Capquest - can someone give some advice please .

[jones19671]

I had a loan with Santander and owe 19266.71 . I had a notice 7/10/2010 re arrears on this . I had recently remortgaged so was/am in a position to pay .

I received a letter from Capquest 9/11/2010 . Claiming the debt had been referred to them .

The amount they request is 26236.05.

 

They claim this is interest !!

 

I am happy to pay the original amount . What can I do ?

Can anyone help please or point me in the right direction .

 

Cheers

[Blackpashir]

You can send them a "without prejudice" full and final settlement fig with the amount you're willing to pay considering debt collection agencies 'buy' the debt on for a fraction of the cost I am sure they will be willing to negotiate something with you they usually buy the debt for 10p to every £1

[Blackpashir]

Also how long ha the debt been standing if it had gone to ccj they are only entitled to add 8% pa as far As I was aware?!? That seems a hell of a lot of interest!

[silverfox1961]

Hi,

Before you offer anything, I think you need to find out whether CQ are collecting on behalf of Santander or whether they have bought the debt outright. Usually on the letters, if it says to make payments to CQ then they have bought it and if it says make cheques payable to Santander, they are collecting on behalf. Also, thier letters may say 'their client' which says they are collecting for Santnader.

 

I would also be questioning where they have got their figures from. I suspect it is a referral fee which (in my opinion) is exhorbitant that has put the balance up so high.

 

A few more details would help. How long ago did payments stop? Are there any charges on this? Did you receive any letters from Santander before CQ started calling?

[jones19671]

Thanks for reply . I made my last payment on loan was £81.11. 28/8/10.

I received a letter from Santander 7/10/10 . requesting £ 19226.71 . I was in process of remortgaging and contacted Santander and told them I would clear balance within a month.

Then on the 9/11/10 Capquest wrote . They request payment to them .

[Blackpashir]

i definetely question them adding £7k to an account in 2 months before negotiating anything!! and i doubt capquest have bought debt then so scrap my other 2 posts!

[silverfox1961]

I would do a two pronged route. First, write a letter to CQ asking for a breakdown of how they can justify a rise of nearly 7 grand and that as you had been in contact with Santander (albeit one communication) this account should be referred back to them.

 

Secondly, write a Formal Complaint (and headed as such in the letter) Santander asking why they had transferred the debt to a DCA when you had offered to clear the outstanding balance.

 

To me, this seems like a ruse to get more money out of you. When you clear a loan early, you should get a rebate. By passing it to a DCA they might be trying to get out of that.

 

I would keep the settlement amount safe somewhere( gaining interest) until you can resolve this.

[jones19671]

Thanks .