# Avant cc debt sold to Cabot. Do I have to deal with them?



## PatrickJ (12 Sep 2015)

I had a debt with Avant Card that I could not meet the full repayments on because I was out of work.  The debt was sent to Cabot Financial and Cabot have now forwarded it to Belgard Solicitors.

I am finding Belgard's threats of legal action worrying and I am aware they are seeking to obtain a judgement against me on behalf of their client Cabot.

I have never had dealings with Cabot and I wonder am I in a position to dismiss Belgard Solicitors on the grounds I do not owe any debt to their clients Cabot. I have no contract with Cabot.

Before I make a fool of myself: does anybody know if Cabot bought Avants loan book or they are merely debt collectors?


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## PatrickJ (12 Sep 2015)

I forget to add that I am looking to make a settlement on the debt and am not looking to run away from it.


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## RichInSpirit (12 Sep 2015)

Hi PatrickJ. I got a few letters from them too. I think they mightn't actually be solicitors at all, just a branch of Cabot, but that's just my opinion.


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## PatrickJ (14 Sep 2015)

Thanks Richinspirit.  I am concerned by the tone of their letters and I think this time I believe their threats of court action to be true.  I find them impossible to deal with and I have had to change my mobile number to avoid their calls. Did you settle with them in the end?


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## Gerry Canning (14 Sep 2015)

Patrick j.
I believe MBNA sold to Avant ,they in turn either sold or got Cabot to manage the residual debt.
................................................................................................................................
The (threatening) letters from Belgard are probably just huff and puff to see can they squeeze funds from you.
Write (no phone calls) (keep a copy) to Belgard and request a full breakdown of any sums that they claim that are owing and request they withhold any potential legal action until you get a chance to peruse them.
Sadly Cabot/Avant/mbna seem to lather on charges that have minimal relation to what is actually owing.
I am pleased you want to repay what is due but PLEASE do not be bullied /harried into some never never ending arrangement .

You will probably find that when sums are done you will get settlement circa 25%.


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## PatrickJ (15 Sep 2015)

Thanks Gerry.  I'm glad you brought up the issue of charges etc.  When I received a demand for money from them I thought the bill was grossly inflated.  I asked them for a statement and I was told that all they could offer me was a statement with an opening balance.  The loan statement arrived and it merely stated what they said was owing.  I have not received a detailed loan statement in years.


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## Gerry Canning (15 Sep 2015)

Patrick J,
Keep everything copied and in writing.

It is probably close to 6 years since you paid anything on that account.
Because of the 6 year rule , they are close to being too late to follow you for payment.
That means that after 6 years the debt is unenforceable.

Seems to have been the case that quite a few loans have been forgotten about ?

Suggest rewrite to Belgard and request as follows.

{Please send me a full breakdown and copy agreement and statements on the money you purport I owe.What I received is solely a balance }
................
Let matters rest unless you get actual legal proceedings.
On NO account pay anything until figures are shown.
...............
For your own (peace) do an ICB ,irishcreditbureau, report on yourself to see if your credit rating is damaged.


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## PatrickJ (15 Sep 2015)

Hi Gerry,

This is were it gets silly - last year I was up against a wall so I engaged a debt management/settlement company to deal with Cabot.  Big mistake!  I was paying approximately €20.00 per month via the debt management company on a loan of approximately 11k.  The company failed to get a write down but secured a deal of €20.00 a month until the debt was cleared.  They took Cabot's word that a balance of 11k was owed but never received loan statements from them.  When I found this out I showed them the door.  This has obviously peeved Cabot off and now Belgard are chancing this debt to the tenth degree.  

Are Belgard real solicitors or can I demand the debt be passed back to Avant?


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## vandriver (15 Sep 2015)

You have reset the clock on the six years to last year when you were making (small ) payments.
BTW ,is it in anyone's interest to agree to a 46 year debt repayment plan?


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## PatrickJ (15 Sep 2015)

Yep.  I regret to the day I ever engaged the DM company Vandriver.  They have caused me more hassle than good.


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## Gerry Canning (15 Sep 2015)

PatrickJ.

Debt management companies can be useless.
Looks like you got one that was content to have you pay a few bob for ever and ever etc.
That arrangement really is no good to anyone.

You now need closure ;
Send the letter requesting full explanation on debt.
Do NOT do anything , do not engage until you get that explanation and have had a hard look at it.
Do NOT give them your mobile/e-mail.Request all communication in writing.

Please keep us posted.


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## PatrickJ (15 Sep 2015)

Will do Gerry thanks.  As Cabot have sent the debt to Belgard to collect I presume I will write to Belgard directly and not the other way around?  
I despise dealing with Belgard as they are the rudest I have ever encountered.  

The DM were made fools of and were not able to negotiate a settlement only a never ending payment plan.


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## Gerry Canning (15 Sep 2015)

Write to Belgard and make sure you put on (purported debt of x euro).
Also tell Belgard that since  you have found them rude, henceforth  you require communication only in a written form.
.


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## Danny Boy (15 Sep 2015)

Patrick J,
I had a cc with MBNA / Avantcard (Gerry knows the story as its in another topic) & due to unemployment I ran into trouble with it. Anyway I had to keep the mortgage company as happy as I could so I paid MBNA / AC as much as I could afford over about 18 months. They werent happy with that & the debt was finally sold on to Cabot early this year. I'm not in a position to make a settlement offer so I filled out a Standard Financial Statement for Cabot & they agreed a monthly figure which will be reviewed every 6 months - I'm in the first 6 months so it hasnt been reviewed yet but I'd expect that it will very shortly. Even though I know I'm being screwed, in my situation it gets me to the next step where I may be able to make them an offer but the last thing that I wanted was to have to go to court so in my head the few quid a month takes that bit of pressure off for the moment. I know its on the never never but at least it stops the phonecalls & anyone in our situation knows about the dreaded phonecalls.

Danny.


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## Gordon Gekko (15 Sep 2015)

Sorry, your debt is €11k and the debt management company negotiated a deal whereby you pay €20 per month until it's cleared?

And that's a bad deal for you how?


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## vandriver (15 Sep 2015)

Gordon Gekko said:


> Sorry, your debt is €11k and the debt management company negotiated a deal whereby you pay €20 per month until it's cleared?
> 
> And that's a bad deal for you how?


Because for the next 46 years,the persons ICB report will stop them getting any credit.


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## Gordon Gekko (15 Sep 2015)

vandriver said:


> Because for the next 46 years,the persons ICB report will stop them getting any credit.



Eh, no!

Cabot etc have nothing whatsoever to do with the ICB. Once MBNA / Avantcard write off the debt and pass it to Cabot, the six year clock starts vis a vis the debt disappearing from the ICB.


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## Danny Boy (15 Sep 2015)

Gordon Gekko said:


> Eh, no!
> 
> Cabot etc have nothing whatsoever to do with the ICB. Once MBNA / Avantcard write off the debt and pass it to Cabot, the six year clock starts vis a vis the debt disappearing from the ICB.



That's correct as I've done an icb report myself. 

The downside is that the loan is on the never never but as I've said in my post above if you have no other option & it gets you out of a hole for a while plus stops the phone calls then why not but its not a long term solution by a long way.


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## demoivre (16 Sep 2015)

If you owe money that you can't repay then you should be looking at the ISI to get you backontrack ! ISI was set up to help people with problem debt !!


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