Cabot loses £6m as crunch bites collections - My heart bleeds...

[Rhia]

They may well be still doing so eh?

[Pinky69]

Oh dear. And the poor souls bought 4 of my debts that didn't have the legality of toilet paper and unfortuntely they didn't get a penny from me as a return on their investment. In fact, one of them was from Citigroup and Citigroup kept collecting Money from CCCS after they had sold the debt to Cabot. So next month I am afraid I am taking Citigroup to court to get that money back and I am taking Cabot to court for their default entry. Poor Ken. He'll have to get his cheque book out and lose even more money.

[andrew1]

They may well be still doing so eh?

 

..and there was me thinking you'd spilled all to the Vat & tax man - they are slow aren't they?

[angry cat]

They lost out big time on all the Morgan Stanley LEMONS;

bet MS are laughing...

[andrew1]

Oh dear. And the poor souls bought 4 of my debts that didn't have the legality of toilet paper

 

At least toilet paper has the legality to wipe our souls (are) - unlike Cabot who think they should

[samperry209]

Cabot made my life ****ing hell last year ... what comes around goes around

[andrew1]

Just to make this a little sweeter...I'd almost missed this bit - well I DID miss it:

 

This is far worse than I'd first thought..a £6.7mill loss in 2007-08? - against a profit of £9.6 mill the previous year - That's a staggering £17million swing not just £6.7 million and if you make £9.6million in a year, your projections and budgets/forecasts for the next year are growth year on year. Even an increase by 10% takes that expectation to over 10 possibly £11 million quid...profits - to turn that into a £6.7 million loss means you've not only lost the 10/11 million you'd expected but it's worse by a further 6.7m making the loss nearer £18 - £20 million - Ha-ha, now you can all carry on blowing those trumpets my friends and slapping yourself happy on the back for being crucial contributors to this...keep on complaining to them and about them to the OFT!! Support the Cabot Fan Club and Cag in bringing these parasites to heel and making them ABIDE BY THE LAW - which is all we ever campaigned for them to do - their losses are a reflection of how effective we have all been. Well done everyone..

 

Even brillianter than we dimwit rogue debtors gived ourselfs credit four! :D

 

 

Edited September 14, 2009 by andrew1

[dcakiller]

17 million I would have liked to have been a fly on the boardroom wall when that was announced.

[pmhcfc]

Just to make this a little sweeter...I'd almost missed this bit - well I DID miss it:

 

This is far worse than I'd first thought..a £6.7mill loss in 2007-08? - against a profit of £9.6 mill the previous year - That's a staggering £17million swing not just £6.7 million and if you make £9.6million in a year, your projections and budgets/forecasts for the next year are growth year on year. Even an increase by 10% takes that expectation to over 10 possibly £11 million quid...profits - to turn that into a £6.7 million loss means you've not only lost the 10/11 million you'd expected but it's worse by a further 6.7m making the loss nearer £18 - £20 million - Ha-ha, now you can all carry on blowing those trumpets my friends and slapping yourself happy on the back for being crucial contributors to this...keep on complaining to them and about them to the OFT!! Support the Cabot Fan Club and Cag in bringing these parasites to heel and making them ABIDE BY THE LAW - which is all we ever campaigned for them to do - their losses are a reflection of how effective we have all been. Well done everyone..

 

Even brillianter than we dimwit rogue debtors gived ourselfs credit four! :D

 

 

 

But what do you think Ken and Glen get paid every year? .. £500 k - 600 - 700? -- Who knows...but if there has to be cuts, do you think Ken's wage is decreasing?....No, me either....The cuts will come elsewhere, one suspects there are internal mails floating around re saving pens, paper etc etc, and if the losses continue- the staff on the shop floor will be first to go- not that I'm bothered...they could all lose their jobs for all I care.

 

It is great news that Cabot have lost a few million and long may it continue - perhaps one day they'll realise there's no future in the DCA business, well not for accounts dated pre 2008 that is.

