Marbles and CapQuest Investment Ltd / NewDay

[supermac9]

Without notice, Marbles have sold my account to a company called CapQuest - I had an interest free reduced payment arrangement in place with Marbles but without warning I received a letter from CapQuest saying they now hold my account, and can we come to an arrangement about payments. A few days later, a letter from Marbles/progessive Credit) landed, telling me what CapQuest had already advised.
I have told CapQuest to go back to Marbles (or Progressive Credit, or whoever they are) and get the details of my arrangement from them. I've also complained to Progressive Credit (two letters so far, both ignored) about the process they have followed.
I don't suppose I have anything to gain, but I'm not happy.

[FlamingParrot]

Re: Marbles and CapQuest Investment Ltd

How old is your Marbles account?

If you took out the card before April 2007, I'd hit Capquest with a CCA request! If they fail to comply, you would have an argument to stop payments. :thumb:

[supermac9]

Re: Marbles and CapQuest Investment Ltd

I'm really not sure, but will backtrack to see - thanks for the advice.

[supermac9]

Re: Marbles and CapQuest Investment Ltd

This account was a Beneficial Card in a previous life (owned by HFC Bank?), and predates 2007 by quite some time.

[FlamingParrot]

Re: Marbles and CapQuest Investment Ltd

This account was a Beneficial Card in a previous life (owned by HFC Bank?), and predates 2007 by quite some time.

Beneficial/HFC are now part of HSBC.

I'd hit them with a CCA request. If it's that old, they may not be able to get anything from HFC/HSBC. :thumb:

Dear Sirs

Ref: xxxxxxxx

I hereby formally request a copy of my Consumer Credit Agreement, pursuant to s.77-79 of the Consumer Credit Act 1974 (CCA1974).

I require you to provide me with a true copy, or reconstituted copy of the credit agreement relating to any account you deem to be mine, together with any other documentation the Act requires you to provide. I expect you to comply fully and properly with this request, within the statutory time limit (12 + 2 days).

If it is your view that you are not the creditor, s.175 of the CCA1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties. Your attention is drawn to ss.5(2), 3(b), 6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR). In line with recent OFT Guidance (issued Oct 2010) surrounding Unenforceability, I presume you're aware that the OFT has stipulated that 'sections 77-79 of the Consumer Credit Act 1974 outline the information creditors must provide to debtors under fixed-term, running account & Hire Agreements'. This simply means that under these sections a debtor can pay £1 to get:

• a copy of their agreement
• copies of some of the other documents mentioned in their agreement
• a statement of account

If this information is not provided within 12 working days the debt becomes unenforceable. This means a creditor cannot:

• make the debtor pay the debt before they're supposed to
• get a court judgment against the debtor

So, in line with the OFT Guidance, and the Consumer Credit Act, please find attached my £1 payment, which is the statutory fee - note that these funds are not to be used for any other purpose. If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity and return the fee.

Yours faithfully,

[supermac9]

Re: Marbles and CapQuest Investment Ltd

I had a letter from Marbles Customer Service (now there's a contradiction in terms!) yesterday, six weeks after I first wrote to them complaining about them selling my account on without giving me notice. They're basically telling me where to go, but I've already sent a complaint off to the FOS so we'll see what happens.
In the meantime, CapQuest will be getting my CCA letter.

CCA letter sent to CapQuest on 24.02.14, so lets see how quickly they respond.

FOS have tried to backheel this by saying that Marbles/Progressive Credit need the opportunity to provide a final response - however, it looks like they received a copy of the letter from Marbles Customer Service on the same date that they also returned the complaint form and associated correspondence!

[supermac9]

Re: Marbles and CapQuest Investment Ltd

CCA request - acknowledgement received on 08.03.14 advising that they have requested the documentation. We'll see if it can be tracked down, particularly when considering how many times the account has been passed around. Strictly speaking, they have until close of play today to provide a copy.

[supermac9]

Re: Marbles and CapQuest Investment Ltd

It looks like Marbles have caught the Jet2.com disease of making things up as they go along - I've just had a letter from them saying they never received my first letter (11th April 2013) after all, so they didn't really take 10 weeks to respond! Strange thing is that a previous letter from Marbles acknowledges that their Customer Services Team received this but didn't deal with it. :faint:

[ncf355]

Re: Marbles and CapQuest Investment Ltd

Be aware that just because Capquest don't supply the CCA by the required timeline, this only stops enforcement at that time.

