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    • jesmin45
    • By jesmin45 30th Jun 17, 12:26 PM
    • 170Posts
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    jesmin45
    capquest
    • #1
    • 30th Jun 17, 12:26 PM
    capquest 30th Jun 17 at 12:26 PM
    I had a loan default with Arrow (I cant remember the original loan name) and for the past 3 years have paid £20 to Capquest. I asked Capquest for my original loan agreement (this was taken out in 1999). I have a letter from them confirming they do not have this. I have now a year on had another letter saying they want to offer me a settlement and for me to ring them. I have taken heed and will do everything in writing. As they cannot produce my original loan agreement does this give me more power to pay the loan off for a smaller amount. To be honest I want rid of it. The amount I owe is £4500. Any help advice would be appreciated.
Page 1
    • StopIt
    • By StopIt 30th Jun 17, 12:42 PM
    • 1,103 Posts
    • 971 Thanks
    StopIt
    • #2
    • 30th Jun 17, 12:42 PM
    • #2
    • 30th Jun 17, 12:42 PM
    Offer £100 as it isn't enforceable.


    They'll probably cry about it for a while, not reply then accept it 6 months later. They can't enforce the debt in court so it's effectively a write-off. Settling will mean they can't sell it on to someone who you'll have to go through the same hoops to tell them what you've told Capquest.
    • jesmin45
    • By jesmin45 30th Jun 17, 12:51 PM
    • 170 Posts
    • 16 Thanks
    jesmin45
    • #3
    • 30th Jun 17, 12:51 PM
    Thanks
    • #3
    • 30th Jun 17, 12:51 PM
    I am going to put it in writing, is there a template I should follow?
    • sourcrates
    • By sourcrates 30th Jun 17, 1:16 PM
    • 12,204 Posts
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    sourcrates
    • #4
    • 30th Jun 17, 1:16 PM
    • #4
    • 30th Jun 17, 1:16 PM
    I am going to put it in writing, is there a template I should follow?
    Originally posted by jesmin45
    Hi,

    You could just walk away and ignore them you know, as the debt is unenforceable, there is nothing they can do to make you pay.

    But if you really want to waste your money, use this template letter here, my opinion is they will reject it outright though :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx
    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, and delete spam.
    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.
    For Legal advice see : http://legalbeagles.info/
    • jesmin45
    • By jesmin45 30th Jun 17, 1:24 PM
    • 170 Posts
    • 16 Thanks
    jesmin45
    • #5
    • 30th Jun 17, 1:24 PM
    • #5
    • 30th Jun 17, 1:24 PM
    what would happen if I stopped my monthly dd to them? I don't want them knocking on the door
    • StopIt
    • By StopIt 30th Jun 17, 1:29 PM
    • 1,103 Posts
    • 971 Thanks
    StopIt
    • #6
    • 30th Jun 17, 1:29 PM
    • #6
    • 30th Jun 17, 1:29 PM
    what would happen if I stopped my monthly dd to them? I don't want them knocking on the door
    Originally posted by jesmin45
    That can't happen, they can't enforce the debt.


    Stop paying them and either make that offer, or simply walk away. Walking away means you'll likely receive letters and calls, but they can be batted away. They know they can't take further action because it's unenforceable in court.
    • jesmin45
    • By jesmin45 30th Jun 17, 1:34 PM
    • 170 Posts
    • 16 Thanks
    jesmin45
    • #7
    • 30th Jun 17, 1:34 PM
    • #7
    • 30th Jun 17, 1:34 PM
    Thanks much appreciated. Last question what happens to my credit file, will it show as an outstanding default?
    • StopIt
    • By StopIt 30th Jun 17, 1:59 PM
    • 1,103 Posts
    • 971 Thanks
    StopIt
    • #8
    • 30th Jun 17, 1:59 PM
    • #8
    • 30th Jun 17, 1:59 PM
    Thanks much appreciated. Last question what happens to my credit file, will it show as an outstanding default?
    Originally posted by jesmin45

    Yes, unless if it is:


    1: Settled, then it'll be marked as partially satisfied.


    2: Older than 6 years old. The loan was from 1999 but when did it default? If before 2011 it'll already be gone.
    • sourcrates
    • By sourcrates 30th Jun 17, 2:49 PM
    • 12,204 Posts
    • 11,657 Thanks
    sourcrates
    • #9
    • 30th Jun 17, 2:49 PM
    • #9
    • 30th Jun 17, 2:49 PM
    what would happen if I stopped my monthly dd to them? I don't want them knocking on the door
    Originally posted by jesmin45
    Who would be knocking on your door ?

    A simple letter to the creditor telling them, that, as they are unable to produce a valid credit agreement for this account, as required by the consumer credit act, this account has become irredeemably unenforceable, and as such, you will no longer be making payments to it.

    You now consider the matter closed, and no further correspondence will be entered into.
    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, and delete spam.
    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.
    For Legal advice see : http://legalbeagles.info/
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 1st Jul 17, 12:00 PM
    • 5,011 Posts
    • 5,155 Thanks
    poppasmurf_bewdley
    They will in all probability write back to you saying that, although the debt is unenforceable in court, it is still owed and you should continue to make payments. This is legalise for "You have us by the short and curlies and we can't do a thing about it."
    "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery." Mr Wilkins Micawber in David Copperfield by Charles Dickens.
    • jesmin45
    • By jesmin45 6th Oct 17, 9:57 PM
    • 170 Posts
    • 16 Thanks
    jesmin45
    Thanks for the replies. The default was registered in 2009. I did as you said and wrote to them saying I was no longer paying the instalments as you did not provide me with the original paperwork. They have written back to say as they do not have the original docs they have closed my account and I have to address all further correspondence to Arrow. what will happen now? I thought Capquest had bought the debt off Arrow?
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 6th Oct 17, 10:35 PM
    • 5,011 Posts
    • 5,155 Thanks
    poppasmurf_bewdley
    Thanks for the replies. The default was registered in 2009. I did as you said and wrote to them saying I was no longer paying the instalments as you did not provide me with the original paperwork. They have written back to say as they do not have the original docs they have closed my account and I have to address all further correspondence to Arrow. what will happen now? I thought Capquest had bought the debt off Arrow?
    Originally posted by jesmin45
    They've admitted defeat and returned the debt to the original owner.

    Keep a copy of the letter, and if you get letters re the debt from any more debt collectors, just send them a CCA letter with a copy of the Capquest letter.

    Well done.
    "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery." Mr Wilkins Micawber in David Copperfield by Charles Dickens.
    • jesmin45
    • By jesmin45 7th Oct 17, 10:21 AM
    • 170 Posts
    • 16 Thanks
    jesmin45
    Thanks. I was panicking a bit before reading your response. I received another letter from them today saying they have referred me back to Arrow. So I will expect more dca letters.
    • sourcrates
    • By sourcrates 7th Oct 17, 11:04 AM
    • 12,204 Posts
    • 11,657 Thanks
    sourcrates
    You need to write to them and make it clear you will not be paying the account as they have failed to comply with your request for information.

    Unfortunately the chances are they will pass the account around various other DCA`s in there group, and even sell it on for others to attempt collection.

    Each time you must send a copy of the letter to whoever writes to you, it will go quiet eventually.
    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, and delete spam.
    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.
    For Legal advice see : http://legalbeagles.info/
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