Question about capquest

[Vitarion]

I had a letter from cap quest in December offering 60% on a debt I didn’t act on it as I did not have enough money now funds have been offered to me Will they give the 60% discount?

[Matty B]

Who knows, was the offer time limited?

I would also ask why they offered such a huge discount, was this their opening offer ?

[GoodOldBoy]

Capquest is a debt collection agency. They have probably bought this debt for (perhaps) 10p in the pound. The fact that your original creditor sold it to them suggests to me that the debt may well be unenforceable. You don't say when you first took out the debt, who it was originally with or what it is for. Don't be in a hurry to pay them anything until you know whether or not it is enforceable. If it is enforceable (which I doubt) they will sgree to a 60% discount anytime as it gives them (about) 300% profit on what they paid for it.

Remember, Capquest only buy 'doubtful debts'. You may not (legally) have to pay them anything. Trust me, I have been there. More information would help.

[Matty B]

Capquest is a debt collection agency. They have probably bought this debt for (perhaps) 10p in the pound. The fact that your original creditor sold it to them suggests to me that the debt may well be unenforceable. You don't say when you first took out the debt, who it was originally with or what it is for. Don't be in a hurry to pay them anything until you know whether or not it is enforceable. If it is enforceable (which I doubt) they will sgree to a 60% discount anytime as it gives them (about) 300% profit on what they paid for it.

Remember, Capquest only buy 'doubtful debts'. You may not (legally) have to pay them anything. Trust me, I have been there. More information would help.

While it may be true I think it is dangerous to think a debt is unenforceable just because it has been sold. This is a claim I have seen on another forum by someone who frankly has no clue about what he is talking about however helpful he appears. Many banks do not want to go to the cost or bad PR of taking people to court. It seems to be the modern way or doing things, farming out jobs to third parties.

I have never seen evidence that capquest only buy 'doubtful' debts although I am not an expert.

Of course if they have only just bought it at 10% cost and settle within a month for 40% that is a nice little earner for the cost of one or two automated letters. A decent Gross profit

[GoodOldBoy]

I did not suggest the poster should 'think' the debt is unebforceable. I suggest he should find out before rushing to make a payment. Capquest are bottom feeders and it is a fact that they only purchase cheap (therefore usually old) debts. I have dealt with these people several times. They make their money out of the unwary. I may be new to this forum but I have been around the block a few times with the likes of Capquest.