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Capquest-confused!
3011gillian
Posts: 136 Forumite
In brief:
Around a year ago Capquest said they’d settle at £750 on a £1700 debt. At the time we were paying off another debt so we declined and carried in paying each month via stepchange.
Stopped paying in April via Stepchange when we sent in a CCA request.
Had a letter back a few weeks ago saying they ‘haven’t managed to get any info from the original creditor and are keen to discuss the account’. We took this as a good opportunity to offer a settlement...we went low given the lack of info at £150 (debt is now just over £1600).
We’ve had a letter back today saying they won’t accept less than the full amount!
Are they just testing the waters? Are we best to try and counter given that they say they’ll only accept the full amount, we could probably stretch a bit but have others that have returned info that were likely to have to settle higher or pay a monthly amount. Or do we nothing and carry on not paying anything-to focus on settling other debts. Or do something else?
Around a year ago Capquest said they’d settle at £750 on a £1700 debt. At the time we were paying off another debt so we declined and carried in paying each month via stepchange.
Stopped paying in April via Stepchange when we sent in a CCA request.
Had a letter back a few weeks ago saying they ‘haven’t managed to get any info from the original creditor and are keen to discuss the account’. We took this as a good opportunity to offer a settlement...we went low given the lack of info at £150 (debt is now just over £1600).
We’ve had a letter back today saying they won’t accept less than the full amount!
Are they just testing the waters? Are we best to try and counter given that they say they’ll only accept the full amount, we could probably stretch a bit but have others that have returned info that were likely to have to settle higher or pay a monthly amount. Or do we nothing and carry on not paying anything-to focus on settling other debts. Or do something else?
0
Comments
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Hi,
They buy up these debts in bulk, for next to nothing, they may as well hold out for a payday, than discount too much.
What they don’t make on your debt, they will on another.
Best time to get a good deal is when they are clearing the decks for new business, usually they will instigate negotiations, trying to predict their response otherwise is always a gamble.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »Hi,
They buy up these debts in bulk, for next to nothing, they may as well hold out for a payday, than discount too much.
What they don’t make on your debt, they will on another.
Best time to get a good deal is when they are clearing the decks for new business, usually they will instigate negotiations, trying to predict their response otherwise is always a gamble.
I think I thought they were clearing the debts as they wrote to us to prompt a ‘discussion’. Would you suggest ignoring this letter/offer and wait for another offer down the line then?0 -
3011gillian wrote: »I think I thought they were clearing the debts as they wrote to us to prompt a ‘discussion’. Would you suggest ignoring this letter/offer and wait for another offer down the line then?
Six months down the line, it may be a different story, I would wait yes.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Stopped paying in April via Stepchange when we sent in a CCA request.
Had a letter back a few weeks ago saying they ‘haven’t managed to get any info from the original creditor and are keen to discuss the account’.
I would contact them again about this and see if they have found anything yet.Aiming to make £7,500 online in 20220
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