moorgate help

confusedmoorgate

I had a credit card with HSBC in 2002 and on 2006 it was passed to metropolitan with a balance of £4482.97 at this time we went with a debt management company to help us set up a affordable monthly payment, with this HSBC put a default on our account. On February 2013 it was sold to Moorgate and still running with debt management company but the company was charging to use them.


Now we are trying to look at getting a mortgage in the next few years and we still owe £2228.82 so we left the debt management company to try by our self's. now we need to sort this out but we only have about £600 savings.


Moorgate keep saying they will put a default on us again if we don't pay monthly max payments or full amount and if we do a reduced payment this will look bad for our credit rating but at the moment this account and debt does not show at all on Experian or noddle.


What I am after is how would you go about this debt and how to handle Moorgate with out them doing anything to my credit rating or if they can do anything to affect me now it is over 7 years old and the original default has cleared last year.

tinkerbell28

They can still go for a CCJ which will show for another 6 years, this is probably what they mean.

So tread carefully.

confusedmoorgate

how much a month would stop them from doing anything to my credit rating as I don't know what it should be normally

confusedmoorgate

What would be the best way to approach Moorgate to ask for a settlement amount

Tixy

There isn't a set amount that would necessarily stop them taking further action.

They would consider how much you are paying, and guess what they think you may be able to afford and how much more they may be able to get from taking you to court.
It costs them money to take you to court so they would rather not. But equally if they think a judge might order you to pay a couple of hundred a month and you are only offer to pay a token payment then they may consider taking court action to recover the debt quicker.

Tixy

If you want to offer a full & final settlement it is best to do that in writing - this factsheet may be useful - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers