Moorcroft Settlement Anyone?

RPenaluna

Hi

I just wondered if anyone here has managed to get a good reduction and settled an account with Moorcroft.

I owed about £3000 and paid £65 a month until I was made redundant. I cancelled this immediately and when they got in touch I renegotiated my monthly payment to £27 a month. The balance is now £1,258 and today I rang to see how much they would settle for. The guy I spoke to seemed to be plucking figures out of no where, first he said £1,100 and I said thats far too much, I've only have £500, then he said well we can probably go down to £950 but thats about it from what I can see...

How can they vary so much from £1100 to £950 in 20 seconds without so much as a calculation!?

Anyway, I just wondered if it would be worth writing to them offering the £500 as they might prefer that than 46 months @£27....

Would appreciate any help, thanks

bigadaj

Well you were the one that started haggling. Remember that this will still show up as a parial deafault and may affect your credit in future, anecdotal evidence on here suggests starting at half the amount and aiming to settle for between two thirds and three quarters.

samtoby

I had a default fsome time ago rom them they accepted £500 as a final settlement and it has been reported on my credit file as a 'settlement which did not cover the full balance'.

vax2002

Can you post the dates of
Taking Loan
date of last making a payment
Date of starting to pay again.