Capquest cap1 [CCA ver #15a]- £1200 settlement offer on +£4k - should i settle?

[bright_future]

hi,

 

(back from a while ago)

 

One of my creditors has offered a settlement figure, which is within my reach.

(done all the CCA stuff, etc, as per earlier advice)

 

The letter I received seems quite generic in its wording.

 

Is there a specific wording I should look for / ask for?

If I pay the smaller amount, can they still sell on the remainder to another company?

 

What wording should I ask for, to ensure the settlement means no further sums are due, to them, or anyone else?

 

thanks.

(for info, a debt of 4400: offer 1200 accepted)

[dx100uk]

creditor or DCA?

 

 

history of the debt please

 

 

I'd smell a rat if someone said to me

you owe us +£4k but we'll accept £1200......

 

 

dx

[bright_future]

DCA. it was a capital one debt. and the dca is capquest. i think they are connected anyway.

[dx100uk]

no connection between cap1 and capquest

 

bet theres heeps of penalty charges and PPI knowing cap1

 

when did you take the card out

and can you pop up the returned CCA

who says it enforceable?

[renegadeimp]

If cabot are offerin that low of a settlement, do not accept it. They do that when they do not have the right to collect the debt. Theres something very wrong, and with cabot, it is almost always incorrect paperwork/

[bright_future]

dont know why the title is "cabot", I meant Capital One, and capquest.

 

they did send me the signed agreement.

 

so, with regards to the wording of the settlement letter, what should the letter say?

 

thanks

[maroondevo52]

dont know why the title is "cabot", I meant Capital One, and capquest.

 

 

Hi,

 

I've removed 'cabot' from the title.

[renegadeimp]

same advice as before. If they are offering a substantial settlement value, then the debt is a lemon debt.

[bright_future]

they have sent me the photocopy of the capital one credit card agreement, with my sig on it.

Not sure what to look for to see it isnt correct.

 

date of signature is Nov 2008.

 

I am working on assumption that they bought the debt for a substantial discount, and my reduced offer will still net them a profit.

 

I have checked the F&F template letters here and at nationaldebtline, and will use them as basis of acceptance.

I suppose the key thing is for debt to be marked as "satisfied" or "settled", rather than "partial".

 

other than that, I am not sure if there any avenues to pursue, other than to put this one behind me, and have one less creditor to worry about.

[caro]

Have you looked into ppi and charges?

 

When did you last make a payment?

[bright_future]

have been paying token £1 a month for ages. at least 3 years.

 

until the time when things went all bad for me, I always paid off my balance, so never actually paid any interest on any of my cards.

so, I dont thnk PPI applies.

charges? can I reclaim the "not paid minimum amount" fee, and the interest?

 

I read (moneysavingexpert, I think) that you have to prove hardship.

[caro]

You don't have to prove hardship for cc fees and should claim interest too.

[bright_future]

can I reclaim CC fees AND the interest they charged, or just the fees?

 

can I claim them without giving any reason for claiming?

can they say the fees were justified?

[dx100uk]

look for £12 fee late over letter phonecall.

 

 

if cap1 sold the debt

then its got to be littered with PPI and penalty fees.

 

 

strange question I know

but why do you want to settle?

it wont inprove your credit rating if a default shows for the debt.

 

 

can we see that CCA return please

follow the upload

 

 

dx

[bright_future]

still not convinced that there is PPI.

 

want to get this problem behind me. if I can find a way to settle it and have done with it, its one less problem hanging over me.

 

I will load up doc once I get it scanned.

 

thanks for your patience and help on this.

what would you be looking for on the agreement?

[Guest]

perhaps contrary to the guys posts , if theres nothing else to it (ie to claim/challenge), and you want it off your back to move on, then maybe settle for as low as it can be. provided 1200 (or less) is not more than the capital amount?

it'll prob only be marked as 'partial settlement' though on credit files. but ensure that any settlement is re the whole account. capq seem to state that a settlement wld be re the whole, and no 'balance' wld be sold/acted on.

[caro]

can I reclaim CC fees AND the interest they charged, or just the fees?

 

can I claim them without giving any reason for claiming?

can they say the fees were justified?

 

Sorry I wasn't clear. I meant interest on the fees.

 

That said, it's unlikely to clear the debt so you might prefer ford's suggestion. Maybe try and negotiate lower still.

[bright_future]

upload of first page of doc.

I was sent 8 pages.

2 pages photocopy of the original doc, and 6 pages of a clearer text version of the agreement.

 

Is the first page enough?

Edited January 10, 2016 by bright_future
deleted uploaded doc

[bright_future]

I dont think the fees will clear the debt. there will still be some left to pay.

[dx100uk]

can you PDF the upload as the guide says please.........

need ALL the pages

pop them in a multipage word doc

save as .pdf

upload it

 

 

yes you use their int rate.

 

 

pop that in cell d15 of the spread

list each fee on its own row

 

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

 

get the charges done first then settle

 

 

dx

[bright_future]

what specifically are we looking for in the doc?

The PPI box is clearly not-ticked.

What else could there be to look at?

[renegadeimp]

Post the CCA up and let us see. We can't tell you if it's legit unless you do

[bright_future]

there you go.

2 pages of photocopied original.

6 pages of clearer readable text from original.

(I will delete the earlier 1-page upload, as its unnecessary now)

CapitalOne_2016_01_10.pdf

Edited January 10, 2016 by dx100uk
pdf shunk from 10Mb to .5Mb - dx

[bright_future]

so, what are we looking for, in terms of enforceability, or not?

 

is there a link to other threads about reading the agreement T&Cs so I can read up? thanks

[dx100uk]

I would suspect its ok and enforceable

 

hbut that's not the point

 

how much is charges

how much is PPI

 

spready for each

 

dx