If Cabot Financial has sent you a debt letter or other correspondence requesting payment, you may be unsure about the company’s legitimacy and whether you should pay back the money they claim you owe.
This article will explain Cabot Financial Europe Limited, including its background, whether it is a registered debt collector, and how to respond to Cabot Financial if it contacts you.
Do Cabot Financial buy debts?
Yes, Cabot Financial is a debt purchasing company that buys portfolios of debt from various creditors including banks, credit card companies utilities, and government agencies. These debts are typically unpaid credit card balances, loans, hire purchases, and other forms of credit.
Who are Cabot Financial?
Cabot Financial is a debt collection agency that operates in the UK They are part of the Cabot Credit Management Group, which is authorized and regulated by the Financial Conduct Authority (FCA)
What happens when Cabot Financial buys your debt?
Once Cabot Financial purchases your debt, they become responsible for collecting it. They will send you a letter informing you of the purchase and outlining your repayment options.
Should you repay the money you owe to Cabot Financial?
Whether or not you should repay the money you owe to Cabot Financial depends on your individual circumstances. Here are some factors to consider:
- The amount of debt you owe: If you owe a small amount of money, it may be easier to repay it in full. However, if you owe a large amount of money, you may want to consider other options, such as a debt management plan or an Individual Voluntary Arrangement (IVA).
- Your financial situation: If you can afford to repay the debt without putting yourself under financial strain, then you should do so. However, if you are struggling to make ends meet, you may want to seek professional debt advice.
- The terms of the debt: Cabot Financial may be willing to negotiate a repayment plan with you. This could involve reducing the amount you owe or spreading the payments over a longer period of time.
What are your options if you can’t afford to repay the debt?
If you can’t afford to repay the debt to Cabot Financial, you have a number of options available to you. These include:
- Debt management plan: A debt management plan (DMP) is a formal agreement between you and your creditors that allows you to repay your debts at a reduced rate.
- Individual Voluntary Arrangement (IVA): An IVA is a legally binding agreement that allows you to write off some of your debt.
- Bankruptcy: Bankruptcy is a last resort option that should only be considered if you have no other way to repay your debts.
Where can you get help with debt?
If you are struggling with debt, there are a number of organizations that can help you. These include:
- Citizens Advice: Citizens Advice is a free and independent organization that provides advice on a range of issues, including debt.
- StepChange: StepChange is a debt charity that provides free and confidential advice on debt management.
- National Debtline: National Debtline is a free and confidential helpline that provides advice on debt.
If you have received a debt letter from Cabot Financial, it is important to understand your options. You should contact them to discuss your situation and explore your repayment options. If you can’t afford to repay the debt, you should seek professional debt advice.
Additional Resources
- Cabot Financial website: https://www.cabotfinancial.co.uk/
- Creditfix website: https://www.creditfix.co.uk/
- Citizens Advice website: https://www.citizensadvice.org.uk/
- StepChange website: https://www.stepchange.org/
- National Debtline website: https://www.nationaldebtline.org/
FAQs
What is a debt collection agency?
A debt collection agency is a company that collects debts on behalf of creditors.
What are my rights when dealing with a debt collection agency?
You have a number of rights when dealing with a debt collection agency. These include the right to receive a copy of your credit report, the right to dispute any errors on your credit report, and the right to be treated fairly and respectfully.
What should I do if I am being harassed by a debt collection agency?
If you are being harassed by a debt collection agency, you should contact the Financial Conduct Authority (FCA). The FCA is responsible for regulating debt collection agencies in the UK.
What is a County Court Judgement (CCJ)?
A County Court Judgement (CCJ) is a court order that requires you to repay a debt. If you fail to repay a CCJ, the creditor may be able to take further action against you, such as garnishing your wages or seizing your assets.
What is a debt management plan (DMP)?
A debt management plan (DMP) is a formal agreement between you and your creditors that allows you to repay your debts at a reduced rate.
What is an Individual Voluntary Arrangement (IVA)?
An Individual Voluntary Arrangement (IVA) is a legally binding agreement that allows you to write off some of your debt.
What is bankruptcy?
Bankruptcy is a last resort option that should only be considered if you have no other way to repay your debts.
If you are struggling with debt, it is important to seek help. There are a number of organizations that can help you, including Citizens Advice, StepChange, and National Debtline. You should also contact the Financial Conduct Authority (FCA) if you are being harassed by a debt collection agency.
How do I deal with money owed to Cabot Financial Europe?
Before you make arrangements to repay Cabot Financial, you should consider the steps below.
First thing’s first. The first thing you should do if Cabot has contacted you to request money is get in touch with them and inquire about the specifics of the debt you are purportedly owed.
You can contact Cabot Financial in the following ways:
When you contact Cabot Financial, you ought to request documentation proving you are, in fact, in debt to them. This places the burden of providing you with the proof of your debt on them, which can be challenging and time-consuming.
According to the law, you are not required to pay if they do not provide you with proof in the form of an email, receipt, or other correspondence.
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Settle your debt account upfront
If Cabot is able to show you have debt, you ought to think about paying it off in full if you are able to.
Cabot offer several ways of doing this:
The easiest way to repay your debts is via the Cabot website, cabotfinancial.co.uk. When you visit the homepage, you’ll see a prominent blue button on the main navigation bar that reads ‘Make a quick payment’.
When you click this button you will be taken to an online form. You can pay back your debt right away by entering your personal information and case reference number, which should be included in any correspondence you receive from Cabot.
Cabot also has an ios/android app that you can download to your phone. You can find the app here.
The MyCabot app, according to its description in the app store, lets you pay back your debts with a few taps and access your online account from any location.
Other ways of repaying Cabot Financial include:
- Cheque posted to their main business address
- BACS transfer
- Direct payments by phone
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Come up with a payment plan
It might be possible to set up a gradual repayment plan if you want to get Cabot Financial off your back but are unable to pay what you owe.
There are a couple of ways to go about this. First, you could offer to repay your debts in full over a fixed period of time, i. e. a series of monthly payments over the course of a year. Cabot might be willing to accept as long as you assure them they will receive the entire amount in a fair amount of time.
Making a settlement offer, or agreeing to pay back some of your debt all at once, is an additional choice. Debt collectors like Cabot might accept your offer because they frequently buy debts for a small portion of the original amount owed, but it’s crucial to remember that a settlement offer remains on your credit record.
What if I can’t afford to repay my credit commitments?
You run the risk of making your financial condition worse if you owe money to a company like Cabot Financial and you are able to pay it back.
It’s important to make use of the help available to you.