Cabot reply to f&f settlement offer

[WetCloth]

I wrote to Cabot with a settlement offer, submitting my medical circumstances. They accepted the amount offered, but won't accept f&f settlement. They want to regard the debt as 'irrecoverable' and refuse to remove the default on my account.

 

I take it I shouldn't agree to this? If I want them to write the debt off, is f&f the only way I can ensure I won't be pursued in the future?

 

Could anybody advise me as to how I should respond?

 

[The Mould]

Wetcloth

 

Do not send any payment in response to that offer.

 

How much is the debt?

 

Who is the original creditor?

 

Kind Regards

 

The Mould

[WetCloth]

Wetcloth

 

Do not send any payment in response to that offer.

 

How much is the debt?

 

Who is the original creditor?

 

Kind Regards

 

The Mould

 

Hi Mould, the debt is originally a Halifax overdraft. Debt is a little under 600.

[firstship]

Hi.......do not accept Cabot response and do not pay any money,try direct with Halifax you should get a F&F out of them,but make sure it is a F&F and not anything else as the balance will get sold to DCA...FS

[silverfox1961]

hi,

If the debt has been sold to Cabot by Halifax, it will be pointless writing to them as they will just refer you back to Cabot.

 

Be very wary of Cabot. If you want to accept the offer, I would write back accepting with the proviso that they will not sell on any part of the "irrecoverable" amount to any other DCA.

 

It also begs the question. If they are prepared to accept 10% of the debt. Why?

[WetCloth]

hi,

If the debt has been sold to Cabot by Halifax, it will be pointless writing to them as they will just refer you back to Cabot.

 

Be very wary of Cabot. If you want to accept the offer, I would write back accepting with the proviso that they will not sell on any part of the "irrecoverable" amount to any other DCA.

 

It also begs the question. If they are prepared to accept 10% of the debt. Why?

 

Cabot do indeed own the debt.

 

I submitted very good medical evidence that proves I'm not likely to ever be able to pay off the balance. I thought they might throw me a morsel of compassion.

 

As for your first point, would that be legally binding if they agreed via letter?

 

Personally I think they're trying t on to get the offer amount out of me.

 

Should I just reply and tell them I want an f&f and leave it open to negotiation? I could pay a little more?

[letsdothis]

What they are offering you is no better than having a default on your CRA anyway.

 

Write back and tell them that you do not agree to that, and that you want F&F settlement, as well as the fact that it would never be resold on in the future. This is a one off opportunity for them and the offer expires at the end of August.

 

Once you have that in writing pay them.

[ashmk]

They say 'Cabot will not be contacting you asking for further payments on this account'.

This says to me they will take the £60 offered and then sell the debt on.

 

I would not trust Cabot. Full and final or nothing. You have been warned.

[silverfox1961]

Cabot do indeed own the debt.

 

I thought they might throw me a morsel of compassion.

 

 

Cough, splutter-Cabot-compassion. Don't make me laff

 

What they are offering you is no better than having a default on your CRA anyway.

 

Write back and tell them that you do not agree to that, and that you want F&F settlement, as well as the fact that it would never be resold on in the future. This is a one off opportunity for them and the offer expires at the end of August.

 

Once you have that in writing pay them.

 

I do agree but it still might come back and bite as if push comes to shove, they might refuse the offer altogether.

getting your credit file repaired by Cabot ain't gonna happen. They love having this last hold on you. Miserable gits

[WetCloth]

Ok guys, great advice. I knew there was something fishy about the whole 'irrecoverable' thing.

 

Sorry about the mega image; I can't seem to find an edit button.

 

I think I'll simply restate my position saying they have until the end of the month to accept.

 

Should I imply any flexibility on the offer amount or should I keep it as it is? I don't have much more to offer anyway...

[WetCloth]

Cough, splutter-Cabot-compassion. Don't make me laff

 

 

 

I do agree but it still might come back and bite as if push comes to shove, they might refuse the offer altogether.

getting your credit file repaired by Cabot ain't gonna happen. They love having this last hold on you. Miserable gits

 

You think there's no chance of them accepting full & final settlement then?

 

If they don't accept they can continue to get £2 a month until I grow old and die then. I am unlikely to be able to return to work for any length of time to pay the debt - my medical circumstances have been spelt out to them. I guess it's down to them to settle.

