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Cabot are a debt purchasing company who acquire debt portfolios from credit providers across various sectors including consumer finance, utilities, and government agencies.
If you currently have debt in credit cards, loans, or bill payments, this may result in being contacted by Cabot. The debt purchase company is based in Kent and have offices located across the UK. So, if you have an outstanding debt for HMRC, Scottish Power, or First Utility, then your debts may be sold on to Cabot.
If you have received a letter from Cabot this is because they have recently purchased your account from a credit provider. Once they have obtained your account, Cabot will send you an introductory letter to your address. You will receive contact by phone call after confirming any security questions. After making contact, Cabot will assume responsibility for communication with you regarding your unpaid debts as one of their customer accounts.
After having purchased your debt, a debt purchasing company such as Cabot can be more persistent than your original creditor with making frequent contact attempts regarding payment. This is because they have more resources for this purpose as specialists in retrieving debts.
Cabot will begin with sending you letters requesting for you to make contact by phone call and put an arrangement in place for payment. If you do not respond to these requests, they can write to notify you that they will be completing house visits. If you ignore these attempts, they can threaten court action. In Scotland, this may be through a Summary Order. If you do not respond to this, Cabot will have the ability to enforce payment through an Earnings Arrestment, where money is deducted from your wages to go towards repaying the amount.
As a debt collection agency regulated by the Financial Conduct Authority (FCA), Cabot are under certain legal obligations in their liaison with you. This means that they must be able to provide proof of their authorisation to collect debts on behalf of the credit provider you originally owe debt towards.
If you continue to ignore the problem, this can make it worse and increase your feelings of stress and anxiety. If you know you cannot afford to make a payment on the debt you owe, our team of advisors at Scotland Debt Solutions can take over communications to Cabot Financial and discuss options available for you.
Once Cabot have purchased your credit account from your original provider, they assume full responsibility for the debt payment. Therefore, if making a payment of the outstanding amount owed, this should be directed to Cabot.
Before you make any form of payment, it is advised that you request evidence from Cabot that you owe the amount which they have requested as they are obliged to validate your debt. Once this is confirmed, then it is strongly recommended that you clear the debt if able to do so. This will prevent further letters, calls, or escalation to the courts.
If you are not able to make payment to Cabot for the debt you owe, you may be able to make alternative arrangement with them as they allow for settlement offers where you can make an offer of repayment even if this is not the full amount. There is also the option to make a partial settlement on the debt where an agreement is made with the creditor to settle your account.
If you begin payment negotiations with Cabot, then you should be mindful of any other financial obligations you may have such as council tax, rent payments, or other commitments. If you fall behind on these payments this can further negatively impact your situation.
If you have received a letter from Cabot discussing your outstanding debts, or you have payments due to other debt collectors or loan providers, then we can offer support at Scotland Debt Solutions.
Your allocated advisor will be there to understand your individual circumstances and help guide you though available options. Some of these solutions may include entering a Trust Deed agreement, a Debt Arrangement Scheme (DAS), or Sequestration depending on your scenario.
After you have spoken with one of our expert team, your advisor will be there to help you through the process. They will manage contact with Cabot so you can have space and peace of mind from any pressure.
To get in touch with one of our experienced advisors at Scotland Debt Solutions and seek help regarding your options after being contacted by Cabot or another debt retrieval agency, speak to one of our team today on 0141 326 0417.
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