 

Just one final question; if web sites like this one didn't exist, if groups like the CFC didn't exist (etc) hands up those who think Cabot would still had suffered this loss.....nuff said

[sosumi]

My heart doesn't bleed but it nearly stopped last year thanks to them. Seriously.

Now my heart is ICE towards them.

ICE I tell you.

- only kidding (about the icy heart bit anyway

Blessss the s(t)inking ship Crapbot and all who lie cheat and steal in her.

[mr.ton]

I do like to think that the Caggers are largely responsible for the loss of profits we are seeing throughout the DCA industry

[up2meears]

 

 

 

Here's my contribution to

the Cabot whipround :lol::lol::lol::lol:

[andrew1]

Debt buyers are ‘walking dead’

 

Debt buyers are ‘walking dead’ - 19/11/2009 - says Credit Today Magazine!

 

...and what are Cabot?

 

Quote:

 

Not all debt buyers have survived the recession intact according to a speaker at Credit Today’s Debt Sale and Purchase conference.

 

Lawrence Guthrie, managing director of adviser Hawkpoint Partners, today told delegates that despite the lack of public failure, the recession has badly affected debt purchasers. "Quite a few companies aren’t around today buying portfolios when they were two or three years ago," he said. "They are the walking dead. They will survive for a period of time but will gradually wind down."

 

Guthrie added that to be successful debt buyers must anticipate regulatory change and plan for it, rather than reacting once it is implemented. "The debt purchase industry badly needs more co-ordinated leadership," he said.

 

Guthrie also raised the possibility that debt buyers could float on the stock market in future. However, fellow panellists Howard Garland, principal – equity finance – at RBS Global Banking and Markets, and Simon Hemley, partner at Gresham Private Equity, raised concerns that the need for ongoing funding could make this strategy difficult.

 

"Access to funds after the initial transaction can be far more complicated and take up far more of the management’s time and energy," said Hemley.

 

Garland added: "I’m not sure these businesses are suitable for the public market. They are users of capital and their brands are not built up in the same way. Never say never, but I’m not sure they’re suitable."

 

My heart bleeds even more now :D:p:p:D:D

[lickthewallfatboy]

ain't life a real bitch

[Pinky69]

I am like the old crones with their knitting and their pipes sitting round the guillotine during the Frence Revolution. Every time the tumbrils roll and I hear that the next one is about to meet a sorry end, I cheer like H!!

[trinity thorne]

I feel like sending that un-cashed PO back to them.............YEAH RIGHT

[Rhia]

Brilliant. Dead men walking. Their shyster operations were based on misery, lies, total deception and twisting the laws of this land. Oh forgot bullying too. It never was a "proper", ethical business which could build a brand.

The only floating they'll be doing is with the guano in the sewers.

There is a God after all and he with Dragon's Den.

[lickthewallfatboy]

it's actually quite shocking to see people on tv almost cower in terror whenever mention is made of "sending in the debt collectors"

 

how did this skanky low down excuse for a business sector ever manage to get so many people scared?

[spartathisis]

Do you think "Gail" from Corrie will instruct "Kev Webster" to get her new chap out of the debt problem he is in?

 

At the moment it looks like an ad for DCA's, bills arrive oh lets sell the house to pay them all off then we will be happy!!

[Duffers Mum]

Ahhhh, my heart bleeds for poor old Cabot...not! Hope they go bust

[submissiveguy]

I also wish that they go bust, and them annoying monkeys become jobless

[Pinky69]

I think there is a good chance of them going bust. They are stuck with a pile of unenforceable debts and are now using desperate measures trying to chase down all the old moth-eaten useless, unenforeceable toilet paper in the cupboard - all that is going to get them is a swift kick up their corporate derrieres from the OFT in due course. There is no new finance for this industry and Ken Maynard spoke of new business coming on the market, not saying a word about what they are getting zero return on now. They got away with buying debts that were unenforceable for years but now that people know their rights they aren't playing ball with Cabot anymore and Cabot are stuck with it. As the man said at their gong awards, the walking dead who didn't see the writing on the wall. Serves them right.