# Cabot financial



## Ruth Goggin (26 Jun 2015)

Hi everyone 
New here and advice would be great! Long story short, I bought a car new in 2008 loan via GE money. In 2010 I was let go from full time employment due to depression. In approx 2011 Cabot took over the loan. I have had nothing but hassle. I had agreed to pay so much per week but I've missed a 3 out of the last 8 and today I'm told the account has gone to their solicitor and their going to repossess the car. 
Is it as simple as that for them to do this? Will it go to court first? I don't have the arrears to pay over the phone. I don't know what to do. I know missing the payments is my own fault. 
Many thanks in advance 
R.


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## Meme80 (26 Jun 2015)

You have to keep in contact with collection companies. If you missed a payment you should have contacted them before you started showing up on their arrears list. Co-operation is the key. The loan is secured by the asset (your car) and so court proceedings may not be required. They can take the car and sell it at auction to re-coup their money. I think your best option is to contact them and co-operate in whatever way possible. Tell them what you can afford and that you can re-visit in afew months to see if you can increase the payments (even if you know you wont be able). Either that or ask for a settlement figure, sell the car yourself and pay them what they are owed.


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## Gerry Canning (26 Jun 2015)

Meme80 said:


> You have to keep in contact with collection companies. If you missed a payment you should have contacted them before you started showing up on their arrears list. Co-operation is the key. The loan is secured by the asset (your car) and so court proceedings may not be required. They can take the car and sell it at auction to re-coup their money. I think your best option is to contact them and co-operate in whatever way possible. Tell them what you can afford and that you can re-visit in afew months to see if you can increase the payments (even if you know you wont be able). Either that or ask for a settlement figure, sell the car yourself and pay them what they are owed.


Ruth;
I would suspect that your loan is a Hire Purchase agreement .
I would think it is a Consumer agreement.

Since it was taken out in 2008 you have probably paid 2 thirds of the HP cost.
Because of that they cannot just arrive and repo.

The problem with collection companies is the amount they say is due bears little relation to what is owed. generally they add on heavy charges etc which makes it very hard to get shot of them.Co-operation (as per Meme) should be the key ,but once a case goes to a collection company (fairness) seems to lose!

I would think the solicitor threat is nothing more than a threat.
Before you do anything you need to write to Cabot .(keep copies of notes ,avoid phone calls)
1. Copy agreement .
2. Statement.
 Study both and come back to us.


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## demoivre (26 Jun 2015)

Consumerhelp.ie might have useful information for you.


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## Flaggyshore (18 Sep 2015)

Hi everyone. My credit card debt was taken over by Cabot 3 years ago. I have paid approximately 70% of the original amount excluding interest. I never received any statement. Do you think I could tell them to take a hike at this stage. My credit rating has been affected by the write off by the CC company.


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## 44brendan (18 Sep 2015)

You can certainly do that but you run the risk of them taking legal proceedings for the balance due. Better if you can offer them a final settlement on the balance due.


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## Raging Bull (18 Sep 2015)

If you have paid over half the amount if its a lease hire agreement you can surrender the car.,, no court or arrears being chased thereafter..its in the consumer credit act.,, will get them off your back...buy a banger instead


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## Flaggyshore (18 Sep 2015)

Thanks Guys. It's credit card debt so no option but to try and negotiate. Should they not send out at a minimum an annual statement.


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