strange new Capquest Letter

[caledfwlch]

Just had a letter from Capquest - instead of the usual identical capquest and scotcall threats that emerge now and then this is a little different. Has anyone else had this, and given what they are offering, does it sound likely they would be unable to fulfill a CCA request, or is it evidence they do have everything needed for any court action. (the annoying thing is i dont remember when i originally defaulted with Egg, I could be coming up towards 6 years or still have a year or 2 to go) They have bought this debt, not that I ever received a notice informing me, just a threat letter out of the blue demanding their money.

Dear Mr Caledfwlch.

As you will now be aware your account is being processed for legal action.

I am corresponding with you as the Managing Director for the CapQuest Group. Your account has been pre-selected for a one time solution to settle your account.

This is not a gimmick and nothing sinister, just a project that I am personally promoting to encourage you to clear this debt and save a considerable amount of money doing so.

My plan is simple:
1. You agree to pay an amount of your choosing by Direct Debit or another method that may suit you.

2. All interest that has been applied since we acquired your account will be removed and no further interest added. This currently amounts to £111.88 leaving a balance of £1216.34.

3. For each payment that is received in line with the arrangement made, we will credit your account with an amount equal to 30% of your payment. That is to say, you pay £50.00 and we will credit your account with another £15.

If you comply with the arrangement you will save at least £476.78.

To start this project I am also offering you a delayed first payment. Your first payment will not be required until 30 APR 07, all you need to do is contact our Customer Services line on 0870 084 3505 (national call rates apply) This number has been specially selected for this project and therefore if you have any query or question this team will assist you.

Waffle waffle about setting up direct debits.

if at any time you find yourself in difficulty, and you will not be able to make a scheduled payment, telephone us and we will reschedule your account without penalty. If, however, you fail in your commitment without good cause or reason the offer will be withdraw.

I gope that you seriously consider this and make the right choice.

Mike Daniels.

Given the endless previous threatening letters always with my address misspelt and no real surety if i live there, that they and scotcall have sent and capquests reputation, this seems a remarkably generous offer, I am also intruiged by the refference to this not being "anything sinister".

Any thoughts?

[alix2]

Maybe this is an attempt to get you to pay without questioning it but did you send a CCA request to them at all as you didnt state you did. If you didnt maybe now is a good time to do so. Remember DONT CALL THEM keep everything in written format incase it does go to court

alix2

[stevesj]

I WOULD BE SUSPICIOUS - if an offer is too good to be true, it probably is etc.

why would anyone match payments by such a percentage, to reduce a debt owed (bought by a DCA)? they must have paid a greatly reduced fee for the debt...........

They're actually offering to reduce the debt by the interest and 30% on a monthly payment basis. I think the reality of this is that if you had the money, and made a reduced offer of say £850 regardless of the letter, they would snatch your hand off anyway.....

hmmm maybe not such a good idea, and it seems they want to gain admission for the sums owed too by the look of things. I'd do a CCA request, as per other s suggestions, too sinister for me

[stroke a badger]

Hmmm, thats a hard one. I would suggest before going any further submitting a CCA request just to establish if there a correctly executed credit agreement as ther letter would suggest that there isn't, or am I just being cynical

[stroke a badger]

DAM both Alix2 and Stevesj beat me to it. /walks off in a huff

[FANTASY CHARGES]

Originally Posted by caledfwlch

Just had a letter from Capquest - instead of the usual identical capquest and scotcall threats that emerge now and then this is a little different. Has anyone else had this, and given what they are offering, does it sound likely they would be unable to fulfill a CCA request, or is it evidence they do have everything needed for any court action. (the annoying thing is i dont remember when i originally defaulted with Egg, I could be coming up towards 6 years or still have a year or 2 to go) They have bought this debt, not that I ever received a notice informing me, just a threat letter out of the blue demanding their money.

Dear Mr Caledfwlch.

As you will now be aware your account is being processed for legal action.


http://www.consumeractiongroup.co.uk...ng-offers.html
I am corresponding with you as the Managing Director for the CapQuest Group. Your account has been pre-selected for a one time solution to settle your account.

This is not a gimmick and nothing sinister, just a project that I am personally promoting to encourage you to clear this debt and save a considerable amount of money doing so.

My plan is simple:
1. You agree to pay an amount of your choosing by Direct Debit or another method that may suit you.

2. All interest that has been applied since we acquired your account will be removed and no further interest added. This currently amounts to £111.88 leaving a balance of £1216.34.

