I will, but by letter only. I'm not sure how to handle it. I can't afford to pay my debt and I have no assets.
This is not a recommendation. Everyones circumstances are different.
This is what I've done..
A) on a debt of 18k, I want to pay back 100%.
B) but - at a time and pace that suits me..
C) so €6.50 a month to MBNA account.
D) if Cabot agree to reduce debt to €500, then €50 a week to Cabot to their account.
E) They have few choices. Ultimately, they bought loan at big discount from MBNA. Do Cabot want €6.50 a month 'forever' or €50 a month over 10 months?
F) Phonecalls? Add to reject list on mobile. Landline? Change the number.
Forget debt. Go for a walk. Breathe deeply
Thank you for the adviceYou are insolvent and you should be looking to sort out your debts under the [broken link removed]. Look to MABS or IMHO for help.
20 years?? I don't want this dragging on for that length!I came to a > 20 year payment arrangement with Cabot last year after paying nothing to mbna / avant for a couple of years.
Initially I found Cabot obnoxious but I'm getting on grand with them since. They're not the arm breaking type of debt collectors.
20 years?? I don't want this dragging on for that length!
Thank you for input Mr.EarlWhy not ?
I am assuming you do genuinely owe the money.
If your financial circumstances do not allow you to make large repayments of some sort at the moment, would it not be better that the debt is stretched over a long period of time, to help provide for low repayments (assuming a reasonably low rate of interest) ?
Hopefully, your financial circumstances will improve in the future and you could then increase whatever repayments might be agreed, then shortening the term of the arrangement.
This is not a recommendation. Everyones circumstances are different.
This is what I've done..
A) on a debt of 18k, I want to pay back 100%.
B) but - at a time and pace that suits me..
C) so €6.50 a month to MBNA account.
D) if Cabot agree to reduce debt to €500, then €50 a week to Cabot to their account.
E) They have few choices. Ultimately, they bought loan at big discount from MBNA. Do Cabot want €6.50 a month 'forever' or €50 a month over 10 months?
F) Phonecalls? Add to reject list on mobile. Landline? Change the number.
Forget debt. Go for a walk. Breathe deeply
This type of issue has been covered in other threads , but this might help.Hi Breakonthru,
Out of interest have Cabot agreed to your repayment of €50 a month over 10 months and then write off the remaining debt?
If your debt is approximately 18k how much do you believe they purchased the debt for?
I'm aware that Cabot can be reasonable when it comes to renegotiation but I would be surprised if they accepted €500 as a full and final settlement.
If they have then this is a great achievement for you and you can now focus on your secured debt.
Best of luck.
How have you got on newdawn? Did you get a settlement, or come to any agreement? Are you dealing with Cabot?If avant card pass my debt on to a third party - they say this will probably happen very soon unless I can settle -which I don't think I can - do they have to tell me who will own my debt? Or will the third party be a collector for them? I tried to extract that information but it was a bit unclear. It was only when I got off the phone I wondered about it. If somebody else is going to be contacting me, surely I'm entitled to hear from them who that will be? On a debt of 8000 - they would settle for half. Can't do it......is it likely that they would come down further?? I'm worried about the unknown in this. A previous post from shtall mentioned Cabott Finanical......I was checking online and they sound terrible to deal with.
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