Settlement offers

freshstart2023

I defaulted on two virgin credit cards recently, the debts were sold to Capquest and are being managed by Moorcroft. They have written to me offering me a 50% settlement offer on one of the cards but nothing on the other yet. I was just curious about how they decide to offer a settlement and how they decide on the offer etc? I guess I wasn’t expecting to receive offers so soon after the account defaulting and am curious about why they may have offered on one but not the other? Thankyou 

Rob5342

It's like any business really, sometimes you sell things cheaply to raise extra money or clear room, sometimes you keep hold of them as you know you'll get more money later. Only they will know exactly why.

freshstart2023

Rob5342 said:

It's like any business really, sometimes you sell things cheaply to raise extra money or clear room, sometimes you keep hold of them as you know you'll get more money later. Only they will know exactly why.

Thankyou! Do you know if 50% is a good offer on a virgin debt? 

stu12345_2

as they have been sold to capquest you must make a cca request to moorcroft who will pass the cca request to capquest for capquest to produce a copy of the consumer credit agreement.

if they can't find it then the debt isn't enforceable and you can stop paying it.

50% off is good after 2 years of defaults,  how long ago did capquest buy the debts

dont part with any cash until capquest can produce a copy of your consumer credit agreement for the debts

freshstart2023

Thankyou, they only bought the debt about a month ago

stu12345_2

doesn't matter if they bought it a month ago or a year ago, when was the credit card opened.
( the longer the better, cos original creditor may have had no longer had it)
the point is thus  when they bought it there is a good chance they bought it without all the paperwork eg the cca, and no cca means debt unenforceable and that means no payments ever going forward from you

Rob5342

freshstart2023 said:

Rob5342 said:

It's like any business really, sometimes you sell things cheaply to raise extra money or clear room, sometimes you keep hold of them as you know you'll get more money later. Only they will know exactly why.

Thankyou! Do you know if 50% is a good offer on a virgin debt? 

I don't think it's too bad as far as these things go. Debts are only purchased for a small fraction of their value though, so what might seem like a generous discount could still see them getting 5 times or more of what they paid. There will always be offers available, so don't be tempted to take them up on it if it leaves you short elsewhere.

Rob5342

stu12345_2 said:

doesn't matter if they bought it a month ago or a year ago, when was the credit card opened.

I'm not sure that's true. The originial creditor holds the paperwork and the purchaser has to go back to them for it. The longer it is since it was sold, the more likely it is that the original creditor would have got rid of records or decided not to engage in supplying them.

stu12345_2

Rob5342 said:

stu12345_2 said:

doesn't matter if they bought it a month ago or a year ago, when was the credit card opened.

I'm not sure that's true. The originial creditor holds the paperwork and the purchaser has to go back to them for it. The longer it is since it was sold, the more likely it is that the original creditor would have got rid of records or decided not to engage in supplying them.

yes rob, think you're right, so the longer you leave to ask for a cca request after it has been bought the less chance of finding the cca from the original creditor