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Full and Finals with Cabot

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Hi All,


I had a credit card with Monument and lost my job so i couldn't keep repaying them. My credit limit was £750 and eventually I think they sold the debt to Cabot DCA. They now advise me I owe them £1248 approx. To stop them from calling me continually I have paid them £10 a month for a couple of months. However, I am looking to repay the money at a reduced rate through a full and final settlement.


Before sending a letter I rang to test the water and asked what they would settle at. The advisor told me the 'lowest' they could accept was £1100! I said that was too high and he said he would 'ask his supervisor'. Apparently she said £950 was the 'lowest' they could accept.


I ended the call without commiting to anything and am just pondering what to do now. Any help or advice would be really appreciated.



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ARe you looking to pay one final payment, or are you trying to negotiate payments of the amount?


I read it that you want to pay £950 instead of £1248, but in installments and not ine payment.


I think most companies will only take a reduced figure if you are going to pay it off in one payment

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Ok Then why dont you make them an offer?

Hit the middle ground at £600 say.


Also get them to write stating that they will accept £x pounds as FULL & FINAL settlement, before you give them the payment, and when you do make sure that your letter states the same, in some cases people have also written this on the cheque too.

I would suggest doing it when you can pay it straight away.


Hope this helps



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I would avoid trying to do this over the phone, or at the very least ensure that if they do agree a figure they put it in writing before you pay them. :)

  • Barclays: WON!!! It took four months but was totally worth it!
  • Cabot: I'm still waiting for an enforcable agreement, more than a year after requesting it. Go on, Uncle Ken, take me to court if you dare. You know you want to!
  • Elephant.co.uk: VICTORY - they admitted there was no debt!
  • Ashbourne Management (gym membership): Finally got my default removed and out-of-court settlement; I'm not finished with them yet!

<--- If I've been helpful please remember the scales ;)

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