dmp and moorcroft

chish

Hi im on a dmp with stepchange since last october and today i recieved a letter from the halifax saying that i need to contact moorcroft As the halifax have now passed it on to them ..any advise what i do next ..do i need to phone them or stepchange ..
thanks

so_very_confused

It sounds as though Halifax have sold the debt onto a DCA. This may sound fightening but in my experience DCAs have been easier to deal with than the original creditor. They also stop any interest and if not already defaulted generally default debts.
If you have been given a new account number for Moorcroft or as soon as you get one contact Stepchange to update your details to ensure payments going to the right place.
If a payment goes out before you get this don't worry too much as it will be passed onto Moorcrofts.
Good luck.
svc

happy_bunny_2

Have they passed it on to manage collection for Halifax, or sold it. Big difference.

What does the letter say?

Sazzie23

happy_bunny wrote: »

Have they passed it on to manage collection for Halifax, or sold it. Big difference.

What does the letter say?

Please could you explain what the difference is and what effect that would have on a DMP. Tx

chish

Hi i will put in what letter says after tea sat night ..
thanks for replys

happy_bunny_2

Sazzie23 wrote: »

Please could you explain what the difference is and what effect that would have on a DMP. Tx

If they are managing collection for Halifax, then Halifax own the debt and likely the arrangement of the amount being paid will stay the same.

If sold, the new company may start to look at the amount being paid and try to get more. In which case, they get referred to Stepchange and told the amount was agreed with halifax and is still valid.

Not really a huge DMP difference, just that its good to know legally who the debt belongs to in case of complaints, settlements offers etc.

xHannahx

From my experience moorcroft are happy to be getting money from customers in DMPs. A DMP guarantees they get a return on the debt they bought. Lloyds sold one of our debts to them and they haven't bothered us at all. only thing we have heard from them is annual statements. We are with Stepchange also.
DCAs buy a lot of debt that they never see a payment for.