£1000+ Credit Card Debt

sourcrates

moneyonmymindsam wrote: »

You state The debt is stuck at £1043.48 and is not accumulating anymore interest, that is what it was bought from Barclays at.

I very much doubt the debt collector brought the debt penny for penny so very misleading if they told you that! I'd be shocked if that was true.

Good luck with it all.

The amount debts are purchased for are a closely guarded secret.

It is thought to be around 20p in the £, but estimates vary wildly.

It would never be £ for £ otherwise there would be no profit for the debt purchaser.

gr_96

I'll answer you all at once:

@timbstoke - as @sourcrates said, we've moved on since there. It's sold on, no moving it for her now.

@DCFC79 - I'm trying my best to teach her, from my person experiences. I've always been good at saving and stuff. She's never ever monitored her accounts, always takes her money out as cash when she gets paid etc. I'm now teaching her how crucial it is when she does have some direct debits set up. It's just difficult to teach when people are set in their ways and have been for so long. Slow process but I'm making progress I think.

@moneyonmymindsam - Yes, it's stuck there and Hoist/Robinson Way/Moorcroft have confirmed that there is no interest accumulating. I didn't mean they bought it for that much, more it's worth that much (that's what she has to repay). Sorry for the confusion.

General Follow Up
So Moorcroft got contacted, and we've agreed a repayment plan of
- 1 week at £94.88 (1 instalment)
- 4 weekly at £94.86 (10 instalments)
- Sum total £1043.48 over 11 instalments, 4 weekly.
(First date of payment = 19th April 2018)
(Final date of payment = 24th January 2019)

My partner is happy with this. I asked her to propose how much she can afford, we set on around £100 and that's the outcome. Plus it means it's all over by January next year!

Unfortunately they couldn't process it all when we called, as they apparently couldn't set up a payment for over 30 days away; we'll have to call back. But when I get that confirmed on the phone I'll get them to put it in writing and post and email that out.

gr_96

Closing this thread off I think.
Payment plan set up. Last payment is the slightly higher one, according to their policies.

Aside from that all set up and sorted.

Thank you all for your help.

/thread