[letsdothis]

Should I imply any flexibility on the offer amount or should I keep it as it is? I don't have much more to offer anyway...

 

Not being funny, but if you imply that you could possibly pay more than £60 then they would be absolutely stupid not to try it on and ask for more.

 

Stand by your guns, and face facts.

 

1) Your CRA is probably goosed anyway

2) They want to settle the debt

3) You want to settle the debt

4) You have £60 to offer

5) They either accept it or not on the terms of F&F

 

What's the alternative for them?

 

Court costs, legal action, etc etc - They would still continue to mark your CRA anyway doing this. If you have no money ask the court to pay x amount per month, then they have to wait for years for it to be retrieved back from you.

 

Or an offer to settle it now. All you are asking is that the debt is marked as fully settled so you have peace and mind that no one else can come after you for it.

[silverfox1961]

Not being funny, but if you imply that you could possibly pay more than £60 then they would be absolutely stupid not to try it on and ask for more.

 

Stand by your guns, and face facts.

 

1) Your CRA is probably goosed anyway

2) They want to settle the debt

3) You want to settle the debt

4) You have £60 to offer

5) They either accept it or not on the terms of F&F

 

What's the alternative for them?

 

Court costs, legal action, etc etc - They would still continue to mark your CRA anyway doing this. If you have no money ask the court to pay x amount per month, then they have to wait for years for it to be retrieved back from you.

 

Or an offer to settle it now. All you are asking is that the debt is marked as fully settled so you have peace and mind that no one else can come after you for it.

 

 

Couldn't have put it better

[WetCloth]

Ok, thanks. Some sound advice there.

[ashmk]

 

Sorry about the mega image; I can't seem to find an edit button.

 

 

Someone has broken the forum at the moment.

[Fester Tester]

Hang on, hang on. Why bother paying them anything at all? If they are prepared to accept they can't get more than £60 out of you, I imagine they would be hard pushed to enforce this through the courts.

 

So how would you be better off giving them a bean? You'd be in exactly the same position as you are now, with a trashed credit record.

 

Seems to me they are cutting their own nose off to spite their face. If it was me, I'd be writing back and telling them, Take it or leave it.... remove adverse markers, or get nothing.

[WetCloth]

Hang on, hang on. Why bother paying them anything at all? If they are prepared to accept they can't get more than £60 out of you, I imagine they would be hard pushed to enforce this through the courts.

 

So how would you be better off giving them a bean? You'd be in exactly the same position as you are now, with a trashed credit record.

 

Seems to me they are cutting their own nose off to spite their face. If it was me, I'd be writing back and telling them, Take it or leave it.... remove adverse markers, or get nothing.

They've offered me a f&f for the incredible bargain of 100% of the balance, or to continue paying at £2 per month - that's compassion for you.

 

So a debt which they bought for peanuts years ago, which they know pertains to someone with provable serious health issues who has no chance of paying it, gets a 100% settlement offer.

 

I wonder if their 'agents' also like to pop ants with a magnifying glass, pull the legs of spiders or laugh and leave old ladies struggling with their shopping in the street.

 

It seems the only satisfaction I'm likely to get now is if I top myself and send them a letter informing them they'll never get a penny, but I fancy living - even if it is in poverty.

[rebel11]

Hi Wetcloth

 

Is the CCA enforceable? When was the card taken out?

[jimbo45]

Hi there

WHY are people so bothered about their Credit Reference --- If you are struggling to pay cr@ppybottom anything then you really don't want to end up owing MORE **** MORE MONEY.

 

It's quite easy to live without credit --and cheaper too BTW.

 

CRA's are almost as bad as DCA's --maybe in some ways even worse because you can always get the exact paperwork a DCA holds on you via a SAR request --10 GBP cost but CRA's have no TRANSPARENCY whatsoever--- I'm still looking at some way of throwing the various Data Protection acts against some of these miserable vermin as it seems to me they often give out PRIVATE data to 3rd parties who have no right whatsoever to get this data.

 

Whole stacks of Credit card numbers etc are often available in Bangalore etc for around 3 USD per 1000 -- so don't assume the CRA's keep your data safe in the first place.

