CapQuest and Egg Credit Cards

MooseJuice_2

Hi,

I have been hearing a lot of bad things about CapQuest. I am currently half way through paying back 4K on a Egg Credit card with CapQuest. I have been paying £200 a month but they keep wanting to up the ammount.

My main concern is may credit report with Experian. The Egg debt shows completely as (o) and with a status of settled.

Does this just mean that CapQuest have bought the debt? or Egg have just completely written it off?

dazzler123

i would contact Egg with the account number to see what the status is on their system. If they've written it off, then CapQuest could be chancing their arm...

MooseJuice_2

OK thanks I might just do that. Is anything I do with CapQuest able to effect my credit report further?

Tootsie_Roll

dazzler123 wrote: »

If they've written it off, then CapQuest could be chancing their arm...

Why ?

Writing debts off is just an accounting exercise for the lender, the debt is still outstanding and repayable on the same terms as before.

MooseJuice_2

So why have Egg marked me down as settled on my Credit Report? With no sign of a default? Can you explain that?

dazzler123

im no expert, but if egg have sold the debt on to capquest and is shown as settled on the credit report, should there not be a new section on the credit report with the CapQuest account showing the outstanding amount?

MooseJuice_2

thats what I would expect but no which is why I am asking where I stand with a company like CapQuest? What happens to the people they chase and get no joy out of? Does it end up in court?

MooseJuice_2

I have basically been bullied into paying too much back a month which im struggling to afford and now I dont know what to do... If I stop the DD I know they will be on the phone in a shot and then wont accept a lower repayment rate. I down to oweing £2,800 and im paying £200 a month back which is double what I can afford

dazzler123

im sorry this is happening to you moosejuice, its happening to me too with CapQuest also. Its not on my credit file either, but the original debt (BOS) is still showing on my credit file as outstanding, so is still there lol I offered repayment and they blatantly refused any installment plan, saying they wanted the full payment (£1.5k) by 5pm that day or else they would take further action. I immediately spoke to Citizens Advice who said that because I offered a payment arrangement they cannot refuse it, but I've to go in and speak to my local CAB to iron out the details cos they're going to speak to them on my behalf. £200 a month is alot of money, you should go onto the CCCS website and do their repayment calculation plan and they'll be able to tell you what the most feasible amount should be. Let me know how you get on xx

MooseJuice_2

This is basically what I see on my report

Is it showing as this cos CapQuest have bought it?

dazzler123

I dont think that its showing as "settled" because CapQuest have bought it, because my BOS debt is still on my credit score as "defaulted" even though capquest bought it months ago (to be honest, it went from BOS to CapQuest, back to BOS, and then back to CapQuest again...)

I would love to give you advice on this, but I fear we are in this boat together I WILL however, let you know how I get on with the CAB and see what CapQuest have to say about lower repayments. I suggest you speak to your local Citizens Advice Bureau to get them on your side too, because they will be able to deal with CapQuest on your behalf.

Good luck! xx