One of the many debts being paid for is my debt to Capital One. I have decided to write about where the debt eventually ended up for each account I am making repayments to. Quite a few people search for things like this so I may as well put something up for them to read. My Capital One debt is only a small one. Originally the amount owed was around £330.

What happened when I stopped making payments to Capital One

I cancelled the direct debit and stopped making payments. It was then a case of waiting to see what happened. After the payment was overdue phone calls and letters starting coming in chasing the outstanding amount. I did set up a payment plan with Capital One but I didn’t stick to it.

However that being said setting up the payment plan with Capital One was straight forward and they were understanding about the situation. I sent an offer of repayment letter and an income and expenditure form to get this plan set up. This is quite standard when you wish to make a reduced amount to your non-priority creditors.

Cougar Financial Services have their turn

After three months of me ignoring them it was time for a company called Cougar Financial Services to take their turn and collect the debt. I received a notice of default and awaited the wild animals to come and collect the debt.

Cougar Financial Services were easy to deal with. I explained my circumstances and provided the usual overview of my finances. I paid them for a few months and there wasn’t any trouble.

Final Resting Place at Capquest

I can only assume Capital One got bored of waiting for such a small amount as they sold the account to a company called Capquest. I believe this happened after me making payments for around six months. The payments being made were very small so it would take a long time to pay the debt.

Capquest are easy to deal with as well which is a good thing. There were a couple of issues surrounding the payment due date. I would make payment on time but be chased for payment. It turned out that the payment due date was wrong.

Capquest have made me offers to settle the debt for a fraction of what was owed. I declined. However maybe one day I will take them up on their offer. I assume they bought it for a tiny amount as well.

So to summarise the debt collection process went like: –

• Capital One In House Collections
• Cougar Financial Services
• Debt sold to Capquest.

Overall this particular account has been no bother. I did get a default and some charges and interest were applied to the outstanding balance but apart from that it was plain sailing. This should be a debt I settle in the next 6 months but don’t hold me to that.