Settlement offer Capquest

savinghopeful

I have a defaulted CC outstanding with Capquest. I have not been in a position to make much payments until now. They are offering me 70% settlement figure which I could pay over 3 instalments. I am doing this on my own. Will this be a final settlement or will they (or someone else) chase me for the remainder?

Would it be possible to negotiate a lower settlement? I have another defaulted loan which is much larger (x2) but have been trying to do this snowball approach to get through things. I have seen some older threads on this but nothing current.

Any pointing in the right direction is much appreciated. I just don't want to do the wrong thing!

Grumpelstiltskin

OK When did you open the CC?

Have you asked for a CCA?

If you could answer those 2 questions.

savinghopeful

Thank you - sorry I don't know what a CCA is (I have googled!)
The credit card was opened probably in 2019 I think, default I believe happened in Jan 2023. I have paid a small amount off since then.

Rob5342

A cca is a consumer credit agreement, if they cant produce it then the debt can't be enforced legally so you csn simply not pay it. The debt isn't that old so they may well be able to produce it, but its worth asking for it before you make any settlement payment. They will have bought the debt for maybe 10% of it's value, you might be able to settle it for less but you'll probably have yo pay hard ball, offer something lower and then try again in six months or f they reject your offer. 

savinghopeful

OK thank you - I have not asked for a CCA.
If I do pay off in a settlement then are they still going to come after me for the rest?
Is there a process I should be following please somewhere on here?

Grumpelstiltskin

Do not pay what they first ask for, ignore the for a few months (  after checking they have CCA ) and see what they offer you.

Rob5342

They should accept it as a final settlement, but get them to confirm that in writing first.

There's no need to rush to settle it, like an estate agent they will lie about it being an offer you have to take up immediately or you will lose it. Ask for the CCA first and see if you even have to pay anything at all, then treat it as an opening offer, make a counter off then try again in six months if they don't accept it.