Who are Cabot Financial?

Cabot Finance are a debt collection company based in Kings Hill in the UK, the company operates through multiple offices and has been in business since 1999, makes them one of the longest running and largest debt collection agencies in the UK. The company collects defaulted or ‘bad’ debts, for a large variety of UK creditors and financial companies.

Why are Cabot Financial contacting me?

Cabot Financial are a debt collection agency that handle a large amount of UK debts. They operate across the country and work with a large number of clients. Companies like Cabot Financial buy up ‘bad’ or defaulted debts that companies are either not able to recover or have passed over. They will buy up the debts at a heavy discount (usually at 10% of the original amount) and chase up the debtor in search of payment for the debt, usually while applying interest and late fees to the original amount.

Contact from Cabot Financial likely means that your previous creditor has defaulted your account and passed your debt over to Cabot for collection.

Is contact from Cabot Financial serious?

Yes, receiving a letter or call from Cabot Financial should be taken seriously. Cabot Financial are a legitimate debt collection agency registered and regulated by the Financial Conduct Authority (FCA) This means they work within legally compliant and strict regulations and are officially authorised to pursue your unpaid debts through letters, calls, and other means to recover your outstanding payments. After contacting you, Cabot Financial will continue to seek payment from you through various methods, even, potentially, escalating to legal action if you fail to respond to their requests. 

Cabot Financial put emphasis on their approachability and consumer friendly approach to debt collection, promoting a debt recovery service that is fair and accommodates debtors who are either struggling to pay or dealing with personal issues.
While there are some mixed reviews on this front, the company holds a 4.3 rating on Trust Pilot and a 4.4 on google, higher than is typically average for a debt recovery agency given the nature of the organisation.

Can a debt management plan stop Cabot Financial contact?

If you are able to repay the amount you owe to Cabot Financial you should do so, failing to repay your debts will lead to further interest and charges and could negatively impact your credit score.

However, if you are unable to repay the amount you owe, there are options available to stop further contact from Cabot Financial. A debt management plan may be able to help. By contacting a debt advice company, like MoneyPlus Advice, we can offer advice and set up a debt management plan that can help lower your monthly debt payments and find a repayment method that works for you.
A debt management plan ensures that you won’t pay more than you can afford and can also stop further interest and charges from being applied to your debts.

More importantly, we can deal with your creditors and debt collectors on your behalf, protecting you from future contact, potential bailiff visits and court hearings from Cabot Financial. MoneyPlus Advice can offer judgement and jargon free financial advice, that helps you deal with creditors and handle your outstanding debts.

I have received a letter from Cabot Financial what does this mean?

If you have received a letter from Cabot Financial, it is likely that you have fallen behind on payments for either store credit or a loan taken out at one of Creations retailers. This letter will include a request for the outstanding debt repayment as well as any addition fees, interested or late payments applied by Cabot Financial.

It is important to take action after receiving this letter, Cabot Financial will continue to apply pressure to receive payments and any attempts to ignore their requests could ultimately lead to further debts with continued interest and arrears fees, Cabot Financial may also send debt collection agents to your house if you continue to ignore these requests. This is why contacting a debt advice company as soon as possible is much an important first step.

Cabot Financial are sending debt collectors to my house, what should I do?

Do not let debt collectors into your home. It’s vital to remember that debt collectors cannot legally enter your home and cease your property without legal due process. Debt collectors may enforce intimidation tactics or threats to receive payment from you but it’s important to be aware of your legal protections when dealing with debt collectors.

Remember that debt collection agents are not bailiffs or high court enforcement officers, who act on behalf of courts to enforce CCJs and legal action ordered by a court justice. It is illegal for debt collectors to mislead you in this regard, and they must clearly state who they are representing upon visiting your home.

Though it’s important to remember that Cabot Financial will continue to seek payments from you and once debt collectors are sent, the company may move ahead with legal action against you as a final effort to recover your debts. While you may be able to keep Cabot debt collectors away from your property in the short term, repaying your debts or entering a debt plan is the only way to completely stop further action against you.

Will Cabot Financial repossess my home?

Losing your home to Cabot Financial is unlikely, however, it can happen if your outstanding debt is secured against your home.

When looking to obtain unsecured debts, Cabot will require a court order known as a charging order before being allowed to repossess your valuables and property. While this could include personal items and luxury items, this can’t include essential items for daily life (dishwashers, a car for driving to and from work etc) your home will likely be considered under these conditions.

Though you likely won’t be asked to sell, you may be asked to release equity value in your home depending on how much of the property you either own or how much the property is worth. This will be determined by either your debt advisor or debt management provider.

It’s important to seek debt advice before your arears with Cabot Financial proceed to this point, if you have received letters, phone calls or visits from Cabot Financial agents requesting payment you should get in contact with MoneyPlus Advice before legal action is taken against you.

What debt plans can help stop Cabot Financial from contacting me further?

There are many debt solutions that can protect you from creditors and recovery agents such as Cabot Financial.  When signing up to most debt management plans, you become legally protected from creditor contact and all payments and interaction with creditors is handled by your advisor at MoneyPlus Advice.

There are a number of Debt Management Plans that can help you more manageably repay your debts, these include:

Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement is a form of insolvency that allows you to write off up to 80% of your debt as an alternative to bankruptcy.
Once entered, creditors can no longer contact you directly as all contact goes through your debt management company (us!)
After making repayments over a set time, any remaining debt is officially written off.

Debt Management Plan (DMP)

A debt management plan is an informal agreement between you and your creditors to payback your debts, put in place between you or a third party to help reduce your monthly repayments to creditors.

Unlike some other debt solutions, a DMP is not legally binding. Through a breakdown of your income and monthly spend, a monthly payment amount of proposed based on what you can more manageably afford, usually over an extended period.

What if I can’t afford to pay Cabot Financial?

If you have the money to repay your outstanding debts to Cabot Financial, it’s best to repay them before things escalate to further contact or legal actions. Simply ignoring or refusing to respond will not stop contact and Cabot will continue to pursue you for your outstanding debts.

If you are unable to make your payment, a debt plan may be your best option. A debt advisor will work out a debt repayment plan, allow you to repay only what you can afford back towards your debts each month.

An IVA with MoneyPlus Advice could cut your monthly repayments by £239 a month, allowing you to repay your debts in a manageable, easy monthly instalment.

How do I stop contact from Cabot Financial?

As Cabot Financial are an FCA authorised financial organisation they are legally allowed contact you to try and recover outstanding debt payments. It’s important to remember that Cabot Financial are not legally allowed to harass or intimidate you and try to bully a customer into paying with intimidation or by contact you at unreasonable times.

What a reasonable time means may be unfortunately broad and early morning/ evening calls could be expected. Debt collection companies cannot contact you before 8am in the morning or after 9pm at night, unless given express permission to do so.

Under current regulations you can specify some of the ways you wish to be contacted by your creditors, including specifying reasonable contact times and denying contact through call or email (though they can still contact you through letters)

Cabot Financial will continue to pursue you until a payment is made or you get in touch with a debt advisor to contact Cabot Financial on your behalf. Speaking to a financial advisor can help put a debt repayment plan is place between you and Cabot. Once a Debt Repayment Plan is reached and your plan is approved you will be legally protected from creditor contact and they will be unable to contact you further.

How do I get help with Cabot Financial?

If you have received contact from Cabot Financial getting in touch with a financial advisor is an important first step.

Don’t put off getting help, get in touch with MoneyPlus and live better today.