3. For each payment that is received in line with the arrangement made, we will credit your account with an amount equal to 30% of your payment. That is to say, you pay £50.00 and we will credit your account with another £15.

If you comply with the arrangement you will save at least £476.78.

To start this project I am also offering you a delayed first payment. Your first payment will not be required until 30 APR 07, all you need to do is contact our Customer Services line on 0870 084 3505 (national call rates apply) This number has been specially selected for this project and therefore if you have any query or question this team will assist you.

Waffle waffle about setting up direct debits.

if at any time you find yourself in difficulty, and you will not be able to make a scheduled payment, telephone us and we will reschedule your account without penalty. If, however, you fail in your commitment without good cause or reason the offer will be withdraw.

I gope that you seriously consider this and make the right choice.

Mike Daniels.

Given the endless previous threatening letters always with my address misspelt and no real surety if i live there, that they and scotcall have sent and capquests reputation, this seems a remarkably generous offer, I am also intruiged by the refference to this not being "anything sinister".

Any thoughts?

R-U-M-B-L-E-D


http://www.consumeractiongroup.co.uk...ng-offers.html

[ODC]

I have had two of these identical letters re two different debts. Both mine are nearing statute barred time so it seems a last ditch effort to get the clock restarted.

IGNORE his generous offer

[dannyboy660]

Originally Posted by caledfwlch

Just had a letter from Capquest - instead of the usual identical capquest and scotcall threats that emerge now and then this is a little different. Has anyone else had this, and given what they are offering, does it sound likely they would be unable to fulfill a CCA request, or is it evidence they do have everything needed for any court action. (the annoying thing is i dont remember when i originally defaulted with Egg, I could be coming up towards 6 years or still have a year or 2 to go) They have bought this debt, not that I ever received a notice informing me, just a threat letter out of the blue demanding their money.

Dear Mr Caledfwlch.

As you will now be aware your account is being processed for legal action.

I am corresponding with you as the Managing Director for the CapQuest Group. Your account has been pre-selected for a one time solution to settle your account.

This is not a gimmick and nothing sinister, just a project that I am personally promoting to encourage you to clear this debt and save a considerable amount of money doing so.

My plan is simple:
1. You agree to pay an amount of your choosing by Direct Debit or another method that may suit you.

2. All interest that has been applied since we acquired your account will be removed and no further interest added. This currently amounts to £111.88 leaving a balance of £1216.34.

3. For each payment that is received in line with the arrangement made, we will credit your account with an amount equal to 30% of your payment. That is to say, you pay £50.00 and we will credit your account with another £15.

If you comply with the arrangement you will save at least £476.78.

To start this project I am also offering you a delayed first payment. Your first payment will not be required until 30 APR 07, all you need to do is contact our Customer Services line on 0870 084 3505 (national call rates apply) This number has been specially selected for this project and therefore if you have any query or question this team will assist you.

Waffle waffle about setting up direct debits.

if at any time you find yourself in difficulty, and you will not be able to make a scheduled payment, telephone us and we will reschedule your account without penalty. If, however, you fail in your commitment without good cause or reason the offer will be withdraw.

I gope that you seriously consider this and make the right choice.

Mike Daniels.

Given the endless previous threatening letters always with my address misspelt and no real surety if i live there, that they and scotcall have sent and capquests reputation, this seems a remarkably generous offer, I am also intruiged by the refference to this not being "anything sinister".

Any thoughts?

It's a con.

Once you contact that 'special' number they've got you bang in the middle of those telescopic crosshairs.

On your total outstanding balance, (1216.34?) they will have paid much less than 100 for this debt (assuming they have actually bought it) and it's interesting they mention a figure of 50 quid. Two payments from you they get their money back, third month they're into profit, fourth month they won't receive your payment for some mysterious reason, and then whoops-a-daisy, that leads to a CCJ* and all that follows.

Cuffed, stuffed, and off down the road to s#1t creek, without a canoe.

Just an opinion

It could be genuine, but do you trust them??

* or a breach of your "agreement" and back comes the interest etc, etc,

[gizmo111]

Most DCA's offer to settle at less than the full amount, but usually will only accept a lump sum. This seems to be a way of offering reduced settlement over a period of time. Can't see any tricks in it.

[dannyboy660]

Originally Posted by gizmo111

Most DCA's offer to settle at less than the full amount, but usually will only accept a lump sum. This seems to be a way of offering reduced settlement over a period of time. Can't see any tricks in it.

