Are Capquest potentially going under?

wesley1414

I have an old credit card account that is now with Capquest. Its a true debt and I'm owning it.

I've had a standing order with them for a couple of years. But out of nowhere, a couple of things have raised the question of whether they are potentially going under. I cannot find any update on this.

- My standing order was rejected this month. My bank notification says the receiving bank had rejected it completely. Nothing has changed, the S/O has remained in place as it always has been, it has never been rejected before. 
I sent an email to them asking what the issue was and to confirm that I could attempt to send this months payment again. This was only 3 day ago.

- I made an offer to settle the account in June 2021. My final offer (after counter offers) was 72% of my total debt. This was 3 months ago and we never reached an agreement. The standing order simply continued unchanged.

Since I sent the email regarding the rejected payment 3 days ago, I have had no response on this. But today I got a text message saying the following (word for word):

Hi XXXXX, this is Capquest. There is a 50% settlement discount available on your account, please visit https://portal.capquest.co.uk/ to take advantage of this offer or reply to discuss.

So they rejected 72% 3 months ago but now offer 50% today?!

Normally I'd assume this was debt collection idiocy, but the 2 above points combined are making me wonder if they're in trouble? This is a little odd, right?

Also, what should I do now?

sourcrates

Its unlikely, as they are owned by Arrow Global, who are "one of the UK's largest purchasers of non-performing accounts and providers of credit management solutions" according to their website.

There profits have halved since 2019, most likely due to COVID-19, but I would say it was more typical DCA idiocy, as you put it, rather than a last ditch attempt to avoid insolvency..........however, I`ve been wrong before lol.

Accept the offer if its affordable, make sure you get it confirmed in writing first.