debt sold onot cap quest

kaya64

Not sure if this is right place for this because i couldn't find anywhere else to post it.
I received a letter this from one of my creditors telling me they have sold my account onto cap quest, now if they have sold it to cap quest how can i now be responsible for that debt, i never made the agreement with capquest who have bought it ?

thanks

emweaver

You will now need to contact and make the payments to Capquest instead of the original creditor. If you do not pay they always sell the debt on. If you refuse to pay capquest they will eventually pass the debt onto another company.

chanz4

or take you to court, its their choice

Moneymash

Who was the original creditor?

I defaulted on a Capital One card and they passed it onto Capquest. I ignored their phone calls and letters, then spoke to them on the phone and arranged a monthly repayment plan (Keep calm and be firm with what you can afford to pay). I pay each month and keep an eye on the debt via my credit reports. As now that Capquest have the debt they only have to send you an annual statement.

However the debt on my credit report says it is still with Capital One. Going off topic I've just had a successful CC PPI refund from Capital One and they will offset this against my outstanding default balance. I am awaiting the outcome of another Capital One Loan PPI complaint, if this is successful it should wipe out the default balance completely.

If you can't afford monthly repayments pay the token pound a month for a few months and if you can get the money together offer a full and final settlement of a percentage of the debt, start low and haggle.

endora

I'd wait for Capquest to make contact before doing anything else. Once they contact you, then you could send a CCA request to them to see if they have the paperwork to collect this debt. But don't do anything till they get in touch with you.

fatbelly

Is this a credit card?

When did you last make a payment to it?

kaya64

fatbelly wrote: »

Is this a credit card?

When did you last make a payment to it?

It isn't a cc debt its a HP debt , last payment was June through payplan , i only recieved the letter saying it had been sold to capquest friday .

fatbelly

Then I think you just pass the letter to Payplan and they redirect their payments to the new owner of the debt.

kaya64

fatbelly wrote: »

Then I think you just pass the letter to Payplan and they redirect their payments to the new owner of the debt.

Thanks , will do this then

vax2002

Always ask for a full breakdown of the payments and how much interest and charges they are adding.
Just telling you that you will be paying so much a week is not good enough.
they can only collect the value of the order they have a contract for.
Do not sign any new agreements.