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  • FIRST POST
    • jendoig1405
    • By jendoig1405 17th May 17, 9:21 PM
    • 1Posts
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    jendoig1405
    Can they do this?
    • #1
    • 17th May 17, 9:21 PM
    Can they do this? 17th May 17 at 9:21 PM
    Hi I had a successful claim from capital one through a claim company. I was awarded 1036.36. The credit card account is closed they agreed at the time to a short settlement. Now the are taking 423.44 for the "overlimit amount" the claims company want 310.91 for their fee, which leaves me with 224. A are cap one allowed to take money to pay off an already settled account and be can the claims company bill me for a percentage of the full amount? Doesn't seem fair.
Page 1
    • zx81
    • By zx81 17th May 17, 9:25 PM
    • 11,597 Posts
    • 11,593 Thanks
    zx81
    • #2
    • 17th May 17, 9:25 PM
    • #2
    • 17th May 17, 9:25 PM
    Yes to both.
    • IAmWales
    • By IAmWales 17th May 17, 9:52 PM
    • 580 Posts
    • 1,180 Thanks
    IAmWales
    • #3
    • 17th May 17, 9:52 PM
    • #3
    • 17th May 17, 9:52 PM
    A settlement does not mean your debt disappears, just that they will not actively chase it anymore. If you then try to take money from them, they're understandably going to want you to clear your account first.
    • dunstonh
    • By dunstonh 18th May 17, 1:08 AM
    • 87,709 Posts
    • 52,949 Thanks
    dunstonh
    • #4
    • 18th May 17, 1:08 AM
    • #4
    • 18th May 17, 1:08 AM
    Hi I had a successful claim from capital one through a claim company. I was awarded 1036.36. The credit card account is closed they agreed at the time to a short settlement. Now the are taking 423.44 for the "overlimit amount" the claims company want 310.91 for their fee, which leaves me with 224. A are cap one allowed to take money to pay off an already settled account and be can the claims company bill me for a percentage of the full amount? Doesn't seem fair.
    Originally posted by jendoig1405
    It seems very fair.

    You failed to repay the debt. So, asking to refund something you didnt pay is pushing it. The FCA allow redress to go against arrears, defaults and amounts previously written off as part of an agreed settlement for that very reason.

    Just because a lender agrees to accept a reduced value to settle a debt does not mean the debt goes away. It remains there. THey just wont chase you up for it in the courts.

    People with arrears, defaults and debts that are written off should never use a claims company as they will bill against the full amount of the redress even if you do not see that amount cash in hand. Its a bit late for you now but the CMC is allowed to do that.

    Your opinion that it is unfair is a bit crazy in anyone's book.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • societys child
    • By societys child 18th May 17, 10:59 AM
    • 4,142 Posts
    • 4,257 Thanks
    societys child
    • #5
    • 18th May 17, 10:59 AM
    • #5
    • 18th May 17, 10:59 AM
    You're 224 up and your debt has been paid.

    Could have been worse, you could have ended up in debt to the claims company.

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