Capquest-confused!

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?

Replies

  • sourcratessourcrates Forumite
    26.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    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.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • 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?
  • sourcratessourcrates Forumite
    26.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    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.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • KaronherKaronher Forumite
    887 Posts
    Part of the Furniture 500 Posts
    Forumite
    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 2022
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals