'Error' in Full and Final Settlement Offer

[weejay6000]

I have several Credit Cards and a £15000.00 Unsecured Personal Loan from NatWest. Due to many different factors I was unable to keep up with my repayments. I was relieved when I managed to set up Reduced Payments for all my Creditors.

 

 

Last week I received a letter from 'Capquest' stating they would be taking over my Natwest Loan. They said they would accept my £2.50 monthly payment but also offered me a 'Full and Final Settlement' of 0.72% of my balance quoting a final figure of £108.08. I couldn't believe it!, what a great offer:). I thought the catch was the timescale, since the letter they posted out was dated 4th and I ony had until the 10th to accept this offer and make payment. Luckily a friend wrote me a cheque and I posted it by Recorded Delivery, so I know it was received on time.

 

 

On the 9th I received a letter from Capquest stating they had made an error with their previous letter and the offer intended was 72% of the balance giving a final figure of £10800.00. They apologised and said 'the decimal had been put in the wrong place'. I was gutted!!! However, they still cashed my cheque for £108.08.

 

 

I am now wondering if they can do this, since they made me an offer, I accepted it and now they've gone back on their word. Any help would be greatly appreciated from this fantastic site.

[42man]

Do you still have the letter ? Keep this and guard it safely....you have settled it.....

[weejay6000]

Hi,

 

Thanks for the reply. Yes, I've still got the letter with the offer of 0.72% a final payment of £108.08.

 

However, this morning I've received another letter from Capquest saying again that the offer of 0.72% was an error and they've enclosed a cheque for £118.08 addressed to me. They say it's a refund of my payment plus £10 for postage & costs.

 

Any further thoughts would be greatly appreciated.

[jaxads]

I would be tempted to return the cheque to them, stating that as far as you are concerned the matter is now closed

 

You've got to feel sorry for them, they cannot even get their monkeys to put the decimal point in the right place!!

[surprise]

Send it back recorded delivery saying that the debt has been settled as per their letter of ....

[surfaceagentx20]

The offer was an unambiguous offer comprising first a reference to '0.72%' and second '£108.08'. If the letter was the product of a typo there were several by the use of a superfluous '0.' in the percentage figure, and the incorrect position of the decimial point and the omission of '00' for the pence figure in the monetary figure.

 

I take the view that the collection of errors could not be treated as one simple error or an attempt on your part to take an advantage.

 

Further still, the cheque offered in settlement was not from you but a third party. No doubt the cheque drawn by the third party was to secure your release from the debt. That cheque was accepted.

 

In my view the creditor has compromised the claim by the issue of the offer, the acceptance of it by way of offer from the third party and the encashment of the cheque. I would not return the cheque nor obviously would I present it. I wold simply retain it very safely.

 

x20

[42man]

Brilliant SAx20 and thank you....

[weejay6000]

Thanks guys for the replys, much appreciated.

 

I think I'll keep hold of the cheque Capquest sent me for the time being, I definately won't cash it.

 

I'll just wait & see what happens now, if I receive anymore letters etc. I'll keep you informed.

[Pinkpegasus]

Subscribing, hee hee, you lucky thing xx

[ODC]

Subscribing with interest

[Ubiquitious]

I agree, return the cheque and tell them you consider the matter closed. Your situtation is improved by the fact they cashed the cheque. You can tell they are concerned about this. I have never heard of a DCA returning money like that plus postage costs when you have an outstanding debt with them.

 

Subscribed

[weejay6000]

Thanks guys,

 

Not sure what's meant by 'subscribing'. But as yet I haven't heard anything else from Capquest.

[ODC]

There was a thread earlier about this seemingly wonderful offer. At the time I said if it looks too good to be true then it certainly is.

 

That said I think you have them by the short and curlies,

[surprise]

I know one of the posters said to hold onto the cheque but personally I would not feel happy about doing this, I would much prefer to return it and telling the matter is closed. In view of the fact that a cheque is valid for six months are you sure you may never be tempted to cash it? I also think by not returning it Capquest will probably think that you have fallen for it and will cash it at sometime.

[ODC]

There has been some excellent expert advice on here by x20. Follow it

[surfaceagentx20]

I also think by not returning it Capquest will probably think that you have fallen for it and will cash it at sometime.

 

By not encashing the cheque will draw this whole thing out for the lifetime of the cheque and frustrate the creditor in being pro-active even though the ball is in their court. Being able to produce is incontrovertible evidence of non-presentation.

 

x20

Edited October 23, 2008 by surfaceagentx20

[ODC]

Here is the earlier thread about this amazing offer

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/163388-good-morning-charming-letter.html?highlight=capquest+offer

[weejay6000]

Just to keep you updated guys.

 

I've still got hold of the cheque Capquest returned to me but now 7 weeks later I've received a letter from their solicitors 'HL Legal' demanding arrears of -£108.56 ... yes, that is a minus sign.

 

There is no address to reply to HL Legal only Capquests. Shall I just ignore this letter, any thoughts on this latest development please??

 

wj6000

[surprise]

Personally, I would ignore it, just keep hold of all correspondence and envelopes they arrive in. It is staggering just how inefficient these DCAs are and yet they have been getting away with this for years.

[ODC]

Just to keep you updated guys.

 

I've still got hold of the cheque Capquest returned to me but now 7 weeks later I've received a letter from their solicitors 'HL Legal' demanding arrears of -£108.56 ... yes, that is a minus sign.

 

There is no address to reply to HL Legal only Capquests. Shall I just ignore this letter, any thoughts on this latest development please??

 

wj6000

 

Just shows what a bunch of Cretins you are dealing with. Wait until they start ringing you demanding immediate payment of this negative balance and start threatening you with the usual sh!t about Courts, Baliffs etc etc etc

[bazaar]

I could be wrong here, but.

Send a letter stating account is now closed per your agreement letter from them AND their encashment of your settlement cheque dated xxxxx.

Also, ask when you can expect their kind gift of £108. 56 as it'll come in handy over Christmas:D