Moorcroft Debt collector settlement
kokopao
Posts: 4 Newbie
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?
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Comments
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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 Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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