# AVANT CARD SELLING DEBT



## newdawn (13 Feb 2015)

I'd be grateful if anyone had information about who Avant card sell their default customers debt to. I was told they had dispatched a lot of names in the last couple of weeks. They offered a settlement but I can't come up with that amount of cash. I have paid regularly but an amount I could afford. Now it is likely that at the end of the month my debt will be sold. Who is likely to buy that?  What will happen then? I'd really appreciate any information. Feel quite nervous about it all. Thanks so much.


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## shtall (13 Feb 2015)

As far as I am aware they have sold the debt to Cabott Financial i sought advise on it myself and its unsecured debt make an offer of what you can afford and see how it goes I am still thinking how I can deal with mine the balance is 3.5 k now 6 years old


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## newdawn (15 Feb 2015)

Thanks shtall, do you know how they deal with people? I mean will they be bully boys or how are they likely to operate? I have a fear of being hounded by phone  - or worst of all being visited by a collector - any idea what Cabbott Financial are like in their dealings with people? Is it likely that they will allow me to continue paying what I can afford or come the heavy to try to get more money to of me? Thanks.


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## newdawn (15 Feb 2015)

If avant card pass my debt on to a third party - they say this will probably happen very soon unless I can settle -which I don't think I can - do they have to tell me who will own my debt? Or will the third party be a collector for them? I tried to extract that information but it was a bit unclear. It was only when I got off the phone I wondered about it. If somebody else is going to be contacting me, surely I'm entitled to hear from them who that will be? On a debt of 8000 - they would settle for half. Can't do it......is it likely that they would come down further?? I'm worried about the unknown in this. A previous post from shtall mentioned Cabott Finanical......I was checking online and they sound terrible to deal with.


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## Tom Finn (4 Mar 2015)

I received a letter from Cabot Financial today. Avant Card sold my debt to them. Included with the letter from Cabot was a letter from Avant informing me that they have sold the debt to Cabot.
The letter from Cabot urges me to get in touch with them to pay my debt.
I will, but by letter only. I'm not sure how to handle it. I can't afford to pay my debt and I have no assets.
Interesting times ahead.
If anyone has any advice I'd appreciate it too. OP I'd say you'll get a letter from this crowd soon, If you haven't already.


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## breakonthru (4 Mar 2015)

This is not a recommendation. Everyones circumstances are different. 

This is what I've done..
A) on a debt of 18k, I want to pay back 100%.
B) but - at a time and pace that suits me..
C) so €6.50 a month to MBNA account.
D) if Cabot agree to reduce debt to €500, then €50 a week to Cabot to their account.
E) They have few choices. Ultimately, they bought loan at big discount from MBNA. Do Cabot want €6.50 a month 'forever' or €50 a month over 10 months?
F) Phonecalls? Add to reject list on mobile. Landline? Change the number. 

Forget debt. Go for a walk. Breathe deeply


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## demoivre (5 Mar 2015)

Tom Finn said:


> I will, but by letter only. I'm not sure how to handle it. I can't afford to pay my debt and I have no assets.



You are insolvent and you should be looking to sort out your debts under the [broken link removed]. Look to MABS or IMHO for help.


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## demoivre (5 Mar 2015)

breakonthru said:


> This is not a recommendation. Everyones circumstances are different.
> 
> *This is what I've done*..
> A) on a debt of 18k, I want to pay back 100%.
> ...



So what have you done?


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## Tom Finn (5 Mar 2015)

demoivre said:


> You are insolvent and you should be looking to sort out your debts under the [broken link removed]. Look to MABS or IMHO for help.


Thank you for the advice


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## RichInSpirit (5 Mar 2015)

I came to a > 20 year payment arrangement with Cabot last year after paying nothing to mbna / avant for a couple of years. 
Initially I found Cabot obnoxious but I'm getting on grand with them since. They're not the arm breaking type of debt collectors.


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## Tom Finn (5 Mar 2015)

RichInSpirit said:


> I came to a > 20 year payment arrangement with Cabot last year after paying nothing to mbna / avant for a couple of years.
> Initially I found Cabot obnoxious but I'm getting on grand with them since. They're not the arm breaking type of debt collectors.


20 years?? I don't want this dragging on for that length!


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## MrEarl (6 Mar 2015)

Tom Finn said:


> 20 years?? I don't want this dragging on for that length!



Why not ?

I am assuming you do genuinely owe the money.

If your financial circumstances do not allow you to make large repayments of some sort at the moment, would it not be better that the debt is stretched over a long period of time, to help provide for low repayments (assuming a reasonably low rate of interest) ?

Hopefully, your financial circumstances will improve in the future and you could then increase whatever repayments might be agreed, then shortening the term of the arrangement.


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## Tom Finn (6 Mar 2015)

MrEarl said:


> Why not ?
> 
> I am assuming you do genuinely owe the money.
> 
> ...


Thank you for input Mr.Earl


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## strugglinglikeusall (12 Mar 2015)

Having reviewed the figures it appears I have 120 to divide among 3 unsecured debts. BOI have my mortgage and 2 unsecured loans. Credit owns 25 k. It looks like Cabot have no mojority and may end up with 10 per month.


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## Kerrigan (14 Mar 2015)

breakonthru said:


> This is not a recommendation. Everyones circumstances are different.
> 
> This is what I've done..
> A) on a debt of 18k, I want to pay back 100%.
> ...



