Capital One Sold my account

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Hi

Looking for advice....I was on a payment plan with C1 for £25 per month towards a credit card debt of about £1700.

I have made all payments on time in full.

I received a letter from ROBINSON WAY & CO last Thursday advising me that they were taking over my loan and I should make all payments to them. The payment amount is the same.

I then received another letter from same company the day after advising me that they accepted my offer to make payments of the same amount each month.

I never accepted anything? Never had time to accept anything! I phoned Cap 1 as I thought, if they've sold it they must think I've not been paying the debt. Cap 1 said they've just sold it on, and they have been receiving payments but it is their perogative if they wish to do so. I asked why I hadn't been informed and Cap 1 said they don't need to inform me.

Then, surprise surprise, a letter turned up yesterday (dated the 26th of June :rolleyes: ) from Cap 1 advising me they were selling my debt. The envlope was not stamped with a date.

I am responsible for my debts, I just wonder about the way the above was handled?

The thing is also, I made a payment to Cap 1 on the 27th of June (for my early July payment) and R&W have said that my first payment to them is on the 12th of July so I need to make a double payment this month!

Any Advice?

delboypass

phone them and tell them the date when you want to pay this month and tell them your last date you paid C1.

Make sure sold amount was the correct amount too

stapeley

A company purchasing a bad debt would only pay a fraction of the amount owed . The orginal company often sell off debts that they realise may be unenforceable due to them having lost the true signed copy of the CC Agreement . Why do you not request a true signed copy of your CC AGREEMENT.

Lodge

Hi.

Like you I have been on a payment plan with Capital One - and I've also never missed a payment BUT last month they informed me my debt was being passed onto a Debt Collection Agency!

They told me to wait until the DCA contacted me!

I've heard nothing yet, but I guess anytime soon I will receive my letter.

Are Capital One doing more of this now then?

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stapeley wrote: »

A company purchasing a bad debt would only pay a fraction of the amount owed . The orginal company often sell off debts that they realise may be unenforceable due to them having lost the true signed copy of the CC Agreement . Why do you not request a true signed copy of your CC AGREEMENT.

Thanks for the advice, sorry for the ignorance, what would me obtaining a copy of my CC agreement mean? I have a copy of this at home....

Thanks
Miss not very clued up on these things...

GJ x

mark55man

I think if the company can't find your paperwork they can't enforce the debt - so I wouldn't be offering your copy to anyone.

Otherwise IF you are paying the same amount for the same time you should be OK. Possibly the new company may be receptive to a final settlement lower than Cap 1 (as that way they make a quick profit), but obviously that would require a one of lump sum to do and only know if you could swing that

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Thanks mark88man, what happens after I send the letter in and if they can't provide me with a signed CC?

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Also does it matter if I send the £1.00 in postal order rather than £1.00 in cheque?

Thanks all

GJ x

Ames

Yes, send a PO rather than a cheque. If you send a cheque they'll have a copy of your signature and they can copy and paste it onto a blank agreement. Also don't sign the letters for the same reason.

milliejon

Earlier this month I wrote and increased my payment slightly to all my creditors (including a budget statement). No problem for any of them except Capital One. I've got a letter asking me to call them to talk about the offer.

They either have a problem with the amounts I have down for housekeeping and clothing - which happened last time I tried to increase my payment to them. However, this is the same as it's been for 2.5 years now - even though the cost of living has increased.

The other thought I had was maybe I'm at a level where I should return to paying the normal repayment each month. Two of my other debts are there and have started adding interest again.

We shall see.

**Amy**

HI GoldenJill

I hate Capital 1 :mad: But now i have that out of my system this is what i would do:

Write to Robinson Way & Co explaining that you made the payment to Capital 1 before you were made aware of the change of "ownership" of the debt. Tell them that the next payment you can make will be on XX. Then explain that from then on payments of £XX will be made on the XX of every month.

Ask them to reply to your letter confirming the above agreements, that way you have it in writing.

Send the letter Recorded Delivery so you have a record of when it was sent etc.

I personally wouldnt go down the requesting the credit agreement route, however if you do decide to Stapley has a long thread somewhere about it, with loads of info and details.

xx