Debt Settlement with Moorcroft

snowman_2050

Sorry, card was taken out in 2005, 4000 limit (but the balance was around £4500 after interest, charges etc etc), it was passed to moorcroft around a year or 2 ago, ive since been paying back £100 a month to get it down to the current balance of £2400. I have £1950 in savings, I dont mind paying that amount as it is my debt afterall, but if I can get in lower I would prefer to as cash is tight at present with the new adition to the family.

Also I heard having partially settled on your credit report is bad, and I should push for settled. Or have I been missinformed?

fatbelly

snowman_2050 wrote: »

Sorry, card was taken out in 2005, 4000 limit (but the balance was around £4500 after interest, charges etc etc), it was passed to moorcroft around a year or 2 ago, ive since been paying back £100 a month to get it down to the current balance of £2400. I have £1950 in savings, I dont mind paying that amount as it is my debt afterall, but if I can get in lower I would prefer to as cash is tight at present with the new adition to the family.

Also I heard having partially settled on your credit report is bad, and I should push for settled. Or have I been missinformed?

Partially settled would be the normal mark on your credit file in these cases (think I might have said that before) and is the correct one according to the Information Commissioner. Some people have managed to get a settled mark from the creditor. Whether that's a major factor for you depends on what you are planning.

Either way, this should have been defaulted before passing to Moorcroft and will drop off your file six years from that date.

I didn't pick up earlier that you had been paying such a large amount to Moorcroft. If their choice (well Lloyd's choice) was between 30% now and £1 per month for 2400 months, you might think they would go for the 30%.

But that's a very different choice than between 30% now and £100 per month for 24 months.

There's nothing to stop you from going in low (you can always go up) and seeing what the outcome is. They're clearly open to some sort of deal (if you can get a sensible confirmation letter from them) but it's not going to be spectacular.

Maybe try 40%, expect them to come back with 80% and try to settle at 60%. Or something like that.

Remember to say that the money is coming from a family member.

snowman_2050

I sent the letter yesterday offering £1600, also noted that this was coming from a family member. Thanks for all the assitance, will report back when I hear something.

Thanks again to all who offered advice.

feature59

Hey

I'm in the same boat with a lloyds debt now passed onto westcot. Going to start re-payments but try a f&f offer first.

When you set up a payment with moorcroft did you send an SOA?

Just to say would be good to get an update when you get a reply!