Advice ref Natwest/Capquest Debt

mmattmo

Thank you in advance for reading this, any advice regarding this would be greatly appreciated.

I have had debt troubles for a number of years now and these were being managed effectively with a DMP plan through the CCCS. Unfortunately I lost my job a few months ago, which has meant carrying out a review of my DMP complete with budget and expenditure financial summary. This has led to all my creditors receiving token gesture payments through the CCCS.

After having spoken with my parents they have offered to assist me with my debts as they have a number of investments maturing. I am very lucky I know! This loan from them will be repaid to them in full over a number of years when my financial/employment circumstances improve.

Through my parents all my creditors have been offered full and final settlements at a reduced percentage of the total debts. All of my creditors have accepted these offers with the exception of one, Capquest.

Capquest the creditor who has not accepted the offer given to them is the largest debt of which I owe. This debt is a Natwest debt managed by Capquest. I have spoken to both Natwest and Capquest on a number of occasions and both assure me Capquest is only servicing the debt and that Natwest have not sold this debt onto Capquest. Additionally Capquest has frozen interest charges on this debt.

In all my dealings with Capquest I have found them to be obstinate and very difficult to deal with. I went back to Capquest with an improved offer however they refused to take this or any other improved offer to Natwest for a decision. Capquest tell me I need to increase and up the offer by many thousands more, I guess this is so that they can take a larger commission cut. I have contacted Natwest at branch level also via telephone banking and through their collections and debt management teams to see if I can deal with them direct so to come to a mutually pleasing agreement for both parties in the respect of a full and final settlement at a reduced rate. On each occasion Natwest has informed me they cannot deal with me and that I have to deal with Capquest directly as they are managing/servicing the debt.

I feel completely trapped as I am in goodwill offering to help in clearing this debt, however any offer I give Capquest will not forward to Natwest and Natwest will not deal with me. Please help!!


Does anybody know if I can in any way get Natwest to recall the debt from Capquest so that -

1. The debt is managed by Natwest not Capquest
2. So I can deal with Natwest directly and that we can come to a mutually convenient settlement.

Additionally the debt has accumulated many hundreds of pounds in charges before it was passed over to Capquest. Can I recover these in anyway or even have them removed from the amount that is owed?

Any advice on this is greatly appreciated, many thanks once again.

InDeepDebt

How much is the outstanding debt with Natwest and how much of a token payment are you making? Also, you say that you have been on a DMP for many years - how many is that?

What sort of percentage are you offering and is that similar to what you offered your other creditors?

fatbelly

A token offer is £1 per month. Anything more isn't a token.

The good point about that is that it costs more than £1 to process your account.

With a normal dca that tends to focus their minds on a sensible F&F offer.

However, Capquest are a nightmare! And Nat West are a shambles.

If your offer is reasonable and you have already increased it once, do not do so again. Carry on with your token offers and try again in six months.

Very clear 1st post BTW

mmattmo

Hi and thank you both for your replies to my post. I am into my third year of being on a DMP as of May this year. The amount each creditor is getting is £5 per month per debt as I have 3 debts with Natwest/Capquest they receive £15 per month in all. The total debt that is owed to Natwest/Capquest is just over £11500. The amount offerred to Capquest was 41% of the debt owed to them, This was the same offer made to all my creditors and most accepted this original offer and the one's who did not accepted a slightly increased offer.

fatbelly

41% is a reasonable offer.

£15 per month will take 63 years to clear the debt.

It's their choice.