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baconbuttyman

citi financial loan and capquest debt recovery company

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i have a bad loan for £2403.89, was reading in another thread that sometimes the debt collection agencies buy the debt off the loan company for as little as 12%, if that is true, would that be why they offered to settle for £1262.04, would this indicate that the debt has been sold and if so are there any ways to make the situation easier for me, i dont wish to worm my way out of the debt (ahem unless i can) but what i am thinking is if they have bought it for a rediculess amount can i offer realistically a silly settlement amount like £700

any help would be appreciated as i would like to pay this off with the charges i get back from hellifax with out using it all


TOTALLY debt free as of 2007, Fantastic,

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Companies (even original creditors) will offer to settle bad debts for less than their nominal value if you are able to pay the whole amount of the settlement. There comes a point in time when some companies will take a "reasonable" offer just to get rid of the problem. It saves them having to sell the debt for less, mess around with court proceedings or even accept £1 a month for the next 300 years.

 

Different companies will settle for different amounts in different cicrumstances. If that is their first offer at 52% you should try offering less to see if they'll go a bit lower. Anywhere between 25% and 50% is a pretty good deal.

 

If you do make a settlement about this make sure that you get WRITTEN confirmation that the payment of £X will a full and final settlement. If you don't do this it's amazing how many companies take the payment and completely "forget" about the whole arrangement!

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If I can add a little bit here.. This is all about negotiation and your negotiating skills. Seminole is absolutely right about all he/she said, but if you are looking for the best deal you have to make it look as though this is the ONLY time you will ever have the kind of money you are offering them. In principle, a debt is a debt and should be paid, however I believe that a certain amount needs to be 'knocked off ' for the greif they put you through when you are going through financial difficulties which are often not always of your own making ( job loss, sickness etc) especially when the people giving you the grief are not the original owner of the debt. I had much of this after losing my business through 9/11. Remember that these outfits are there to make a profit, let them see they are going to make some. Take the 12% and add a bit for their profit. Tell them that someone is going to help you get out of your debt ( a friend/family member) with a limited amount of money to stop your health from deteriorating and make an offer for less than you are able to pay them. They will refuse your first offer. Tell them you'll have to go back and see if you can squeeze some more out of another creditor so you can offer them more and get back to them until you have a satisfactory result. It is not always easy because some of these people you are talking to are trained negotiators too. If you are seen to be offering ALL your creditors a similar % to settle then that will be looked upon more favourably too as it will be apparent you are treating everyone the same. As long as you have taken into account that the balance is not made up of illegal penalties and charges then your obligation is to pay your debts, just practice your negotiating skills first!


Cabot and the Cabot Fan Club Threads:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot.html

 

Legal Actions Explained for Businesses:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20492-legal-actions-explained-company.html

 

Payplan CCCS Advice:

http://consumeractiongroup.co.uk/forum/getting-out-debt/128587-info-cccs-payplan-experiences.html?highlight=Payplan

 

How to use the Forum

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

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just found out to day that they are acting on the bahalf of citifinancial, any way other development are appearing with this am looking into this and will update later


TOTALLY debt free as of 2007, Fantastic,

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other development are appearing with this am looking into this and will update later

 

dpa sent off today, ok the new developments are as follows, i would apprecial any thoughts on this "problem?"

 

the original agreement had the total of the loan which was £1000, then we got a top up loan of £1200 which put it up to £2200, but, when the new agreement was made up we signed and left with the dosh, the next day when we re read the agreement we realised the total was not correct, the amounts were correct when it was itemised but the total was wrong by about £145 under the correct amount, it should have been £2425.76, but it read £2300.41, so we asked for it to be revised due to the error, they sent a new one to sign but that was wrong also, the third was wrong so i phoned and asked for the boss who assurred me to sort it out, they sent another one that was correct, but we didnt sign the form for whatever reason, so my question is is the loan legal, also when the dpa comes back with the docs ect and no signed contract only the errored original, where does that leave us, is thsi a loopehole to get out of it??????????


TOTALLY debt free as of 2007, Fantastic,

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i got a letter from citi financial today, the tell me they cannot supply the original agreement so they are writing off the debt. £2400. this is good news for all, get writing for your original agreements people


TOTALLY debt free as of 2007, Fantastic,

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Have they also entered a default against your name? If so, insist that they completely remove it from your file.

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Have they also entered a default against your name? If so, insist that they completely remove it from your file.

 

looking into that now, am i being pushy asking for any money paid to them "back"


TOTALLY debt free as of 2007, Fantastic,

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in regards to any money i have paid them i will just leave that, i am getting off with a loophole and will let sleeping dogs lie


TOTALLY debt free as of 2007, Fantastic,

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"Getting off with a loophole"?! I strongly disagree. The onus is on them to comply with the law when collecting Debt - if they had no original documentation they should not even have pursued you in the first place. They have knowingly taken money from you under false pretences - it's called "Obtaining a pecuniary advantage by deception" I believe...

 

Obviously it's your choice but I think that your reasons stated above for that choice are flawed; this isn't your fault. If you choose to let it go just for some peace then fair enough; but don't do it simply because you feel you're chancing your arm. You'd be claiming back what's rightfully yours, no more, no less.

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"Getting off with a loophole"?! I strongly disagree. The onus is on them to comply with the law when collecting Debt - if they had no original documentation they should not even have pursued you in the first place. They have knowingly taken money from you under false pretences - it's called "Obtaining a pecuniary advantage by deception" I believe...

 

Obviously it's your choice but I think that your reasons stated above for that choice are flawed; this isn't your fault. If you choose to let it go just for some peace then fair enough; but don't do it simply because you feel you're chancing your arm. You'd be claiming back what's rightfully yours, no more, no less.

 

point taken..but..why would i pay them any money in the first place if i didnt owe it in the first place, i dont see the defence to that, even if there is no egreement


TOTALLY debt free as of 2007, Fantastic,

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...because they intimidated you into it...?

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i must admit..i am tempted


TOTALLY debt free as of 2007, Fantastic,

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Hi baconbuttyman, I read a post yesterday regarding your wife recieving comp for defaults as it against the law. could you no what the law act number is or have a copy for me please.

 

thankyou

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This topic was closed on 2019-03-08.

If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support there.

If you would like to post up some information which is relevant to this particular topic then please flag the issue up to the site team and the thread will be reopened.

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TOTALLY debt free as of 2007, Fantastic,

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style="text-align:center;"> Please note that this topic has not had any new posts for the last 349 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

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