Debt collectors usually try out different tactics to get their debts back, and Cabot Financial is not an exception. In this article, we will disclose how you can avoid being trapped by Cabot Financial UK Ltd and how to get a settlement offer. You will also read about Cabot Financial complaints and get free useful resources for dealing with your debt.
🏦 How Cabot Financial Services Work
Before we will proceed further and find out how to deal with your debts, first we should find out how this company actually works. In this part of our page, you can actually see how this company works and what you can do with it.
- Cabot Financial is a usual for-profit company, and this means that the collectors will barely care about your circumstances and situation. They want their money back. It is likely that your debts, along with thousands of other debts, were purchased in bulk by the salesmen of Cabot F at a discounted price. For instance, if you owed £400, it is likely that your debt was purchased for around £40-£80. The more debts will be collected by Cabot F, the more profits it will make.
- The company buys not only debts, but also databases of the borrowers as well. Once your debt has been transferred to a collection company, it will start to contact you – as well as other borrowers – and demand to pay off the loan and additionally charged fees. Given the fact that the firm’s profits depend solely on how well they collect the debts, you shouldn’t expect much indulgence from the Cabot employees.
- After your debts get into the hands of Cabot Finance UK Ltd, you will be handled by this company in regards to your debt. Typically, such collection companies have meetings at the beginning of every day, and managers set goals for the employees to collect a certain amount of loans back. At such meetings, employees are usually told about how to collect loans more effectively. For instance, you may be told that the company knows the phone numbers of your neighbors and/or boss, and they will ask them to pay the loan back.
- One particular thing you should bear in mind is that collectors are usually told how much they must collect in a day or in a month. This usually causes the fact that the firm’s employees would unlikely care about your current situation or circumstances. Therefore, you should find a way to reach a Cabot Financial settlement offer.
🔍 Cabot Financial Tactics
There are different tactics used by Cabot Financial in order to collect debts from the borrowers. In this part of the article, we are going to uncover the typical techniques of debt collection companies in the UK.
- Letters. Letters tend to be a typical technique used by debt collection companies. You are likely to receive such letters, and they would state that you owe a certain sum of money + interest + fees. Oftentimes, such letters breach the OFT guidelines and look like court claims, even though it is illegal.
- Phone calls. This is, perhaps, the most “beloved” collection tactic among debt collection companies. It is likely that Cabot Financial will call you for 5-10 times per day on all possible numbers, including your home, work, and mobile phone number. Also, debt collection companies are likely to send you messages to call them on premium numbers, which cost extra money.
- Illegal tactics. If none of the techniques mentioned above worked, Cabot Financial might resort to illegal debt collection tactics. Such tactics include legitimate wishes of customers in regard to where and when to be contacted, claiming to be bailiffs, calling at unreasonable times, and claiming to have court documents. The company may also falsely state that a certain legal action may be taken against you, even though it is legally not possible. Also, it may threaten to put criminal charges against you, even though having a debt is not a criminal offense.
📑 Cabot Financial Settlement Offer: Stop Cabot Financial Chasing You
If you owe any money to Cabot Financial, the company will obviously keep chasing you. There are several ways how you can deal with Cabot Financial, and we are going to disclose both of them in this part of our article.
Most borrowers undertake the first way of dealing with debts, even though it barely brings anything good. Actually, this means avoiding all the contacts from the collection company while it keeps chasing you. According to the Limitation Act 1980, the company has a right to chase you for 6 years (in some mortgage cases, up to 12 years) since the last payment you made.
Obviously, that doesn’t seem as a good option. Besides, it may result in getting your property confiscated by bailiffs. In order to avoid such a fate, we recommend you to undertake another option: get a Cabot Financial settlement offer. If you will manage to reach such a settlement agree, that will solve most of your debt problems.
As we have pointed out above, collection companies usually buy debts in bulk at a discounted price. Having said that, some companies are glad that certain clients would pay at least a part of their debts. In exchange, debt collection companies forgive the other part of the debts of such clients.
In order to get such a Cabot Financial settlement offer, you should contact the company first – on your own. Since you usually receive calls from usual collectors, you need to reach out to their manager. Then, you must explain him/her your current situation and financial difficulties but, as a responsible borrower, you are able to pay a part of your debt.
Then, you will have to bargain and agree on what will be a share you are going to pay. Once you have reached a settlement agreement, you will be able to pay a reduced loan amount. Though, however, your credit history will naturally suffer, too.
💻 Cabot Financial Complaints
When it comes to Cabot Financial complaints, there are really quite a lot of them. In most cases, customers fret about receiving calls from Cabot Financial UK Limited to the wrong people. There are also people who report frauds on their names, yet the resolution process with Cabot Financial takes more than 16 weeks.
Some Cabot Financial complaints show that the company resorts even to harassing kids of the borrowers. There are also borrowers who reported that the company took more money from their bank accounts that it should have taken.
💻 Cabot Financial Reviews
As you could see from the previous section of this article, there are quite many negative Cabot Financial reviews. There are very few customers who think that the company’s service is decent. Out of 27 Cabot Financial reviews on Trust Pilot, 81% signify the company’s service as bad.
📱 Cabot Financial Contact Number and Address
So, this is the Cabot Financial phone number: 0344-556-0263 (from 8:00 A.M. to 9:00 P.M. on weekdays and from 9:00 A.M. to 1:30 P.M. on Saturdays). This is the Cabot Financial address:
🔑 Useful and Free Debt Management Services
If you need free help with how to deal with your debts, you can take advantage of the services we listed in this part of the article. This will definitely help you to find a solution to your debt problem:
- Shelter. This is a house charity that provides advice and help in person, online, or by phone.
- Christians Against Poverty. The members of this organization can visit you at home, provide advice, and help you to budget your expenses and payouts.
- Citizens Advice. Provides free debt help in person or by phone.
- StepChange Debt Charity. This organization provides advice or free debt management plans.
- National Debtline. This organization offers you free help via phone and helps you to set up a free debt management account.
- PayPlan. This is an independent provider of free debt help and free management plans.
Q: What is Cabot Financial?
Cabot Financial UK Limited appears to be a British debt collection company. It usually buys debts in bulk from different customers, while collecting for NPower, First Utility, Scottish Power, and DVLA.
Q: Who are Cabot Financial?
Cabot Financial LTD is a British debt collection company, which collects for a number of large companies.
Q: Who do Cabot Financial collect for?
As we have pointed out above, this debt collection company collects for a large number of big corporations. Those corporations include First Utility, Scottish Power, DVLA, NPower. However, there are many other companies Cabot F LTD collects for.
Q: Will Cabot Financial take me to court?
In short, the answer is “yes.” You can avoid court proceedings by contacting the company and finding a solution on to how settle the debt. Most companies will be glad with only the fact that you are already paying.
However, if ignore contacting the company and do not pay off your debt, the debt collector may turn to the court. Then, you might receive documents from the court (a county court judgement), which will authorize enforcement agents to attend your house. After that, they will be able to sell your property to pay off your debt. As you can see, Moorcroft may take you to court.
Q: Do I have to pay Cabot Financial?
As we have just pointed out above, we highly recommend you to arrange a settlement with this debt collection company. In this way, you can avoid court proceedings and confiscation of your property.
Q: Can Cabot Financial send bailiffs?
If a court proceeding has taken place and the debt remains outstanding, the court may decide to send bailiffs to recover the property. Besides, the property value must be appropriate to the debt’s value. In order to reach this, however, Cabot Financial must win the case in the court.
Besides, we also have debt management tips against other collectors. For instance, you can check out how to settle your debt with Moorcroft Debt Management.