....unless they are expecting far more than they paid for it. You could try it for a couple of months and when they slap all the interest etc back on for a default or late payment, which they will make sure happens, you could then challenge them to take you to court.

Contest on the grounds you owe HMRC on behalf of 'the Taxpayer' , not capquest. capquest will go very quiet, as they've got their money back and they won't want to rock the boat by being possibly the first purchaser challenged in court on the grounds they are also taking HMRC's cut.

The principle is the same as the whole "Bank Charges" scenario, which seems to be becoming a Crusade against injustice, whereas standing up to DCA's/Purchaser is morally abhorrent. A lower class of crusader.

How does that sound??

[gizmo111]

....unless they are expecting far more than they paid for it

Of course they are expecting more they are a business at the end of the day.

You could try it for a couple of months and when they slap all the interest etc back on for a default or late payment, which they will make sure happens, you could then challenge them to take you to court.

Which they may well do and the OP runs the risk of getting a CCJ

Contest on the grounds you owe HMRC on behalf of 'the Taxpayer' , not capquest. capquest will go very quiet, as they've got their money back and they won't want to rock the boat by being possibly the first purchaser challenged in court on the grounds they are also taking HMRC's cut.

Not sure what you mean - where does HMRC come into it?

[ODC]

I think its just another ploy. Why after all this time of threats, harassment and warnings of impending illegal action should capquest suddenly become so nice and tell me and doubtless 1000s of others that we have been specially selected for this fantastic offer. Coincidentally the 30% they offer to add is what you would get added by the taxman to any charitable donation you make. Call me a cynic if you wish but I smell a rat with this offer. Sounds bit like the readers digest **congratulations Mr ODC you are only one of1% in your area to be selected for our winning draw***

[chowtzu]

Capquest make it very easy to become suspicious about them, my personal treatment by this company is disgraceful.

I have a court action due to commence shortly in the County Court against Capquest and one of my points is that Capquest failed in there letters to outline any of there terms and conditions and also that they charge interest.

In my case being in debt was not through any fault of my own, like many people it was one of life’s situations, and as it turned out the money Capquest where chasing is not owed. The letters I received from Capquest where disgusting and threatening, there behaviour and the accusations they made about me, where far worse than any of there letters.

If Capquest really wanted to help people to become debt free there offer would be a far more generous than that.

Lets say they bought a debt of £1000 which was 4 years old how much did they buy this debt for; some say between 1% and 16% of debt value.

Lets say based on age and quality of the debt data they bought it for 10% that only £100

Capquest offer to give £15 in every £50 you pay or 30% so £65 per month comes off the debt balance, each month.

For sake of argument and to keep things whole 15 months your debt free.
You pay £750 in 15 months Capquest make £650 as they bought the debt for £100.

Come on Capquest why don’t you at the very, very least match the payments you still make £400, not all profit I know but think about it, and its potential.

That is my opinion.

[dannyboy660]

"Of course they are expecting more they are a business at the end of the day."

Which is why you have the right to challenge them. If you don't want to add to their Company profits...why should you?? Individuals are "businesses" too, so of course I would challenge it with an aim to add to my profits.


"Which they may well do and the OP runs the risk of getting a CCJ"

..another reason to ignore them. I'm assuming now that you've not been involved with a DCA, or that all you experiences have been relatively pleasant ones.
The risk of a CCJ is very small. If you do get taken to court and not contest, you only pay an amount you can afford and all interest etc is frozen, now that's not such a bad thing. Also, with a CCJ you can apply for an Administration order and gain the courts protection. There's no need for anyone to be frightened of Courts, or CCJ's.

"Not sure what you mean - where does HMRC come into it?"

I'm assuming they've purchased the debt. The OC will have offset part of it's bad debt for the year with the assistance of it's underwriters and the 'Taxman'. Allow capquest to start the court proceedings and then challenge them to produce full documentation on the grounds you may owe some or all of the balance to HMRC, etc etc......I think you get the picture. capquest have got their money and and won't bother killing the goose by going into all the fine details of purchasing charged off debt in bulk and the implications to the HMRC and ultimately the taxpayer.

It's a nice little earner, and relatively new to the UK if you want to make a quick fortune before someone puts the brakes on it here.

Perhaps I should add, for the benefit of any lawyers reading this, I am not accusing Capquest of any specific illegality in their business practise, more of that sector as a whole, and the post should be read as such.