Was Natwest Now Moorcroft Loan

pressmenow

Im new to the site so please forgive me, I will try and keep to the facts.

4 years ago I was in £30K debt made up of one whopping great loan with NatWest that I refinance a number of times until I was £19K deep.

The remaining amount was made up of credit cards which I am pleased to say that I cleared last July 2010. :money:

Im am currently left with the NatWest loan that Moorcroft are now handling. I recently received a letter from Moorcroft Debt Recovery Pre-Court Devision saying: "We have recently reviewed our account and see that you have been paying a monthly instalment of £120 for some time, at this rate of payment is will take 127 months to repay your balance"

The Outstanding Balance is £15260.00

I really want to get rid of this debt and I would like to offer them a full and final settle of 40% of the balance (£6,104) or less???

What can I do to try and free myself of my final hurdle, to get this far Iv sold all possessions of any value, work two jobs, given up my flat and moved back to my parents house (Since Jan '08)

I refuse to go bankrupted or take an IVA, as one day I want my good credit rating back and to be able to put my name to morgage in order to fulfull my ambition of being a home owner :T

[Deleted User]

Ask them what they want for a F&F,if its more than you can afford negotiate with them

pressmenow

Thanks Woodbine - I contacted them, firstly they said the most they could offer is 10% off the balance, then they offered £9K as F&F within the space of a few minutes of talking to them, I don't have £9K at my disposal. They said they would contact NatWest directly about my proposal. I thought that Moorcroft were in charge of the loan not NatWest, Im confussed??

I had to answer some income and expenditure questions which put me on the spot as I didn't have all my financial details to hand, but it didn't seem to worry them too much. They just needed an outline from me in order to complete a form to put sent across to NatWest - they will come back to me. I really hope I get somewhere with this, I want my life back : )

pressmenow

Good news - Natwest / Moorcroft have agreed a full and final settlement of £5K. I have paid them today, just waiting to recieve my receipt and confirmation letter. I am no longer in debt, I can't believe it, it hasn't quite sunk in yet. It was only 3 years ago I was £30K in debt with numberous credits cards, and a whopping great loan and now I don't owe anything!!!! Sit tight and hang on in there debt free wannabee's you will be debt free : O

chambta

pressmenow wrote: »

Good news - Natwest / Moorcroft have agreed a full and final settlement of £5K. I have paid them today, just waiting to recieve my receipt and confirmation letter. I am no longer in debt, I can't believe it, it hasn't quite sunk in yet. It was only 3 years ago I was £30K in debt with numberous credits cards, and a whopping great loan and now I don't owe anything!!!! Sit tight and hang on in there debt free wannabee's you will be debt free : O

Well done. Pleased for you.

KingElvis

Good on you mate, just make sure the remainder hasn't been sold on for collection by another group of DCA gypsies.

pressmenow

Thanks Guys! Before I transferred the funds I requested that Moorcroft put acceptance in writing, the letter said in so many words that , Moorecroft / NatWest / DCA's will not pursue me for the outstanding monies and that it will be marked on my credit files as settled by partial payment. I contacted Experian for advice and they advised me if I settle the default will be removed from my credit file by 2014. Since I made the payment I have been checking with MoorCroft each day to make sure that they have received the funds and I will recieve a receipt and written acceptance of my F & F etc. etc. They have assured me of this.

usemobile

pressmenow wrote: »

Thanks Guys! Before I transferred the funds I requested that Moorcroft put acceptance in writing, the letter said in so many words that , Moorecroft / NatWest / DCA's will not pursue me for the outstanding monies and that it will be marked on my credit files as settled by partial payment. I contacted Experian for advice and they advised me if I settle the default will be removed from my credit file by 2014. Since I made the payment I have been checking with MoorCroft each day to make sure that they have received the funds and I will recieve a receipt and written acceptance of my F & F etc. etc. They have assured me of this.

Excellent... you have settled your debt.

Same situation for me i had Abbey loan for 15910 and Moorcroft contacting me every day but i have negociated for monthly installment of £100 a month

On my credit file their is a default already

But wondering - If i pay monthly does it improves the credit scoring...

Any plans to improving credit rating

Rob