Frequently asked questions
Why has my account been sold?
You may have stopped paying your account altogether or not kept up with the minimum monthly contractual payment. Your lender will usually have attempted to recover the money you owe which may have included action by a debt collection agent. Your account has been sold if a satisfactory response has not been made by yourself.
Why didn't my lender tell me?
You would have signed a Credit Agreement with the lender when originally opening this account with them. This Credit Agreement allows the lender to sell your account, and all of the rights under that agreement, to another company. They are not required to give you advanced notice of this.
You will normally receive a letter from the lender advising you of the sale of your account and at the same time Cabot Financial will send you a letter which acts as legal notification of the change of ownership.
What if I haven't heard from my lender?
Your lender would have attempted to contact you when you first fell behind with your payments. They may have spoken with you quite recently or indeed their attempts to contact you might have been unsuccessful.
Their lack of success has resulted in your account being sold to us. You should not therefore attempt to contact your original lender - they will only refer you back to us.
What happens to my credit record?
The lender may have marked your credit record with a 'default' at or around the time that you fell behind with your contractual repayments. This action may prevent you from obtaining other forms of credit. In addition, a County Court Judgement (CCJ) may also have been entered on the credit records in association with your account.
Cabot Financial work closely with the Credit Reference Agencies to ensure that your credit record is updated to reflect the payments made to us and show the actual status of your account at the end of each month.
If there is a CCJ on record for an account that you settle with us, we will provide you with the documentation for the CCJ to be marked as 'satisfied' on your credit record.
