Cap One response to request for reduced payments

[mkb]

Hi

My OH has account from last year which is probably enforceable so no CCA requested but sent I & E with letter requesting them to accept reduced payments. We were on DMP with Payplan but found them pretty useless when it came to correspondece.

 

Letter back today in which they're asking for:

 

Copy of letter showing entitlement to benefits (if any)

Copy of wage slips dated within last 3 months

Copy of bank statement showing income & general living expenses where available

List of other creditors & the amount we owe them

 

All of the above within 7 days & until they receive them OH will continue to receive any due fees & interest on the account. Please continue to make payments whilst we are dealing with the administration of your reduced payment arrangement!

 

Q - what happens if we do not supply the info? Surely they are not entitled to see all this?

 

Q - what should we do now?

 

Problem - we are home owners with probably some equity so not prepared to go BR & need to deal with these & others like them

 

Edited July 30, 2009 by mkb
adding image

[dx100uk]

no they most certainly are not entitled to know ANY of the details they ask for, inc an I/E!!

 

write to them and TELL them they will only be getting £XX for XX mts.

ask if they could reciprocate your goodwill payment by freezing the interest & any charges.

pay them by internet banking every month and DON'T forget.

 

if and a big IF they ever got you to court, the judge would laugh it outthe door & probably LOWER the payment.

 

they know this but are just chancing their arm.

 

on the front of charges & PPI? any to reclaim?

 

dx

[mkb]

Thanks DX but we probably can't say its a goodwill payment 'cos, assuming the agreement is legally enforceable, we are behind with the payments.

 

We are not prepared to be forced into bankruptcy so we need to reach an 'amicable arrangement'

 

Are cap one likely to take legal action?

 

I'm inclined to do as you suggested on the basis that any judge faced with our I & E's is likely to agree that we are prepared to pay the most we can but is that enough to keep these guys quiet?

[mkb]

Will also send SAR to get statements to check for any charges (when we've got a spare tenner!)

[dx100uk]

where is this BK threat coming from?

 

it might not keep them quiet, but, if its all you can afford, then they have no choice

they can threaten all they like, they won't get anymore.

 

dx

[mkb]

Sorry DX - probably me just in a tizzy at present!

 

Of course you're right - it's all we can afford so it's all they're gonna get

 

Thank you - have tipped your scales

[the_shadow]

dx100uk is right, just pay what you can afford.

 

Bankruptcy costs them so it has to be worthwhile for them to reclaim assets etc, and its a long way off.. they still have to default/terminate before issuing any legal proceedings including bankruptcy, and it would more than likely be an outside DCA doing this not crapital one.

 

Be aware tho that crapone will continue to mark you as late and will default you, normally they will pass you to internal DCA's for resolution before sending it outside so to speak.

 

If you are paying I would imagine the internal DCA's will agree to some sort of payment plan. Crapital One will only agree if you supply everything including your mothers shoe size

 

S.

[dx100uk]

Thanks DX but we probably can't say its a goodwill payment 'cos, assuming the agreement is legally enforceable, we are behind with the payments.

 

We are not prepared to be forced into bankruptcy so we need to reach an 'amicable arrangement'

 

Are cap one likely to take legal action?

 

I'm inclined to do as you suggested on the basis that any judge faced with our I & E's is likely to agree that we are prepared to pay the most we can but is that enough to keep these guys quiet?

 

goodwill payment, reduced payment, it matters not.

you are paying SOMETHING on a regular basis, which is ALL the court would ever demand from you.

 

don't fall into this trap of creditors having a 'legal right' to any payment above rent/mortgage/ctax & eating! they don't.

 

as long as you make even a £1 payment, you are being responsible toward your debts in trying to manage them & no court would ever dictate otherwise.

 

dx

[mkb]

Thank you - your words are very empowering

[mkb]

Letter from CrapOne today asking us to complete their I & E form and return within 28 days. When they get this, they will agree a payment plan

Yeah right - they've already had this!

 

Sent us giro slips to pay with but these slips don't have a tear-off bit as receipt so I don't want to use them.

 

Does anyone have their bank details so I can use internet banking to pay by standing order?

[the_shadow]

Letter from CrapOne today asking us to complete their I & E form and return within 28 days. When they get this, they will agree a payment plan

Yeah right - they've already had this!

 

Sent us giro slips to pay with but these slips don't have a tear-off bit as receipt so I don't want to use them.

 

Does anyone have their bank details so I can use internet banking to pay by standing order?

 

I make electronic payments direct into the account, I think the details needed are on the back of the statements they send.

 

S.

[mkb]

Thank you Shadow - never thought to look on them cos I was trying the numbers on the payment slips (which my bank say has an incorrect sort code!)

[the_shadow]

Thank you Shadow - never thought to look on them cos I was trying the numbers on the payment slips (which my bank say has an incorrect sort code!)

 

No probs... think its in the section listing how to pay.. only thing to ensure is the reference you give is correct for your account number... I've been paying manually this way for four months now... all payments going through fine.

 

S.

[mkb]

S O all set up for the huge sum of £1.xx per month - have even set the 1st payment for £2.xx pm