Hi Breakonthru,

Out of interest have Cabot agreed to your repayment of €50 a month over 10 months and then write off the remaining debt?

If your debt is approximately 18k how much do you believe they purchased the debt for?

I'm aware that Cabot can be reasonable when it comes to renegotiation but I would be surprised if they accepted €500 as a full and final settlement.

If they have then this is a great achievement for you and you can now focus on your secured debt.

Best of luck.


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## Gerry Canning (16 Mar 2015)

Kerrigan said:


> Hi Breakonthru,
> 
> Out of interest have Cabot agreed to your repayment of €50 a month over 10 months and then write off the remaining debt?
> 
> ...


This type of issue has been covered in other threads , but this might help.
1. Always ensure your funds go firstly to pay your Mortgage.
(the mortgage holders are the only people who CAN make you homeless)
2. Do NOT take phone calls , request everything in writing.
( that kills the dread of the next call and gives you time to read )
3. Cabot, if given a chance , will verbally/in letters hound you for money , because  their job is to get funds.
4. Most debt collectors/callers are fair people and do not harangue anyone, they are trying to see can you afford to pay , eg if they found you had a new car or on holiday , they would be entitled to be crankey.

IMPORTANTLY;
Do your own income V expenditure.
If you can afford to pay your due debts, then do so.
If you can,t, then prioritize mortgage.

Remember , 
Sort TODAY; since there is no point in having this drag on and on and on!


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## Kerrigan (16 Mar 2015)

Hi Gerry,

My other half worked for a debt management company for most of the downturn; no longer affiliated.  The unsecured debt was most definitely being prioritized by customers during that time and I believe its one of the reasons so many people are in mortgage arrears today. 

Is a DSA pointless when a debtor can simply take poster Breakonthru's approach?  

When filling out a SFS for your mortgage should personal debt be mentioned if you have no plans in servicing the debt because you cannot afford to do so?


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## strugglinglikeusall (17 Mar 2015)

Firstly apologies again for my previous posts I was incandescent with rage over this situation. I have taken deep breath and reflected on this.

Gerry is of course correct , always prioritise mortgage payments first. Approx 4 years ago I fell into the trap of paying my credit cards ahead of my mortgage with obvious results. When I finally woke up this stupidity I approached my bank and openly told them that it was the reason for my mortgage arrears. They weren't surprised one bit -they told lots of people panic in the same way. Thankfully having worked my way through the MARP we are 3 years without a missed payment.

My annoyance over the Cabot thing is that I had kept up my repayments as per my agreement with Avant card until Avant card themselves terminated payments . Considering I found out about this in late February is just not good enough. I would have understood if I had no payments made but that is simply not the case.
Thanks.

Sorry for the typos.


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## Tom Finn (9 Apr 2015)

newdawn said:


> If avant card pass my debt on to a third party - they say this will probably happen very soon unless I can settle -which I don't think I can - do they have to tell me who will own my debt? Or will the third party be a collector for them? I tried to extract that information but it was a bit unclear. It was only when I got off the phone I wondered about it. If somebody else is going to be contacting me, surely I'm entitled to hear from them who that will be? On a debt of 8000 - they would settle for half. Can't do it......is it likely that they would come down further?? I'm worried about the unknown in this. A previous post from shtall mentioned Cabott Finanical......I was checking online and they sound terrible to deal with.


How have you got on newdawn? Did you get a settlement, or come to any agreement? Are you dealing with Cabot?


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## Gerry Canning (10 Apr 2015)

Keerigan .

On SFS .

I believe show everything and see what washes out from it.
Your Mortgage company can only work on info given.
Tom Finn.
Probably Cabot will send out an agent to talk with you, most of these agents are OK , they are trying to see can you afford something, be it ,half, quarter or regular payments.
From experience , if you can offer quarter in full settlement do so but make sure you have it in writing.
If you cannot make a once of payment, offer a monthly amount you can honestly afford.
In monthly case ensure it is only for a fixed time (get it in writing) as you & Cabot need closure.


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## Tom Finn (26 Aug 2015)

I had a missed call from a company called Debitask today. Does anyone know anything about them? Would Cabot use them, or is it just cold calling due to data sharing by Cabot?
Cabot haven't got back to me, after I made an offer to settle.
I'm not sure what I should do, as it's quite a while since my last letter to Cabot.
Should I re-approach Cabot? I have received nothing from them indicating they are using Debitask


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## demoivre (27 Aug 2015)

Cabot sometimes use Debitask as their collection agents. I'm surprised you didn't receive communication from Debitask advising you of that. I'm equally surprised Cabot didn't respond to you're settlement offer. Re - approach Cabot if you want to follow up your offer and you're sure it's the right way forward. Did you seek any independent advice other than on here?


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## Gerry Canning (27 Aug 2015)

Seems to be that MBNA moved to Avante .
Then Avante firstly let Cabot manage the debt , then let Cabot buy the debt.Cabot in turn got Debitask to chase that debt.
....................................................................................................................................................................
@ this stage 20% of due debt would be enough , but please ensure the debt is (real). ie Mbna/Avante/Cabot were very good at loading extra charges etc.
The problem with paying Debitask is that you could get into a never ending cycle of small payments and never get closure.


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