If they manage to find it, they could then continue enforcement.

However, even if they do find it, from what we've seen in the past it is very unlikely it will comply with the requirements of the CCA 1974, and so it will likely be unenforceable at court due to CCA 1974 S127(3) which prevents any court from enforcing the debt unless a document signed by you contains all the prescribed terms.

It seems to be a little known fact that paying part payments is pretty pointless - they will still place a default on your credit file whether you make a payment of 25%, 50%, 75% (of the due monthly payment) or NOTHING.

Effectively, once you establish they have no ground to be able to go to court, the only thing they can do is rely on you being kind to them and giving them money!

If you can put up with the constant begging letters (before they get bored and give up), there would be little point in paying.

And from a moral perspective, bear in mind they probably paid HSBC around 10% of the total value of your debt, if that.

[supermac9]

Re: Marbles and CapQuest Investment Ltd

I've been through enough with a few companies to stand my ground with them, largely through the advice of this forum I have to say. I have my CCA follow up letter (again, from this forum) already prepared for CQ, which will be posted on 25.03.14 if they don't come up with the goods within the timescale.
Bearing in mind it will only have cost them a few hundred quid, I can't see them getting too upset about it.

[supermac9]

Marbles and CapQuest Investment Ltd

No sign of my CCA from our friends at CapQuest yet, so the follow up letter will be posted off today (I sent my first letter off on 24.02.14, and have only had an acknowledgement to date).
Lets hope they can't track one down (although there must be one somewhere).

[supermac9]

Marbles and CapQuest Investment Ltd

I haven't had a word from CapQuest since sending them my follow up letter on 25.03.14, so I expect they are struggling to obtain a copy of my CCA for my old Marbles card account.
In the meantime, I have emailed the FCA to advise them that CQ have failed to provide the documentation, or to even contact me to discuss the situation - nothing from them so far other than an acknowledgement.

[FlamingParrot]

Re: Marbles and CapQuest Investment Ltd

No sign of my CCA from our friends at CapQuest yet, so the follow up letter will be posted off today (I sent my first letter off on 24.02.14, and have only had an acknowledgement to date).
Lets hope they can't track one down (although there must be one somewhere).

I haven't had a word from CapQuest since sending them my follow up letter on 25.03.14, so I expect they are struggling to obtain a copy of my CCA for my old Marbles card account.
In the meantime, I have emailed the FCA to advise them that CQ have failed to provide the documentation, or to even contact me to discuss the situation - nothing from them so far other than an acknowledgement.

What are you trying to achieve? It's very likely they can't find it, which is why they haven't sent it to you, which can only work in your favour, since no CCA = no enforcement.

What do you expect the FCA to do for you?

[supermac9]

Re: Marbles and CapQuest Investment Ltd

One of the final paragraph's in the letter to CQ states:
"Thereforeyou have 7 days from receiving this letter to contact me with your intentionsto resolve this matter which is now a formal complaint, otherwise your conductwill be reported to the Office of Fair Trading, the Financial Ombudsman andTrading Standards. Any investigation undertaken by them may affect your abilityto hold a consumer credit license in the future."
Since the FCA have taken over from the likes of the OFT, I thought it was one of the next steps, bearing in mind they haven't made contact?

[Amethyst]

Re: Marbles and CapQuest Investment Ltd

Its worth submitting a complaint, if they got enough they might investigate, (wouldnt help you specifically though) It is unlikely though, particularly as HFC (original creditor) have cancelled their entry on the financial services register. That means all the HFC debts have been sold on/assigned elsewhere and you wouldn't have been able to keep the arrangement with Marbles (who are HFC) anyway as they don't have the right licences to collect the debts, basically.

Are you continuing the repayment arrangement with Capquest or are you trying to get the account settled at a discount / wiped due to non compliance with the CCA? Just be aware they could take you to court, they'd still need the CCA to enforce but doesn't stop them having a go.

If I were in your position I might try and make a full and final settlement offer as a goodwill gesture to end the account once and for all.