Moorcroft

tink28

Hey

Just need some advice on Moorcroft.

I owe them £18k for a loan, they sent debt collector to my house the other week. I wasn't in at the time so a card was left for me - I called them the next day and they said that I'd need to pay £100 a month but they couldn't cancel the house call - I called the person who was due to come to my house and met her on the next road - I didnt want her in my house!!
Anyways..... she said I needed to pay £105 a WEEK.... I laughed and told her not to be so silly because if I have that much money then I wouldnt be in the situation I am in now..

She called HO and they said I need to pay £200 a month, again I said no - but they then got it down to £150....

Heres the problem..... at the moment I can't afford that much and my first payment to them is due next week. I panicked and thats why I agreed to £150....

But I want to know - can I call them and lower the payment without them sending anyone back to my house?

sickasachip13

I reckon you'd be better off ringing them than not - at least then you'll know where you stand.

You could really benefit from some free impartial advice from one of the debt charities - try CCCS. They may be able to advise you on a good course of action based on your income.

mallard

Sorry to hear about this - anyways suggest a few things
a. Was the loan with Moorcroft as they are debt collectors not a loan company?
b. You can tell their agent to get stuffed and not enter your property - they don't have any rights
c. They often post cards hoping you will call and then they can persuade you to pay out
d. Don't pay them anything until you have investigated who owns the debt and whether it is enforceable - you can find details on here on how to request CCA information. Don't worry about not paying as you have the right to request the required information to prove that they have a legitimate claim to the money
e. DO NOT phone or even speak to them in person - everything in writing even though they will say they are a phone based company blah blah.
f. Don't worry about speaking to their agent - it was verbal and presumably you didnt sign anything so he/she can also get lost

Good luck with it - don't give in!

Tixy

Hi tink

You need to work out what you can afford to pay and then tell them - in writing, don't bother with the phone. So work it out and then write a letter to say you can only offer x per month due to your current financial circumstances (template letter in a sec).
How have you agreed to pay? Best way is to get their bank details and set up a standing order, or ask them for a payment book so you can pay at a post office. Not direct debit, not with your debit card details.

Then send them a letter to stop any future home visits (template in a sec), and if they are calling by phone another letter can be sent.

Tixy

Templates -
to make a monthly offer -

1 High Street,
Newtown,
Kent
R21 4RH

November 24, 2011

The Loan Company
Company House,
Church Street,
Newtown,
Kent,
R1 7HG

Dear Sir/Madam

Re Account No/Reference No:- 4563210025897412

Since making that above agreement with you, my circumstances have changed. I cannot now afford to agreed monthly payments because ... [your paragraph added here]

I have written to all my creditors asking them to accept reduced payments.

In view of my circumstances, please would you agree to accept a reduced offer of £_____ per month. If interest or other charges are being added to the account I would be grateful if you would freeze these so that all payments made will reduce what I owe you.

Should my circumstances improve I will contact you again.

I would be grateful if you would send a [paying-in book] [standing order form] to make it easier to pay you.

Thank you for your assistance. I look forward to hearing from you as soon as possible.

Yours faithfully

Mr A N Other

to stop future home visits - http://forums.moneysavingexpert.com/showpost.php?p=23635529&postcount=60
to stop phone calls - http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4

tink28

Tixy wrote: »

Templates -
to make a monthly offer -


to stop future home visits - http://forums.moneysavingexpert.com/showpost.php?p=23635529&postcount=60
to stop phone calls - http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4

Thanks for this!! The loan was originally with Abbey but I defaulted and they passed onto these muppets - have tried telling them before that I can't afford that much but they like to make you feel so bad - and thats when I end up saying ok.....

tink28

mallard wrote: »

Sorry to hear about this - anyways suggest a few things
a. Was the loan with Moorcroft as they are debt collectors not a loan company? Was with Abbey then passed onto these guys
b. You can tell their agent to get stuffed and not enter your property - they don't have any rights I know this now
c. They often post cards hoping you will call and then they can persuade you to pay out
d. Don't pay them anything until you have investigated who owns the debt and whether it is enforceable - you can find details on here on how to request CCA information. Don't worry about not paying as you have the right to request the required information to prove that they have a legitimate claim to the money
e. DO NOT phone or even speak to them in person - everything in writing even though they will say they are a phone based company blah blah.
f. Don't worry about speaking to their agent - it was verbal and presumably you didnt sign anything so he/she can also get lost

Good luck with it - don't give in!

