/.
     
  9. oscarwild13

    oscarwild13 Registered User

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  10. oscarwild13

    oscarwild13 Registered User

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    Hi Gerry,

    many thanks for your support and information, i just am afraid of it going to court thats all, i want to pay the credit card i always did, but they never once contacted me, i have copies of letters i sent them, i know i owe the money but not 3,500 a good 1000 is interest for sure, will they find out i have a mortgage in joint names??? i really dont know how these things work and would welcome any help, in your opinion should i answer the letter and tell them my earnings, or will they know already based on the information i sent in 2013 telling avant of my plight with my job and low earnings.
     
  11. Gerry Canning

    Gerry Canning Frequent Poster

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    As Brendan 44 says , you do not have to go to court.Take Brendan44 advice in the letter you send.
    ..............................................................
    Does not matter if they find you have joint mortgage.
    .................................................................
    Comes down to your ability to pay , that is NIL.
    ............................................................

    I strongly stress (get the hard neck) and do not be suckered into payments you cannot afford.
    (the hard neck) will get you closure.

    Remember Cabot need closure as well.
     
  12. 44brendan

    44brendan Frequent Poster

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    Oscarwild! You appear to be a genuine person who got into financial difficulties and are currently unable (not unwilling) to deal with these difficulties due to your low income. To someone who is not familiar with the Legal System Court proceedings can seem to be potentially severe. Both Gerry and myself have tied to explain to you that the Court process will not work against those on low income such as yourself. In most cases companies like Cabot will do their outmost to scare people into making some kind of payment to them. Remember that they have bought over a package of non-performing loans at a likely extremely low value so any result to them is likely to be profitable.
    Don't lose any sleep over this. If you can't pay, you can't pay and Court process is unlikely once they realize this!
     
    Gerry Canning likes this.
  13. oscarwild13

    oscarwild13 Registered User

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  14. oscarwild13

    oscarwild13 Registered User

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    thank you so much you have given me great support here, i really really appreciate it, so i should answer the letter and send them my P.60 and tell them i am unable to pay anything, is that the best course of action, i wouldn't have minded paying avant monthly installments but they obviously didn't think it was enough and thats why they have ignored me, cant understand it to be honest, i am so so grateful for your help in this matter, its been worrying me so much...should i state to them that i did try to liaise with avant and they ignored me and that i have documentation to prove or not??? sorry for all the questions....and thanks again
     
  15. 44brendan

    44brendan Frequent Poster

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    Keep it simple! Send a letter with a summary of your income/expenses and advise that you are not currently in a position to contribute anything to repayments. State that you will advise them in the future if your financial position improves. Enclose P60 or copy payslips. Then ignore any further correspondence from them!
     
    Gerry Canning likes this.
  16. oscarwild13

    oscarwild13 Registered User

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    13
    ok i will try that brendan, again i cant thank you guys enough, i will keep everyone posted thank you so much...
     
  17. oscarwild13

    oscarwild13 Registered User

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    on recommendations from this forum, i wrote and sent them copy p.60 and breakdown of my outgoings which show i am paying out more than i take in, they seem to have totally ignored my letter as i received a letter from their solicitors saying they are looking for full payment and that i have failed, refused and neglected to discharge, i did say in the letter if my circumstances changed i would honor my debt, if i dont reply to solicitors letter in 7 days the are taking legal proceedings against me...can anyone give me any advice as to where to go from here, its a nightmare, i wish i could discharge it to get rid of them....the solicitors appear to have the same address as Cabot Financial..
     
  18. Gerry Canning

    Gerry Canning Frequent Poster

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    Oscar wild,

    This is a trawling exercise twix Cabot/Solicitors.
    Keep copies of letters you sent and in future do as follows on letters that (threaten you).
    Write on the actual letter as follows.
    I have already replied , will you please confirm you got my earlier responses.
    Signed Oscarwild and dated,

    Photo-copy that written on note and it should end there , if not keep doing it on future letters.
    I know all this is a nuisance but it is one way of keeping you covered.


    However if you get an ACTUAL as distinct threatening note eg a real SUMMONS, do not ignore it.
     
  19. Waver

    Waver Registered User

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    Cabot and their solicitors routinely accept payments of €5 or €10 per month as do MBNA and Avant. It is very strange that all of these institutions are ignoring your offers.

    have you followed up your offers of payment with actual regular payments or has it all been a paper exercise?
     
  20. Gerry Canning

    Gerry Canning Frequent Poster

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    Waver,
    Paying 5 or 10 on an account seems like a good idea but all it does is stretch out an issue to the never-never never end time.I would strongly advise against that
    Unless there are agreed repayments and agreed sensible finishuing times it becomes a chronic condition! .
     
    mickeyg likes this.