capquest offering discount on Halifax [LLoyds] credit card debt

[Guest Porkwellington]

Without hincriminating myself - or indeed selling myself short.

 

Hi Folks

 

I have just recieved 2 letters from Capquest and associated solicitor regarding a Lloyds TSB debt of just over £3k;

 

The solicitor letter is threatening potential court action if I do not respond by the 15th Jan;

 

The Capquest letter is asking me to call a number to discuss a settlement figure before the 25th Jan.

 

It's very tempting to pick up the phone and sort this out - but - I know that this is the completely wrong thing to do as I should "only deal with these people in writing"... they have also added that "once the payment has been received and cleared, your account will be closed and your credit file updated to show that the balance has been satisfied with a special flag of partial settlement". I don't like the sound of a "special flag".

 

The questions I have are:- what should I ask for;

a suggested settlement figure of say £2k;

for them to come back and suggest a figure;

remove that sinister looking "special flag" and replace it with something altogether of a fuller and more final settlement nature;

just clarify what they mean by a special flag;

is the flag a red herring?

 

I'm just drafting out the header etc to the letter and a quick line on why I'm writing and not calling - my leaning is towards asking them for clarification on both points that way I can always go back for more... what do you think?

 

Thanks in advance - Andy

[citizenB]

I think they are just attempting to make it "look good" - there is no "special" flag. They will just mark that a partial settlement has been made.. sigh.

 

You really need to keep off the phone and demand everything in writing, especially as litigation is being threatened. You could actually write and advise that you would be willing to enter into negotiations in order to see the back of this. However, as litigation has been threatened you are not prepared to discuss anything on the telephone where the outcome could later be either misinterpreted or denied !

 

Why are CapQuest and LTSB on this, has it not been assigned and CQ are only acting as collection agents ?

 

You would want any settlement agreed with LTSB if they still own the debt - you would require, in writing, their assurance that they would not then sell on any outstanding balance and that it is indeed a full and final settlement with no outstanding balance. This has happened before!!

 

What kind of dispute do you have with this ! Almost certainly, if you enter into negotiations you are admitting liability so you would need to qualify that if they did proceed with litigation as threatened, you would be defending their claim vigourously.

[citizenB]

Are there any default charges on the account, are their major problems with the default notice, agreement, have been treated unfairly ?

 

If so, then I would start as low as possible.. say around 1/3 of the outstanding balance and see what their counter offer is ?

 

Would you be able to repay in one lump sum or would you require installments over a period of 3 - 6 months ? You need to mention all this.

[BRIGADIER2JCS]

Use the wording this offer is made on the understanding that I do not acknoledge any libility in this matter and that any remaining balance is not sold or assigned to any 3rd party.

[Guest Porkwellington]

Thankyou very much for all of your suggestions and I'll let you know how I get on and what their response is.

 

Kind regards - Andy

[AndyOrch]

Before you pen that letter Andy

 

What type of debt is this CC PL OD? Have you ever requested a copy of your Agreement vis a Section 77/78 request?

 

How old is the debt and when was last payment or Acknowledgment made?

 

Have you checked your Credit files..does it show ?...who is the Creditor?

 

Regards

 

Andy

[dx100uk]

offering a discount means - you prob owe NOTHING

 

is this on your CRA file?

 

partial settlement marker is as bad as a DEFAULT.

 

get your CRA file pronto please

 

see below

 

dx

[Guest Porkwellington]

The CRA file is showing the amount as a debt and owned by LTSB. Capquest hve come back with an offer representing a 25% discount which I'm planning on accepting if you guys and gals think it reasonable?

 

I have drafted the below note to accept the offer - could you have a look and see if I have left any gaping hoes anywhere please....

 

 

Thankyou for your offer regarding the full and final settlement figure of £XXXX.XX as outlined in your letter of the 31st January.

 

My current lines of credit allow me to just afford to take you up on this offer; again on the understanding that I do not acknowledge any liability in this matter.

 

I'd like to seek assurance that; this is in full and final settlement and that any outstanding balance will not be sold onto another third party - from yourselves as well as LTSB. Also that any money should be paid direct to LTSB.

 

I hope that we can conclude this matter on provision of the above assurances and bank transfer details.

 

Kind regards - Andrew.

[Guest Porkwellington]

Before you pen that letter Andy

 

What type of debt is this CC PL OD? Have you ever requested a copy of your Agreement vis a Section 77/78 request?

 

How old is the debt and when was last payment or Acknowledgment made?

 

Have you checked your Credit files..does it show ?...who is the Creditor?

 

Regards

 

Andy

 

It is a credit card debt, last payment December '09 - owned by LTSB

 

Sorry about the tardy responses - I've been away - though that's really no excuse...

[Guest Porkwellington]

m I jumping the gun by accepting the offer... I don't believe that there is a PPI problem by the way....

[LostAtSea]

Andy,

whatever happens now that offer is going to be available to you.

 

You can only streangthen your bargaining position from this point on.

 

Please listen to what the guys are advising you.

 

Its in your best interest to make sure that the amount they say you owe is genuine and that there are no unfair charges or miss sold PPI etc.

 

Make them jump through a few hoops by submitting a CCA request if the amount claimed arrises from a loan or CC.

 

The more info you can give the guys, the more they will be able to tailor the advice they offer to your specific situation.

[unclebulgaria67]

This is from National debtline.

 

http://www.bdl.org.uk/images/24_EW_NDL_Full%20and%20final%20settlement%20offers.pdf

 

Is this debt the most urgent debt for you to settle ? Are there any other debts which should also be considered ?

 

Why accept their offer ? You could make a counter offer for a lesser sum and still expect it to be considered an F&F offer, marked as satisfied, not partial.

[daverules]

Why accept their first offer of 25%, inform them you you can settle at 50% discount.

 

But indeed before you do this please provide all the information the folks hear ask you for,

they will steer you in the right direction.

[AndyOrch]

Before you pen that letter Andy

 

What type of debt is this CC PL OD? Have you ever requested a copy of your Agreement vis a Section 77/78 request?

 

How old is the debt and when was last payment or Acknowledgment made?

 

Have you checked your Credit files..does it show ?...who is the Creditor?

 

Regards

 

Andy

 

Andy, whatever happens now that offer is going to be available to you.You can only streangthen your bargaining position from this point on. Please listen to what the guys are advising you. Its in your best interest to make sure that the amount they say you owe is genuine and that there are no unfair charges or miss sold PPI etc. Make them jump through a few hoops by submitting a CCA request if the amount claimed arrises from a loan or CC. The more info you can give the guys, the more they will be able to tailor the advice they offer to your specific situation.

 

 

If no request has ever been made for the agreement I am astonished you are considering a F&FS....if they can not comply they may write the debt off....but you will never know ...only costs a £1 and 5 mins preparing the letter.

 

Andy

[dx100uk]

so the debt is still owned by the OC

so time to IGNORE crapest.

 

you could CCA them,

 

i'd also SAR the OC

let findout WHY there is a discount & prob get MORE

 

bet its PENALTY charges

you need ALL the statements

dx

[Guest Porkwellington]

You are all right... I am jumping the gun... Not being thorough... Going off half Cocked... Basically doing all those things that got me into this mess in the first place... I shall follow your advice and will be back in touch when I have the agreement and done the sar bit.

Thankyou and kind regards.. I should know better.. Andy