 

So stick with your guns to cr@ppybottom --they will soon realize that 60 GBP is better than zilch.

 

Cheers

jimbo

[WetCloth]

Hi Wetcloth

 

Is the CCA enforceable? When was the card taken out?

 

It's an overdraft.

[WetCloth]

Hi there

WHY are people so bothered about their Credit Reference --- If you are struggling to pay cr@ppybottom anything then you really don't want to end up owing MORE **** MORE MONEY.

 

It's quite easy to live without credit --and cheaper too BTW.

 

CRA's are almost as bad as DCA's --maybe in some ways even worse because you can always get the exact paperwork a DCA holds on you via a SAR request --10 GBP cost but CRA's have no TRANSPARENCY whatsoever--- I'm still looking at some way of throwing the various Data Protection acts against some of these miserable vermin as it seems to me they often give out PRIVATE data to 3rd parties who have no right whatsoever to get this data.

 

Whole stacks of Credit card numbers etc are often available in Bangalore etc for around 3 USD per 1000 -- so don't assume the CRA's keep your data safe in the first place.

 

So stick with your guns to cr@ppybottom --they will soon realize that 60 GBP is better than zilch.

 

Cheers

jimbo

 

I'm sorry jimbo, but I don't want a judgement against my name. I'd prefer to be paying token payments via an arrangement with a DCA, than at he behest of a county court with the risk of losing some of my treasured possessions if I fail to pay.

 

I totally agree that these people are ****, but not paying token payments and waiting for papers doesn't seem all that sensible to me.

[jimbo45]

Hi there

I didn't mean DON'T PAY. What I meant was that records in a CRA are probably the LAST thing I'd worry about.

 

I don't think I Implied in my post that you should wait for papers and a CCJ . If you owe the money and CAN pay something back then it's sensible of course to try and come to some arrangement however bad some of the scumbags are.

 

Get the best agreement you can --with the proviso that any F&F settlement is FULL AND FINAL.

 

The essence of my post was that IF you are having trouble paying anyway the LAST thing you really need to worry about is YET MORE CREDIT so the whole CRA stuff becomes irrelevant.

 

Of course DON'T get a CCJ etc if you can avoid it.

 

Also there is nothing wrong in getting the CCA to ensure that cr@ppybottom do actually have the authority to collect the debt in the first place.

 

Cheers

jimbo

[WetCloth]

Fair enough, although you did open by inferring 'people' were too bothered by their credit reference.

 

I realise I'm flushed too far down the credit pan to bother about that. For me it's staying a step ahead of an order and all that entails. I'm beginning to think bankrupcy may be a good option for me as this is only one of many debts, and I'm unlikely to return to full-time work due to illness.

 

Like you say though, bugger credit. I've had my fill, not that I'll be likely to run up that sort of debt again anyway.

 

It just frustrates me that they'd rather accept £2 a month on a geological timescale than accept an up-front payment now.

[jimbo45]

I know -- I have ONE final debt left of around 4.5K -- They have accepted 1 GBP a week indefinitely -- but they won't accept an offer of 1800 GBP which is 1800/12 = 150 YEARS.

 

I just don't get their logic.

 

I sent them a £12 cheque which is IT for the next YEAR. However I really would like to be SHOT of this debt so why don't they accept -- I've got their agreement IN WRITING that they will accept 1 GBP a month so they aren't going to make any money on this one.

 

What's the REAL aim of these people as I can't believe they would give up 1800 GBP compared with 1 GBP for ever.

 

Cheers

jimbo

[tierisch]

Just spotted this thread and agree that these DCA are idiots. I offered one a F&F last month and they came back with not acceptable blah blah....so i wrote back (used their own envelope as return to sender!) and said it will take 84 years to pay this off and by then i will be dead and buried. Three days later a letter arrived accepting my offer - who says they are not compassionate? They just didn't want me to be buried with a debt :doh:

 

On another note i am also interested in the DPA and the info CRA hold and what they do with it - i can't remember ever giving them permission to hold data on me but what can we do about that!

 

Yeh - it can be a pain but you can live without credit. My ex screwed my credit rating and got us in loads of debt so i don't think i could even get a pint on the knock anymore. But manage fine without credit now.

Edited September 22, 2010 by tierisch