Capital One - Cougar - Now Freds

[danadiaconu]

Hi, I had a credit card with Capital One. I couldn't pay them anymore so they sent my account to Cougar financial. I made an agreement with them to pay £42.43 a month which I have been doing for the past 10 months. My debt was £800. I paid them my first payment £20 and in January this year I told them that I can't afford to pay them that amount anymore so I went down to £30.

Yesterday I received a letter from Capital One saying that they transferred my account to Frederickson International and that I owe the £409, which is not true because after my calculation I owe them around £330.

My question is can they transfer my account since I already had an agreement with the previous company? I always paid on time and there was never a problem.

 

Please help.

 

Thank you

[BRIGADIER2JCS]

Hi Welcome to CAG.

 

 

There is nothing to prohibit the sale or assignment to collect of the account with payment arrangement in place.

 

 

Question does the Capone letter state "sold" to Fred or that they are managing the account/collecting on behalf of Capone?

[danadiaconu]

It says on the letter that they act on their behalf.

Hi Welcome to CAG.

 

 

There is nothing to prohibit the sale or assignment to collect of the account with payment arrangement in place.

 

 

Question does the Capone letter state "sold" to Fred or that they are managing the account/collecting on behalf of Capone?

[BRIGADIER2JCS]

This is a normal "outsourcing" of collection activities.

Freds will be in contact shortly I expect, as you have an arrangement to pay in place Freds should allow it to continue, but if Freds have been told of the £42.43 agreed amount they may well expect you to pay that amount.

At the moment do nothing until Freds contact you.

 

 

Am I right in thinking that you have been told to make all payments to Freds from now on?

[danadiaconu]

Hi Welcome to CAG.

 

 

There is nothing to prohibit the sale or assignment to collect of the account with payment arrangement in place.

 

 

Question does the Capone letter state "sold" to Fred or that they are managing the account/collecting on behalf of Capone?

 

It says that they act on their behalf

[danadiaconu]

That is not my concern. My concern is that I actually owe them £100 less then they say.

[ims21]

Own thread created and moved to Debt Collection Forum

[danadiaconu]

Yes it is the same account

[BRIGADIER2JCS]

That is not my concern. My concern is that I actually owe them £100 less then they say.

Ok when Freds contact you, you then raise a complaint that the balance is wrong.

 

 

You can start the ball rolling now by a Formal Complaint to Capone.

[ims21]

Knowing Capital One the account may well be littered with penalty charges which you can claim back plus the associated interest.

 

Do you have your account statements?

 

If you have unlawful charges on there then a reclaim will put a big dent in the amount you owe and may even wipe it out.

[danadiaconu]

I don't know. I might have at home. My original credit amount was £600 and I have been paying them based on £800.So I guess the rest is default charges?

[ims21]

I don't know. I might have at home. My original credit amount was £600 and I have been paying them based on £800.So I guess the rest is default charges?

 

It could well be.

 

Have a look around when you get home.

 

It could well be worthwhile as you may find you owe nothing.

[BRIGADIER2JCS]

Personally I would still want to know how the difference in amounts arises.

[mikeymack2002]

When was this taken out?

 

 

Have you CCA'd them yet? if not I would sent Cap One the request as they have lost a lot of paperwork over the years, template letter here http://www.consumeractiongroup.co.uk/forum/showthread.php?387435-CCA-Request-Consumer-Credit-Act-1974

 

 

Include a postal order marked "for statutory fee only" then send off, get proof of postage which is free from the Post Office they then have 12+2 days to send you a copy of your agreement plus T&C's then come back and update your thread

 

 

MM