OK from now on everything in writing.... :T

mallard

Hi Tink

When you say passed on to them from Abbey - was it sold on and were any rights transferred? If moorcroft are just being Abbey's debt collection agency then ignore them - the only one you have to communicate with is Abbey not the clowns! If the clowns legally own the debt and all rights then go down the CCA route, make them prove it and put in dispute if necessary. I am not against paying up where due but they have to stick to the rules as well.

Until you do this don't pay or offer them anything - they might hassle but you have probably got a bin! :rotfl:

tink28

Ahhh I have no idea... I thought it'd been sold as the interest has been added on - all £6k of it! Grrrrrr - but when I spoke to them on the phone they said they'd have to see if Abbey would accept the payment offer.... so I'm slightly confused there!

mallard

In that case they are just acting as debt collectors - Abbey still own the debt by the look of it and moorcroft are trying it on. They will add interest and anything else they can think of but if your debt is with Abbey then that's where the debt is. You can write to the clowns or ignore them but perhaps need to check what the situation is with abbey as well. There is info on here about this or alternatively try the consumer action group or all-about-debt. I had a few do the same to me and i just ignored them!

Checuba1

I have had dealings with Moorcroft. They have not, so far, presented me with any problems. I have an overdraft outstanding with a well known bank and I pay just £10 a month on £2000 o/d. This was agreed solely between communication with Moorcroft and The Citizen's Advice Bureau (Scotland).
I have debts to the tune of £45,000 with multiple banks.

As far as demands go, if you are dealing direct with them (Moorcroft) they are likely to "try it on" and threaten house calls, send you letters, or make telephone calls to you... My advice is, hand it all over to The Citizen's Advice Bureau and cut your communication completely with them!! After that you have the right never to talk or communicate with them again!!

I took stock of my debts 23 months ago... Before I came into problems, I was paying £850+ per month on all the debts. After going to the Citizen's Advice, I am paying just £200 per month... Further more, I have NEVER SINCE had ANY CONTACT with any bank or debt collector!! Yes, in the begining months, I had quite a number of calls and letters and a threat of visits from various organisations, but I ignored ALL of them, solely because the Citizen's Advice was dealing with my affairs. They soon ALL gave up... Now I do not get any calls at all!! I can say The Citizen's Advice Bureau have been excellent and not only that, they are FREE to use - no charges whatsoever... In fact they have made my life pretty much stress free!! I am now in the situation to make a "Full and Final Offer" (legally binding) to all that I owe and the Citizen's Advice have agreed 41 pence in the pound - i.e. I am paying 41% back to the banks. This is accepted, simply because they know if they were to take me to court that - a. it would cost them a huge amount in legal fees and b. the judge would tell me to pay them 50 pence a week for x number of years!! For the banks to get 41p in the pound is actually a really good deal for them. After this is paid, they cannot come back to me for a penny more. This is a legally binding contract, which the Citizen's Advice Bureau organise for you.
So to summarise, go to the C.A.B and wash your hands of stress!!! If you have an agreement in place, Moorcroft can't do anything more, other than accept the payments of the agreement.

Word of warning though: Make sure you can afford your "reduced payments" of your debt, as defaulting will get you into trouble and that will mean further action!

Also, as I have found, you will find quite a few other debt collecting companies accessing your information (god knows how) and trying to call you to "lure" you into to some expensive payment plan - One company that tries that on is Experto Credite.... I NEVER ANSWER THEIR CALLS!! Don't be tempted, they can only be described as rogues and by the time you've finished, you'll be some £400 to £500 poorer on top of the debt!!!
I have learnt a lot about banks and debt through being in debt myself and, thanks to the CAB, I have been able to look at the system and how it works, calmly and stress free... I hate banks, with a vengeance, they have not only been bailed out twice with taxpayers money, but (not so commonly realised) they have paid much decreased corporation tax, which is down to all their losses!! So the government, in affect, has paid them twice over!! I can recommend a book: Whoops, by John Lanchester - a great insight into the financial and banking world and how it all fell apart, in plain simple English!! Don't be fooled by them - yes they want their money back, but play the system and you WILL achieve what I have!! Good luck!!