capquest

jesmin45 · 30 June 2017 at 12:26PM

I had a loan default with Arrow (I cant remember the original loan name) and for the past 3 years have paid £20 to Capquest. I asked Capquest for my original loan agreement (this was taken out in 1999). I have a letter from them confirming they do not have this. I have now a year on had another letter saying they want to offer me a settlement and for me to ring them. I have taken heed and will do everything in writing. As they cannot produce my original loan agreement does this give me more power to pay the loan off for a smaller amount. To be honest I want rid of it. The amount I owe is £4500. Any help advice would be appreciated.

StopIt · 30 June 2017 at 12:42PM

Offer £100 as it isn't enforceable.

They'll probably cry about it for a while, not reply then accept it 6 months later. They can't enforce the debt in court so it's effectively a write-off. Settling will mean they can't sell it on to someone who you'll have to go through the same hoops to tell them what you've told Capquest.

jesmin45 · 30 June 2017 at 12:51PM

I am going to put it in writing, is there a template I should follow?

sourcrates · 30 June 2017 at 1:16PM

jesmin45 wrote: »

I am going to put it in writing, is there a template I should follow?

Hi,

You could just walk away and ignore them you know, as the debt is unenforceable, there is nothing they can do to make you pay.

But if you really want to waste your money, use this template letter here, my opinion is they will reject it outright though :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

jesmin45 · 30 June 2017 at 1:24PM

what would happen if I stopped my monthly dd to them? I don't want them knocking on the door

StopIt · 30 June 2017 at 1:29PM

jesmin45 wrote: »

what would happen if I stopped my monthly dd to them? I don't want them knocking on the door

That can't happen, they can't enforce the debt.

Stop paying them and either make that offer, or simply walk away. Walking away means you'll likely receive letters and calls, but they can be batted away. They know they can't take further action because it's unenforceable in court.

jesmin45 · 30 June 2017 at 1:34PM

Thanks much appreciated. Last question

what happens to my credit file, will it show as an outstanding default?

StopIt · 30 June 2017 at 1:59PM

jesmin45 wrote: »

Thanks much appreciated. Last question what happens to my credit file, will it show as an outstanding default?

Yes, unless if it is:

1: Settled, then it'll be marked as partially satisfied.

2: Older than 6 years old. The loan was from 1999 but when did it default? If before 2011 it'll already be gone.

sourcrates · 30 June 2017 at 2:49PM

jesmin45 wrote: »

what would happen if I stopped my monthly dd to them? I don't want them knocking on the door

Who would be knocking on your door ?

A simple letter to the creditor telling them, that, as they are unable to produce a valid credit agreement for this account, as required by the consumer credit act, this account has become irredeemably unenforceable, and as such, you will no longer be making payments to it.

You now consider the matter closed, and no further correspondence will be entered into.

poppasmurf_bewdley · 1 July 2017 at 12:00PM

They will in all probability write back to you saying that, although the debt is unenforceable in court, it is still owed and you should continue to make payments. This is legalise for "You have us by the short and curlies and we can't do a thing about it."

jesmin45 · 6 October 2017 at 9:57PM

Thanks for the replies. The default was registered in 2009. I did as you said and wrote to them saying I was no longer paying the instalments as you did not provide me with the original paperwork. They have written back to say as they do not have the original docs they have closed my account and I have to address all further correspondence to Arrow. what will happen now? I thought Capquest had bought the debt off Arrow?

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