Old overdraft/capquest/ccscollect

gumtree22

Hi All

An old overdraft that I have not settled from a time a business went bust has come back to haunt me. I was in an IVA 3 years ago but just couldn't afford it and it failed after about 1 year. The creditors didn't chase for years but now one RBS overdraft seems to have been sold to capquest and ccscollect are threatning to get a ccj which would be a disaster right now. The overdraft is for £5780.

Are they likely to accept a f&f and if so what are they likely to accept as a percentage.

I can come up with about 3k but not for about 3 months (from my brother). Are they likely to accept this on a 5 year old debt and can I delay them that long before they take court action?

Tixy

I'd guess they might well accept a reduced F&F. As a starting offer I'd start at a lot lower than £3k, and possibly negotiate upwards if needs be (some people will start by offering 10% of the debt, others might start at 20%).

Can you to make small payments between now and when you can raise enough for the F&F? You can also possibly create a small delay to start by writing to ask them to provide proof of the debbt (if they haven't provided it to you yet), which should edge you closer to the time you can raise the funds.

gumtree22

What do I need to ask them for in the way of proof? The account was originally opened in 1999, are they likely to have the paperwork going back 13 years?

Tixy

I'd start by sending the prove it letter - asks them to prove you owe them money (also means they should prove they have a right to collect the debt) - Letter when you know nothing about about the debt - AKA "Prove it" letter
(I know you may know full well what the debt is but you are entitled to ask and they have to provide something that demonstrates that the debt exists), doesn't necessarily have to be the original paperwork, perhaps something from the IVA time.

gumtree22

I'm not sure who owns the debt. On my credit file it is under RBS defaults. The letter from ccscollect refers to Capquest debt recovery in the due to section so who owns the debt?

Tixy

Could be either RBS or capquest. May well be that capquest does actually own it considering its gone through a failed IVA. But I'd just send the prove it letter to who is chasing now, ie ccscollect.

gumtree22

If capquest do own it, are the likely to go for a full and final. What are they like to deal with?