Moorcroft chasing for an RBS OD

felix42351

Hi there, a friend of mine is paying Moorcroft £60 a month and has been for about a year for an overdraft of £1600 they used to have with RBS. He has other financial commitments and i was wondering if he would be better off making them a final offer?

Any help would be great

Silvafox

It's certainly worth a try. As if he's already in good books with them, ie paying them monthly, he'll be able to pick up the phone without worrying about them hounding him into making an arrangement.

I managed to offer reduced balances after setting up monthly payments with most of my debts years ago. I found it best to be in a position to pay the same day, with a reasonable offer. So say if there was £1000 left owing, I'd probably go in at £450 and then negotiate from there. Others will say go in less, but I think it's easier to start with a figure that doesn't sound like you're trying to take the 'p'.

I found they always reacted better when I could say 'I can make the payment today by card' as that puts them under pressure to decide and you could be free of the debt the same day.

Good luck mate - to him of course!

DVardysShadow

Silvafox wrote: »

It's certainly worth a try. As if he's already in good books with them, ie paying them monthly, he'll be able to pick up the phone without worrying about them hounding him into making an arrangement.

I managed to offer reduced balances after setting up monthly payments with most of my debts years ago. I found it best to be in a position to pay the same day, with a reasonable offer. So say if there was £1000 left owing, I'd probably go in at £450 and then negotiate from there. Others will say go in less, but I think it's easier to start with a figure that doesn't sound like you're trying to take the 'p'.

I found they always reacted better when I could say 'I can make the payment today by card' as that puts them under pressure to decide and you could be free of the debt the same day.

Good luck mate - to him of course!

The drawback with this is that you have no proof that it is in full and final settlement and that you won't be pursued for more by them or anyone else. Apart from that, the principle of having the money to hand when you negotiate is sound enough.

Silvafox

DVardysShadow wrote: »

The drawback with this is that you have no proof that it is in full and final settlement and that you won't be pursued for more by them or anyone else. Apart from that, the principle of having the money to hand when you negotiate is dound enough.

True, you only have their voice recordings to fall back on if they don't honour it.

But, I managed to get some of them to email confirmation, as it's much quicker than post, and still paid the same day.

To be fair though, even the ones I didn't get it in writing from still honoured the full and final payment.

It's a gamble, but from my experience it can work.

Jimby509

Coincidetaly I am dealing with Moorcroft on a £1200 Overdraft they took from RBS, maybe brought a job lot from RBS. If your friend is paying £60 per month I dont see why Moorcroft would accept a low full and final when they know that in well-under 3 years they can get the whole outstanding £1600 from your friend if the sit tight.

I was paying them £25 per month. They demanded more despite the arangment they made with me. I got so much harassment from them that I now refuse to talk to them on the phone and have been paying them £1 per month for 3 months now. I will offer them a full and final in a few months after thy have stewed abit.

I am not saying that I am going about this the right way, as I would hate somone to copy my tacticts and come unstuck. But i think if your friend was paying lot less than the £60 per month moorcroft would be more likely to be open to offers.

Out of all of the Debt Collecters I have delt with Moorcroft have been the most unreasonable. They have resorted to threats and bombarded me with letters and calls to me and my parents, despite me being in hospital and askign them not to contact family members. They are simply interested in squeezing the maximum about of cash possible about of people and dont give a sh^t about the hastle and deverstation they cause.

if your friend does get a F&F get a letter from them confirming that they wont sell the debt on!

Silvafox

After much experience, I fail to see that offering them £1 per month will put you in good stead for making a F&F settlement - however, I am not saying you are wrong in what you are doing - just my opinion.

What I am saying to the OP is that it's worth trying for the lower settlement just to get rid of them. I even got two companies who had charging orders over me to accept F&F - and if you think about it, they really did have the upper hand and could have got the full debt when I sold. But, to hit their monthly targets, they'll readily accept 'reasonable' offers. One of them even removed the CCJ from my credit file and I didn't even ask them to.

Good luck to the OP anyway.

happycamel_2

Hi, I think Silvafox has a point about monthly targets. I'd wait a week and get in contact towards the end of the month, they're more likely to accept them cos the target deadline is looming. As stated above, try to do it in writing, letter or email. There are posters on here who thought they'd paid a F&F then got stung for admin charges etc.

Jimby509

Silvafox wrote: »

After much experience, I fail to see that offering them £1 per month will put you in good stead for making a F&F settlement - however, I am not saying you are wrong in what you are doing - just my opinion.

What I am saying to the OP is that it's worth trying for the lower settlement just to get rid of them. I even got two companies who had charging orders over me to accept F&F - and if you think about it, they really did have the upper hand and could have got the full debt when I sold. But, to hit their monthly targets, they'll readily accept 'reasonable' offers. One of them even removed the CCJ from my credit file and I didn't even ask them to.

Good luck to the OP anyway.

I can see your point. Especialy when it comes to the DCA trying to make their monthly targets.

It must come down to how good/bad the debt collection agent is who manages the account. If I put myself in their place (horrible thought) I would rather wait 2.5 years and get the whole £1600 at £60 per month than take just 40%-50% as a full and final. But I would take the 40%-50% as full and final if I was only being paid £1 per month as it would take over 100 years to get the full amount!

When it comes to reason and logic Debt Collection Agency staff are not really the brightest.

Good luck to the op, dont get bullied by Moorcroft.

Hannah_10

Silvafox wrote: »

True, you only have their voice recordings to fall back on if they don't honour it.

But, I managed to get some of them to email confirmation, as it's much quicker than post, and still paid the same day.

To be fair though, even the ones I didn't get it in writing from still honoured the full and final payment.

It's a gamble, but from my experience it can work.

An email's not as good in the eyes of the court as a letter and you'll be hard pressed to ever get a copy of the recording from them- if they are even making one.

Tixy

Silvafox wrote: »

True, you only have their voice recordings to fall back on if they don't honour it.

But, I managed to get some of them to email confirmation, as it's much quicker than post, and still paid the same day.

To be fair though, even the ones I didn't get it in writing from still honoured the full and final payment.

It's a gamble, but from my experience it can work.

Obviously this is too late for the ones you have already done now but in future I really would get that written confirmation first. We have seen people being chased 5years after their supposed F&F by a new debt collector and having no proof that the payment was F&F and so have been liable for the remaining amount.

You might not know for several years that the debt is still out there live on some DCAs records.