Removing charges and interest on Catalogue

GEMMAMB85

Hi, I,m looking for some advice regarding a debt which I have through Shop Direct Financial Services (Very catalogue). I received a letter dated 28/05/2012 from a company called capQuest Debt Recovery stating the have "bought" the debt from Shop Direct Financial Services which they currently have as £1,041.06. I hold my hands up and admit I have been ignoring this debt for a long time and everytime I received a letter from Very I just didn't respond to it as I've had alot more serious things going on. I wanted to know if it is possible for the charges and interest which Very catalogue have been applying every month can be removed from the overall debt as this would reduce the debt considerably as they would of been applying £12.00 default charges and £12.00 debt letter charges every month plus addding interst to the overall outstanding balance I owed due to purchases through Very catalogue, I am happy to pay the debt but being a single parent I wouldn't be able to pay very much to capQuest hence the reason why I would need help in getting some sort of letter being sent to them so they can also not apply further charges and interest. Any advice would be appriciated. Many thanks Gemma.

sistafromanothermista

GEMMAMB85 wrote: »

I am happy to pay the debt .

Now i'm not meaning this to sound harsh but if you're 'happy to pay the debt' why didn't you pay it in the first place?

What i really don't understand is you are aware of the T's and C's of the company (regarding interest) , are in breach of contract for whatever reason (not paying the min payment) , ignore the letters sent then want them to refund all the charges :eek:
Again i'm not having a go, just the way i see it.

Moneymash

If Capquest have brought the debt, then it sounds like you have defaulted in which case they shouldn't be charging interest. However, they can still add on charges. I would find out asap.

Also, find out what the outstanding balance is. If you cant afford monthly repayments to pay the remaining balance then you can come up with a percentage of this. You could ask them to accept a full and final offer. According to other posters you should start at about 20% of the overall balance and see what they come back with.

You would need to send a correctly worded letter, that says without prejuidice and asks for them to mark your credit report with settled (or partially settled) and that they agree not to pass on the debt to a third party, when you've paid the amount agreed. Get everything in writing, sorry I don't have a link to the letter, but I'm sure someone will come along with it, or alternatively check out the thread for full and final offers, you'll get lots of tips.

thatsean

It's unlikely. Capquest have bought the debt at a discount with a view to making a profit. If they were to take charges that Very levied out, for arguments sake, and devalue to the debt from £1,041 to £800 for example they would be taking a hit on what they can enforce. If you can make a sizable full and final offer they may be tempted, but if you're going to be offering £50 a month and expecting them to wipe some of the debt off then I can't see it.

wanna-be-mortgage-free_2

What date was the original debt?

If it's recent then I would send a letter to the DCA (only by letter and recorded) also don't sign it, just do a digital signature. Tell them you can only afford to pay X per month, list you income and expenditure. I would give them as little detail as possible so don't be sending payslips or bank statements etc.

If you can only afford to pay X per month then that's all you can afford. But first check the original date of the debt as if it's 6 years ago it will be statue barred.

Don't worry, we will try and help if we can.

GEMMAMB85

Hi, thanks for all your replies they have been very helpful. I am going to ring capQuest and see what sort of settlement they can offer. This is the 1st time I have been through anything like this as I've always paid ontime with anything I have had on credit and I still do. Hopefully I can come to some sort of settlement or agreement with capQuest and get this noted on my credit file so it shows I'm making payments. Does anybody know if this woulf of already been added as a default on my credit file?

sistafromanothermista

Hope you get it sorted out