Capquest??? Debt Questions

SortItOut

Can anyone tell me if they have ever been chased by CapQuest? If so, did you come to an agreement on a settlement figure, I tried to come to an agreement with them over a year ago and they were NOT accomodating stating they would not reduce the amount! At that stage I told them to stuff it!
But would really like to get their stupid default from my file.

Any personal experiences on this?

ALSO...................... I have four defaults, which I want to come to arrangements with, two accounts have offered a 50% settlement figure..but one of them doesn't appear on my CR so I am loathed to pay it.
Can someone confirm for me that it is possible to get an even lower settlement figure than 50% I read to expect to pay about a 1/3, also....All of my accounts defaulted in 2008....If I agreed to pay them and it took longer than three years to pay off the total would the default fall off my CR before I finish paying??? And if they do fall off before I finish paying, could I theoretically stop paying them once they fall off or could they add a second default??

Thanks

bottleofred

It is very unlikely you will get the defaults removed from your credit file. Defaults stay on your credit file for a total of 6 years from the date they are applied and drop off your credit file (whether settled or not) after 6 years. I did get a reduction from capquest and was able to pay it off over 18 months. I settled for around 60% with them. Even if you settle all the debts the defaults will show as being settled or partially settled if you get a discounted rate, but won't go off your credit file.

SortItOut

Thanks for that, I wasn't expecting them to disappear off my report, I just wanted to satisfy them, or keep them from pestering me and preventing them from turning the debt into a CCJ.
I just wanted to know whether if I offered to pay a token each month it will restart the default if I miss a payment after six years from the first default? Or whether after six years from the date (2008 when I defaulted) regardless of whether I was still paying would it fall off in 2014?

bottleofred

You can enter into a payment arrangement with them, although depending on the size of the debt and the payment, you could in theory still be paying it off when the defaults drop off your account. If the debts are 3 years old and you have any cash gathered up, you'd expect to get a settlement figure of around 40-60%, although if making an offer, always do it in writing and start at around 20%. You should always have the words "as a full and final settlement" in the responses from the companies who own the debts and keep these letters in case another debt collector comes after you.

Good luck

Red

Naf

Just because its dropped off your file doesn't prevent them chasing you for it, including through court.
50% is very good if you intend to continue paying by instalments. You might get lower if you're paying it off as a lump sum.
I would also put, in your original letters at least, that you want it to be marked as 'settled' (correct me if I'm wrong someone, but that's the better one, yes? 'Satisfied' means you didn't pay in full but came to an agreement, or that it was sold on; 'Settled' means it was fully paid?) on your credit file if you pay the figure you're offering, and that you want it in writing in return that you will be sent the relevant notice from them once you pay the offered amount. Might not work, but it sometimes does.
As to the specific company; the only time I dealt with them, there was a dispute on the account before they took it on so they just dropped it and I continue to deal with the original creditor.

SortItOut

But if they did chase me after it has come off my credit file and they do take me to court....would the CCJ appear on my file as the default is from six years prior?

fatbelly

SortItOut wrote: »

But if they did chase me after it has come off my credit file and they do take me to court....would the CCJ appear on my file as the default is from six years prior?

Yes, it would.

Naf

Of course, it would be brand new, and from the court. Then it'd sit for a further six years.

SortItOut

Naf wrote: »

Of course, it would be brand new, and from the court. Then it'd sit for a further six years.

DAMMIT! I guess this is what I get for being so stupid in 2008.

Naf

SortItOut wrote: »

DAMMIT! I guess this is what I get for being so stupid in 2008.

Tell me about it; as per my signature my repayments are likely to last a while. Fortunately its all interest free for us from this point

fatbelly

SortItOut wrote: »

DAMMIT! I guess this is what I get for being so stupid in 2008.

But the chances of Crapquest taking court action are slim - that's not their style.

Just threats and more threats and maybe a statutory demand that they have no intention of following through.