CAPQUEST offered me settlement figure - do i accept or is it dodgy?

starsinmycrown

Hi there,

Capital one passed my credit card debt to capquest. They have predictably, been hassling me every day via phone, but have sent a letter saying they will accept £397 on a balance of 495. Do i accept this? They say that they will settle it on my credit file with a flag saying "partial payment". I am really tempted to do this because ive had nothing but hassle from crapquest/C1. Is it too good to be true?
Doing this will leave me very short, but if it puts pay to it, it might be worth it.

DarkConvict

That is an 80% settlement figure. Which is very high.

i would instead reply with a figure of 40% (£198 (£200 rounded)). Using the national debtline template - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

bottleofred

Hi,

As darkconvict has said, it's not much of an incentive to settle early. Settlement figures tend to be between 20-50% of the debt. Before settling though, make sure you have written confirmation saying the settlement figure is a "full and final settlement amount" so they or someone else can't come after you for more money later. Regarding the phonecalls, tell them you only wish to deal with them in writing and send the letter below if you are feeling harassed.

Dear Sirs,

Account No: XXXXXXXX

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing. I have verbally requested that these stop, but I am still receiving calls and I now require all further correspondence from your company to be made in writing only. I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine. Be advised that any further telephone calls from your company may be recorded and used in evidence and I expect this harassment to cease immediately.

Yours faithfully

starsinmycrown

Thank you both- i called them, and said i felt that this settlement wasn't incentive enough, but they offered to take it to 300 and it would be feasible. They say probably, yes, they can take it, and i'm awaiting confirmation of this offer in writing. x