Anyone experience of Moorcroft and full & final settlements?

redsquirrel80

Just wondering if anyone has experience of offering Moorcroft full and final settlements, how likely they are to accept them, and what percentage of the debt?

Here's how things are, I appreciate anyone's opinions on this - I'm paying two debts to them, one is at about £750-800 (exact figures on spreadsheet at work so I can't check), and one of £1600. I'm currently doing the save £500 by December challenge and - assuming things go well with this - I have two options for the money. The lease on my flat runs out around then and I really badly need somewhere a bit bigger for my own sanity, so I could use around £400 for the deposit on a new flat. I would then get £200 back for the deposit on this one (fingers crossed!), add this to the remaining £100 from the challenge, save up for another couple of months then offer a settlement figure of around £500 for the first debt (or possibly offer less in the hope they'll accept something inbetween). The other possibility is that I may be able to get another flat with the same agency, in which case I think I could transfer my current deposit, and then would be able to use the £500 to offer as a settlement straight away in December. If they are likely to accept a settlement then I'd be very inspired to save up again and do the same with the other debt.

I'm not trying to get out of paying what I owe, so if it's a big NO to settlements with them, I guess I could use the money to pay off a big chunk then carry on with monthly payments until it's finished. I'd just really like to get these two out of the way ASAP as they're my two smallest debts and, as many of you know, Moorcroft aren't the easiest company to deal with!

Sorry for the long ramble, hope it makes sense, this is partly me trying to get my head round the various options but as I said, any thoughts are very welcome!

redsquirrel80

Just a little bump in case anyone can help..

RAS

Hi

Have you made sure that they have the Signed CCa and of letter of assignment?

redsquirrel80

RAS wrote: »

Hi

Have you made sure that they have the Signed CCa and of letter of assignment?

Nope. If I went down this route and they referred it back to the original creditors (who I assume would have signed CCAs), do you think the original creditors would be more likely to accept F&F settlements? Also if it's passed back do you run the risk of having to pay interest again?

RAS

You really need angelavdavis or weller711 on this but they cannot charge you interest twice, so that is not a problem. If the original creditors have the CCA, then Moorcroft should have it.

Who were the original creditors?

redsquirrel80

RAS wrote: »

You really need angelavdavis or weller711 on this but they cannot charge you interest twice, so that is not a problem. If the original creditors have the CCA, then Moorcroft should have it.

Who were the original creditors?

Barclaycard and er, a phone company (don't ask how on earth that got run up! ) - had a look at my proper figures today and the smaller one will be down to £620 by the end of this year ... so I'll try offering a settlement, and even if they don't accept it, if I manage the £500 savings I should be able to get that one cleared fairly soon!

Got a bit obsessed playing with debt spreadsheet now.. I've worked out what totals should be at the end of the year and am experimenting with next year to see what I can aim to pay off in 2008! :rotfl: