Capquest on the loose..........................

[jules1707]

I'm hoping someone can give me some advice. It appears that the delightfull crapquest have bought my 13k credit card debt from TSB now Lloyds/TSB.

Background info:

I took the card out in 1995 and was happily using it and paying it off untill 2009 when I ran into major financial difficulties. I tried everything I could to try and get this sorted from trying to get an IVA to sending them a letter with my income and expenditure at the time and what I could afford to pay back........................................I was basically just ignored and passed on to the first of many DCA's. I sent a cca request to all of them and it went very quiet for a few years.

It seems to me that if Lloyds could have provided a cca for this debt then they wouldn't have sold it on to crapquest. I have now sent a cca request to crapquest and they have replied that they will forward the documents on once they have recived them.

I can't see that happening, can you?

Should I just sit tight? It will become SB in April 2015 so maybe it's a last ditch attempt to try and bully me.

My only worry is that I've seen a lot of posts on here regarding crapquest saying that they have received court summons. Do you think it's unlikley I'll get one as they have responded to my cca request?

Any advice would be very much appreciated as over the years all of the worry has caused ill health and a divorce!!!!!! So I really would be very grateful if someone could help.

[FlamingParrot]

Re: Capquest on the loose..........................

Hi and welcome!

Debts get sold regardless of whether they are enforceable or not, they are sold in bulk and even statute barred debts are packaged along with the rest, so it doesn't really mean anything, other than Lloyds would have written if off as a tax loss and got around 10% of the alleged balance from CrapQuest.

Are they chasing you? If they are not, I would be inclined to let sleeping dogs snooze away until such time they contact you.

When did you send your CCA request? It's customary for DCAs to say they'll get back to you as they'll have to request the documents from the original lender. The good thing is that, as long as they are in default of your request, the account is unenforceable. Do post up their reply once you get it, or any other letter you may get from them and we'll take it from there.

You say you have other debts, are they bothering you at all? If so, maybe we could help!

[jules1707]

Re: Capquest on the loose..........................

Thankyou Flaming Parrot. The first I knew of capquest having purchased my debt was when I received a missed call, text and threatening letter from debt (miss) management ltd informing me that they were chasing on behalf of capquest. The nice letter insinuated that they would send someone round to huff and puff and blow my house down. So I sent a cca request to both capquest and debt management early last week and have now received a letter back from both letting me know that they're on the case.

I don't know if I'm being a bit thick here but I would have thought that if the cca was available it would have been sent years ago when all these shenanigans started.

I do have anither debt with the halifax which I'm paying apex (dca) £50 a month.

[FlamingParrot]

Re: Capquest on the loose..........................

Thankyou Flaming Parrot. The first I knew of capquest having purchased my debt was when I received a missed call, text and threatening letter from debt (miss) management ltd informing me that they were chasing on behalf of capquest. The nice letter insinuated that they would send someone round to huff and puff and blow my house down. So I sent a cca request to both capquest and debt management early last week and have now received a letter back from both letting me know that they're on the case.

I don't know if I'm being a bit thick here but I would have thought that if the cca was available it would have been sent years ago when all these shenanigans started.

It's customary for debt purchasers to send those holding replies to CCA requests because they would have to obtain the documents form the lender. Indeed they would have sent it had it been available, but you did the right thing by sending a fresh one, it would cover you should they try to go further with this. As long as they are in default, they cannot enforce.

I do have anither debt with the halifax which I'm paying apex (dca) £50 a month.

Have you ever considered sending a CCA request for this one?

[jules1707]

Re: Capquest on the loose..........................

I think I might just do that!

[FlamingParrot]

Re: Capquest on the loose..........................

I would... :thumb:

[jules1707]

Re: Capquest on the loose..........................

Now here's a thing I'm curious about...............................If a DCA has purchased a debt from the original bank for a pittance and then proceeds to succsessfully take the debt to court, is the original amount supposed to be repaid or the reduced amount as paid by the DCA. I just thought that as the original debt was written off by the first person and sold on it's not fair that the DCA should be able to recoup original full amount if they only paid peanuts for it........stop me if i'm waffleing on

[FlamingParrot]

Re: Capquest on the loose..........................

Now here's a thing I'm curious about...............................If a DCA has purchased a debt from the original bank for a pittance and then proceeds to succsessfully take the debt to court, is the original amount supposed to be repaid or the reduced amount as paid by the DCA. I just thought that as the original debt was written off by the first person and sold on it's not fair that the DCA should be able to recoup original full amount if they only paid peanuts for it........stop me if i'm waffleing on

The original amount is supposed to be repaid, that's how DCAs make their profit, not all accounts go to court and even when a CCJ is obtained, there's still no guarantee the debt will be repaid, if the debtor is skint, you can't get blood out of a stone. Some of the debts the DCAs buy will be statute barred, unenforceable in court, the debtor may have died or left the country, they have to make the most of those they do manage to get repaid.

The amount paid for a debt is not usually disclosed to the debtor, as it's a transaction between two parties that doesn't involve the debtor. It's a win-win situation for the original lender who writes it off as a loss for tax purposes and gets a small amount back from the DCA, when they didn't even used their own money in the first place, financial institutions make money out of thin air, thanks to fractional reserve banking. :grin:

[Guest]

Re: Capquest on the loose..........................

It would be nice if money could be produced out of thin air, but really this is a common misconception have a look here.


http://www.youtube.com/watch?v=WEFxvfR0f2s

[jules1707]

Re: Capquest on the loose..........................

Update: Well here's the thing....................I sent my CCA request on the 30th Sept (2013) and blow me down and tickle me with a feather but no one has produced it yet! I shall sit tight and see what darstadley tricks they come up with next the little terrors..................

[jules1707]

Re: Capquest on the loose..........................

Here we go again....Just had a letter from my buddies at Crapquest stating the following.....

Thankyou for your recent correspondence

Please find enclosed:-

1. Reconstituted copy of the credit agreement.
2. Terms and Conditions.

Your account remains in default and the full balance is payable.

It then goes on to say how much I owe.

The enclosed documents are on plain paper with no account details relating to me, undated and are unsigned. Can someone help me please. Do I respond with anything?

[jules1707]

Re: Capquest on the loose..........................

Help me please........

[jules1707]

Re: Capquest on the loose..........................

Can someone please give me some advice ref the above as I don't know whether to respond to them or not?

[ncf355]

Re: Capquest on the loose..........................

OK,

Well, without an agreement signed by you containing the terms you agreed to at the time of signing (as this is a pre April 2007 agreement) they would not be able to enforce this agreement.

I'd be inclined to write stating that as this agreement would not be enforceable under Section 127(3) of the CCA 1974, they are unable to take court action and it is your position that therefore no payments will be forthcoming.

They may well continue writing, but there is little they can do, so long as you are happy to ignore them I'd consider it done.

Another thing worth paying attention to is whether the terms they have sent relate to the timeframe you took the agreement out - a clear marker of this may be the amount quoted for late payment/overlimit fees which were changed to £12 (in most cases) after 2007.

Send them this:


"Dear Sir/Madam,

Many thanks for your recent communication dated XX/XX/2014.

I acknowledge receipt of the documents you consider to be a reconstituted agreement.

However, and as I am sure you are aware, you would be unable to seek enforcement of this agreement in a court without the original document, signed by myself and containing the prescribed terms of the Consumer Credit Act 1974 (as amended).

I therefore state my position clearly that no payment will be forthcoming in relation to this legally unenforceable debt.

Yours sincerely,


XXXXXXX"

[ncf355]

Re: Capquest on the loose..........................

A note that in case they try it on, Section 127(3) was altered for agreements post April 2007 (I believe that is the correct date?) but was NOT retrospective and in your case (1995) you are WELL out of that catchment.

This means that a court CANNOT enforce the agreement without sight of the document containing your signature and its original terms (such as % APR, Credit Limit, etc)