credit card debt for capital one - Settlement Offer from Capquest - what to do?

[eeloojon]

Hi all,

 

I have a credit card debt for capital one for £590.67 that was passed on to capquest/HL legal. So far I have made no contact with them on the phone but have drafted a letter of settlement I was about to send to them after I have divvied up the money I have available between them and my other creditors natiowide. I was going to offer £232.

 

Today I recieved a letter offering a "one time only offer" of £310.10. I don't want to pay more than £250 as this would stretch my budget for my other debt.

 

None of this is my own money - I am using the remains of my o/d to pay them off.

 

It says this offer is conditional on me contacting them by the 15th to discuss payment meyhod and date ...I am also worried about paying them then them asking for the rest...

 

What shoudl I do? Phone them and offer a lower amount and pursuade them by saying I can pay that day?

 

Help me please!

 

ETA - I can't really pay them off monthly as my income is only £500 student nurse bursary (which I use all of) and I just left my part time job as i couldnt work a total of 50hours a week between that and my trainng anymore!

[jdene]

I am assuming that your outstanding balance includes a number of charges applied by capital one if this is the case send capquest a letter telling them you dispute the ammount of the debt and a claim your charges back from capital one i am in the process of doing this now with capital one card

you can get all the help and advice you need on reclaiming your charges on the relevant threads on this site go to reclaiming unfair charges and see if you are actually in debt or if they owe you you may get a pleasant surprise, best of luck with it.

Regards

[Guest littlesally]

If you are claiming back charges from this account then there is little they can do as the account is in dispute.

 

If not, then I would ring them and explain the situation, offering what you can afford.

[lookinforinfo]

Bearing in mind that Capquest probably paid no more than £50 for the debt,

your offer of £230 was too generous.

If you have any idea of how much of the debt is bank charges, then subtract

that from the debt and see how much is left. If it is still sizeable, then write

to Capquest explaining your situation.

1] you do not have £300

2] you cannot pay more than £5 a month [if that]

3[ if you can't come to any agreement, you will have no alternative than to

reclaim the unlawful charges taken by Capital One which means the account

will be in dispute for several months. [Capquest will be aware that when the account is in dispute, they cannot pursue you for the debt].

4] By the time that is resolved, you will probably not be in a postion to pay a lump sum, and they will still be stuck with £5 a month.

5] Explain you are a trainee [?] nurse already struggling financially and will

be for the forseeable future.

6] You have a small amount of money available at the moment which you

realise is insufficient to satisfy them, but it is all you have and if they would

accept the £110 in full and final settlement you would be grateful.

 

 

PS They will not accept that figure at first. If that is the case, write

again sticking to the £110 and including a cca request.

[Donel261]

I am currently trying to negotiate a full and final settlement with the dreaded Cabot Financial. I made an offer of £300 stating it is money being offered by my parents to clear the £860 debt. They refused it saying they want £600, I wrote back increasing it to £400 and stating this is the maximum I could pay due to circumstances etc, and that it is not going to be increased further. They wrote back again saying they wanted £600 again. I have written back with a postal order for £2.50 and informed them that the payments will continue on a monthly basis until the debt is cleared as it is all I can afford & (oh by the way, the £400 in full and final settlement is still available should you see sense), heard nothing but I am sure they will come around..... dont pay them more than you can afford, thats madness! persistence pays off in the end.

 

Good luck!