I have received a notification. What should I do next?
The first step to take is to talk to our helpful and fully trained Customer Consultants. We can discuss the best way forward for you and tailor a solution to help your situation. Simply Get In Touch.
What if I don't think I can pay this balance?
Many of our customers are not in a position to pay their account at this time. It is important that you still contact us so we can understand this and we can offer solutions and free money advice to help our customers.
The balance on my letter isn't correct. What should I do?
Your previous lender has passed on their closing balance to us. This will be our starting balance and any payment history will be shown on your account. If you believe any part of your balance is not correct then you need to tell us immediately. This balance could be reported on your credit file so it is important that we work with you to get the correct balance.
I already paid my outstanding balance
If you already made the payment, contact us at the phone number provided on the notification. Keep in mind that payments may take a few days to apply, depending on the method used. Do not forget to keep the payment receipts that may have been generated, in order to facilitate the identification of your payment and confirm the regularization of your case.
Why is Cabot claiming a debt from another entity?
Cabot services other financial entities and big companies. It is also possible that Cabot Financial has acquired your debt and is now the new owner. If we’ve purchased your debt, then you would have received a welcome letter which informs you of the sale. This is known as a Notice of Assignment. Your original creditor will have also sent you a letter telling you we now own your account. Often these come together in the same envelope.
What does a default on my credit record mean?
A default is registered where there is a full outstanding balance to collect and the default date and default balance will be shown on the credit file. A default means that there are no arrears in isolation to collect and the full outstanding balance is due.
Why is it good to clear my credit record?
A poor credit rating may make it difficult for you to obtain further credit, depending on the type of credit you apply for and your personal credit file.
Your credit file indicates to a new lender from mortgage applications through to mobile phones your previous ability to manage financial commitments. This is likely to be considered in any further applications for financial borrowing.