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  • FIRST POST
    • kokopao
    • By kokopao 6th Oct 17, 6:17 PM
    • 4Posts
    • 0Thanks
    kokopao
    Moorcroft Debt collector settlement
    • #1
    • 6th Oct 17, 6:17 PM
    Moorcroft Debt collector settlement 6th Oct 17 at 6:17 PM
    Hi, I've been in a DMP for a few years and I don't have long to go until I have cleared all debts apart from 2 accounts that Moorcroft hold (2xVM accounts) I have called them several times to see if they can offer a reduced settlement on all occasions they have told me VM won't allow them to reduce the balance to settle the debt, I have now written to them to see if there is anything that can be done, the debt is a few years old so my DMP said they should budge but they are not, there are normally 2 ways an account gets passed on 1 the collector buys the debt for very cheap and the reduced settlement favours all parties and the other is that it gets consigned to them and there will be a target of 50% to collect for example if I 1k and the target is 50% they will be happy with £500 they get £250 and VM get the other halve this is what my DMP have told me but why wont they budge on a 2/3-year-old debt?
Page 1
    • sourcrates
    • By sourcrates 6th Oct 17, 6:39 PM
    • 12,175 Posts
    • 11,637 Thanks
    sourcrates
    • #2
    • 6th Oct 17, 6:39 PM
    • #2
    • 6th Oct 17, 6:39 PM
    Hi,

    Moorcroft are only managing your debts so can only act on the creditors instructions.

    If the creditor won’t budge there’s little you can do to be honest.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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