Are Capquest likely to reduce a settlement offer if I ask nicely?

Floss

My postie has just brought a very unexpected letter from Moorcroft, who manage a debt held by Capquest. Capquest are offering the chance to make a 40% payment to clear this debt, and would then mark it as PS.

Are Capquest likely to reduce this if I ask nicely, maybe to 30%? And while they say the debt will be cleared & the account closed with them, are they likely to sell the o/s balance on at a later date?

sourcrates

Is this debt enforceable ?

Usually such large discounts are only made on otherwise unenforceable accounts, or debts they want to clear off their books.

You can choose to negotiate them down further, phone them if you are confident in your negotiation skills, however there will be a limit that they can go to.

Anything agreed verbally "must" be backed up in writing before any money changes hands, the National Debtline full and final settlement letter contains the sentence -

"I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability".

Thus preventing them from selling on any remaining balance.

The letter can be found here -

Sample Letter - Settlement offer | Sample letter | National Debtline | National Debtline

fatbelly

You could offer 25%. See what they come back with.

These offers are always available. I assume you have some cash available.

You may want to do a cca request first because if they can't supply that they'd be lucky to get anything against an unenforceable debt

Floss

Thanks guys - I would say it is enforceable, as Virgin only defaulted early this year before selling it on. It's not even 12 months since I started the DMP!

Floss

Thinking about it, the offer may have come about as I'm currently only paying £1 to each creditor, due to being off work after cancer surgery & treatment. I could do 25% from my EF & savings, but not 40%.

flipflopflo

If the money is coming from your EF and savings then I would say don’t take the offer or offer them less and carry on paying the £1. 

sourcrates

If your not working, due to serious health issues, you should maybe change tack and ask them to write the debts off on that basis.

DjangoUnchained

personally i wouldnt pay them a bean if they cant supply a CCA, the fact that it was only recently doesnt matter. I had  a barclaycard debt sold on and within a couple of weeks of it being sold i requested the CCA,  nearly 6 years later im still waiting for it, havnt paid a penny, hopefully it will be statute barred soon.

Floss

sourcrates said:

If your not working, due to serious health issues, you should maybe change tack and ask them to write the debts off on that basis.

I'm expecting to be back at work in September - and I guess they would expect medical evidence to support any request for write-off?

DjangoUnchained

Floss said:

sourcrates said:

If your not working, due to serious health issues, you should maybe change tack and ask them to write the debts off on that basis.

I'm expecting to be back at work in September - and I guess they would expect medical evidence to support any request for write-off?

they can request anything, doesnt mean you have to send it.

sourcrates

Floss said:

sourcrates said:

If your not working, due to serious health issues, you should maybe change tack and ask them to write the debts off on that basis.

I'm expecting to be back at work in September - and I guess they would expect medical evidence to support any request for write-off?

They aren`t to know that though are they, are you registered with the NHS app ?

You can access your medical history on line, Dr`s appointments, tablets you take, any surgical interventions you have had etc etc.

You really only have to make a convincing argument in the here and now to obtain write offs, it depends on the company, but the bar for the level of evidence required is not as high as you may think.

It sounds as though times have been tough, a little bit of good fortune would not go amiss now would it.