In the year 1998, the Cabot Financial company was established. It is one of the largest debt buying and collecting organizations in the United Kingdom. Do you owe money to them? Or suddenly receiving letters from them about clearing the debt? Then, you definitely need to verify whether it is true and act accordingly.
If you observe the information stated here, you can very well understand that their way of working is much different from the others. As per their beliefs, they say their every approach is much friendly, as well as flexible in nature.
Are they Fake? Can you Trust Cabot Financial?
As part of the Cabot Credit Management Group, the Cabot Financial agency is absolutely authorized and legitimate. Just like the other debt collection agencies, this one is also licensed under the Financial Conduct Authority, which is also known as the FCA. Apart from that, they are also the people who belong to the Credit Service Association.
Do they Follow Rules?
Of course, they follow the strict rules as it is being set by the FCA. Demanding an extra amount of money, showing any type of aggressiveness to the debtors is strictly prohibited. Further, they don’t have the right to claim your personal assets or any other kind of property.
On the very first note, they are bound to provide you with the notice, prior to visiting your home. It is very much unethical to arrive at anyone’s home without informing the owner about the visit.
Should you Cooperate with them?
As they abide by the rules and regulations, there are also some duties that you must follow. Ignoring their letters, telegrams, and calls is severely unethical. In this way, you will never be able to omit the pressure of debt from your shoulders. Instead of that, the consequences will get even tougher than ever.
The situation can get out of their hand due to your unresponsive activities. Thus, they might be forced to hire the bailiffs that belong to the UK government. The bailiffs have the right to force enter your house and use any means to recover the money.
From whom they buy Credits?
The Cabot Financial company is busy chasing more than hundreds and thousands of people, regarding debt, across the UK. They actually buy all the unpaid credits from the organizations that are listed below:
- First Utility
- Scottish Power
- Local Councils
- Several Loan Companies
- Various Credit Card Companies
When the creditors track and locate your account as incomplete or not fully paid, then they hand over or sell all the debt-related information to Cabot Financial.
Planning to Ignore Cabot Financial?
The consequences of ignoring Cabot Financial will be hard to deal with. It might get worse if you keep on ignoring them. On the very first step, you will receive an LBA, the Letter Before Action. Sending this letter is very much valid, as they are planning to visit your home. You must let them enter your home and home-visit can happen, anytime, within the next 7 days.
After a formal discussion, you will be given a fixed deadline to complete the remaining payment. If you ignore it, then they might visit your home once again with added harassment. If this step fails, this will lead to issuing a money claim charge against you by the court. Once the court gets involved in this matter, your credit file will be in a lot of trouble for the next six years.
Are they Eligible to Send Bailiffs?
They don’t have their own bailiffs, but agents that look after this kind of matters — like visiting home, picking up valuable items and others. If the situation goes beyond their reach, they might be forced to hire the bailiffs. The bailiffs are the UK government enforcement agents that have every right to enter your home with legal permission from the county court.
Cabot Financial: The Eligibility to Visit the Court
Yes, you can be taken to the county court by Cabot Financial, if your attempt of paying back the debt is failing, repeatedly. With the help of the money claim charge, the court can take all the necessary and legal actions against you. This step of making your visit to the court might add extra charges upon the capital amount along with the remaining amount that is to be paid.
Your Activity on Getting Rid of the Court
Consult a person who practices Insolvency. Hire him/her and then create good communication with one of the companies that provided debt solutions. After that, avail a debt management plan, and then proceed further. Never try any type of activities, without consulting the Insolvency Practitioner, or the executives of the debt management company. This can lead to the cancellation of the scheme/plan that you have already opted for.
What is the Process of Receiving payments?
There are several procedures by which the Cabot Financial receives payments. Some of them are stated below. Just have a closer look at them.
- Bank to bank transfer
- By post
- Electronic payments
- Official Android and iOS mobile application
- Internet banking
- Direct debit or standing order
- Phone to phone online payment
- Liquid money (Cash)
Before paying, you need to create an account through the Cabot’s website, with the help of a valid email id and password. Connect to the master server anytime and anywhere, and make the payment. In case, any type of payment failure occurs, the money will be refunded to your bank account within a couple of business days. After that, you will be able to try once again.
How to File Complaints?
If you are having issues in dealing with the Cabot Financial, then launching a complaint is indeed a valid option. Their complaint email ID is present at the website. Just visit the contact us section and you will get it eventually. Make sure that the complaints must be valid and true of course.