Moorcroft / Natwest CC

sheffielder74

Hello


I hope someone can advice me


I am looking to extend my mortgage, however have been advised by my bank that I can't at my current rate as I have a CC which is getting paid off through Moorcroft Debt Recovery, which I have been paying happily at £30 a month for the last 3 years (stupidly).


They say I need to clear this to continue, so I call Moorcroft who said they can do a financial assessment and offer me a partial settlement, however it would still be down as defaulted on my account. I need to fully clear it, however I am unable to pay off the full amount at this time, as I need to box clever with my wife on maternity leave.


Can anyone give me the best advise of how to clear this at a lesser amount that what is owed (£1600)


Have Moorcroft bought my debt?
Can I settle with Natwest?


Thanks in advance


P

Tixy

The default will remain on your credit file for 6years from the date of default shown on your file.

If you pay in full then the account will still show for the remainder of the 6years, but will show as a satisfied default.

If you pay a reduced sum in full & final settlement of the debt then they may only agree to show the account as having been partially satisfied, or you may be able to negotiate to pay a reduced figure but for them to mark is a fully satisfied default. They won't agree to remove the default though.

Even once satisfied you may still find it difficult to get further credit/an extension to your mortgage, or it may still affect the interest rate you are offered.

Best way to negotiate a full & final settlement is in writing - have a look at this link - https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx