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    • Logan99
    • By Logan99 13th Mar 17, 10:01 AM
    • 3Posts
    • 0Thanks
    Logan99
    Defaulted Loan Sold to Arrow DCA - Help!
    • #1
    • 13th Mar 17, 10:01 AM
    Defaulted Loan Sold to Arrow DCA - Help! 13th Mar 17 at 10:01 AM
    Hi, would be great for some advice on the below:


    • My 9k loan has been sold to Arrow DCA from my original loan provider.
    • The loan was defaulted over 6 years ago and has recently dropped off my credit file.
    • I have been paying Capquest (who were managing this defaulted loan) for over 3 years - £30 each month. (which is right at the top end of what I am able to afford right now and have not yet missed one of these payments)
    • This has been fine - but I recently received a letter stating the loan had now been sold on but I will continue paying to Capquest for the time being.


    My questions are as follows:


    1. Can the new DCA register to have this put back on my credit file?
    2. Are they likely to pursue me more aggressively than my old debtor?
    3. Using MSE as my guide I have been using credit card transfers to pay off one remaining credit card debt on 0% interest offers and to try to rebuild my credit history with credit use vs availabity ratios - Question is - if the new DCA runs a report and sees available credit existing - will they see this is as funds available to pay their loan? (Bearing in mind I do not use credit anymore having learned my lesson the hard way) So - should I reduce these limits?




    It has been a long struggle to get this far out of my debt, and after many years, I'm slowly getting there - and I have never ran away from them, always paying back what I can afford ... so this is an exhausting and upsetting twist.


    Any help or advice would be gratefully received ...


    Again, I'm not trying to find a way out of my debt, I thought I was doing well... So I don't want to be plunged back into further misery and worry.


    thanks in advance!
Page 1
    • redux
    • By redux 13th Mar 17, 10:21 AM
    • 16,158 Posts
    • 19,536 Thanks
    redux
    • #2
    • 13th Mar 17, 10:21 AM
    • #2
    • 13th Mar 17, 10:21 AM
    It won't reappear on your credit file.

    Capquest is owned by Arrow now, so I suspect you'll still be dealing with Capquest for the foreseeable future, and there is probably no reason for them to change things right now, just a normal review once in a while.
    • sourcrates
    • By sourcrates 13th Mar 17, 10:22 AM
    • 9,859 Posts
    • 9,643 Thanks
    sourcrates
    • #3
    • 13th Mar 17, 10:22 AM
    • #3
    • 13th Mar 17, 10:22 AM
    Hi,

    No they cannot register this account again on your credit file, if they do, follow there written complaints procedure.

    Capquest and Arrow are one and the same.

    There are one or two "olde skool" DCA`s who still "plough there own furrow", so to speak, but as a general rule, the debt collection industry now has to tow the FSA line, where affordability is key to any payment arrangement.

    Like with any DCA you can request contact in writing only, no phone calls, these days, they pretty much comply with little trouble.

    Repaying outstanding debt with further credit is also a big no no.

    DCA`s will not accept credit cards in payment of any kind.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Logan99
    • By Logan99 13th Mar 17, 10:58 AM
    • 3 Posts
    • 0 Thanks
    Logan99
    • #4
    • 13th Mar 17, 10:58 AM
    • #4
    • 13th Mar 17, 10:58 AM
    Hi Both, many thanks for the above.


    That kind of puts my mind at ease a little as I'm chipping away at it slowly but surely and don't want to go back into tail a spin now that the ship is steadying if you'll forgive the mixed metaphor.


    One last question. I'm reasonably sure there isn't equity in my house and if there is it is minimal, but is that a route a DCA could go down?


    The reason I ask, and the reason for the fear on receiving the letter, is about eight years ago when I was in the eye of the storm, a DCA, who had purchased a credit card debt of around 3k from Virgin - were very aggressive with me and issued me almost immediately with a CCJ warning and court notice, I ended up paying this back to in full by borrowing money on a credit card. One of the things they threatened me with was the potential of any equity from my house. Naturally my wife freaked out and I did what I had to just get them off my back before any CCJ was registered or court order enforced.
    • sourcrates
    • By sourcrates 13th Mar 17, 11:14 AM
    • 9,859 Posts
    • 9,643 Thanks
    sourcrates
    • #5
    • 13th Mar 17, 11:14 AM
    • #5
    • 13th Mar 17, 11:14 AM
    Hi Both, many thanks for the above.


    That kind of puts my mind at ease a little as I'm chipping away at it slowly but surely and don't want to go back into tail a spin now that the ship is steadying if you'll forgive the mixed metaphor.


    One last question. I'm reasonably sure there isn't equity in my house and if there is it is minimal, but is that a route a DCA could go down?


    The reason I ask, and the reason for the fear on receiving the letter, is about eight years ago when I was in the eye of the storm, a DCA, who had purchased a credit card debt of around 3k from Virgin - were very aggressive with me and issued me almost immediately with a CCJ warning and court notice, I ended up paying this back to in full by borrowing money on a credit card. One of the things they threatened me with was the potential of any equity from my house. Naturally my wife freaked out and I did what I had to just get them off my back before any CCJ was registered or court order enforced.
    Originally posted by Logan99
    This was the reason for the FSA crackdown.

    They would never get away with that today, they would lose there consumer credit licence.

    1st credit were one of the main culprits, they operated under a restricted licence until the FSA were satisfied they were no longer in breach of the regulations.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Logan99
    • By Logan99 14th Mar 17, 8:03 AM
    • 3 Posts
    • 0 Thanks
    Logan99
    • #6
    • 14th Mar 17, 8:03 AM
    • #6
    • 14th Mar 17, 8:03 AM
    HI both,

    That's great information to know.

    This is a fantastic resource so many thanks for your efforts.
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