Moorcroft Settlement Offer Letter

zangse

January2015 wrote: »

If they've writtent to you out of the blue, I would consider writing back with a counter {lower} offer. You never know, they may just be willing to accept less. You will never know if you don't try.

That's a good idea, I guess there's no harm in trying!

Just_Di

zangse wrote: »

I'm misinterpreting the letter?

The letter says Remediation of Account and that under the consumer credit act, they were required to provide me with statutory notices within the timescales to inform me about the status of my account. They then apologised and said I hadn't been receiving this information and after it has a full balance of my debt and payments made to them.

That letter sounds like a confession of non compliance with section 86 CCA which would render the account unenforceable and prevent them from charging interest during the period of non compliance.

Did you receive annual Notice of Sums in Arrears following the account default?

Could this be why they are keen to reach a reduced settlement with you?

Di

Just_Di

zangse wrote: »

I've never sent them any letters or any £1 payment so maybe it was something different

In which case I would send Arrow a s 77-79 CCA Request now together with the £1 statutory fee.

It might be the wisest £1 you've ever spent

Di

zangse

Just_Di wrote: »

That letter sounds like a confession of non compliance with section 86 CCA which would render the account unenforceable and prevent them from charging interest during the period of non compliance.

Did you receive annual Notice of Sums in Arrears following the account default?

Could this be why they are keen to reach a reduced settlement with you?

Di

I don't remember receiving an annual notice of sums or arrears from them, the only one I've had is from my barclaycard debt. I'm beginning to think that this is why they want to settle them now that you mention that the debt might be unenforceable. Thank you so much for your help, I've actually learnt so much in the past few days regarding settlements,ccas etc!

But I will def take your advice and send a CCA to them and might be worth sending one to Barclaycard as well just to see what that one is like!

January2015

zangse wrote: »

I don't remember receiving an annual notice of sums or arrears from them, the only one I've had is from my barclaycard debt. I'm beginning to think that this is why they want to settle them now that you mention that the debt might be unenforceable. Thank you so much for your help, I've actually learnt so much in the past few days regarding settlements,ccas etc!

But I will def take your advice and send a CCA to them and might be worth sending one to Barclaycard as well just to see what that one is like!

Be careful you haven't misunderstood Just Di's post.

Non compliance with section 86 CCA renders the account unenforceable and prevents the charging of interest during the period of non compliance only.

It's likely you are already not paying interest as the debt is with a DCA, so the only applicable part is that the debt was unenforceable.... UNTIL they wrote to you with the information about the balance of your debt and the payment history. So currently it is enforceable.

However, definitely send the CCA request because that it the key to whether the debt is actually unenforceable.

Wishing you all the best and hoping the documents come back unenforceable.

sourcrates

zangse wrote: »

But I will def take your advice and send a CCA to them and might be worth sending one to Barclaycard as well just to see what that one is like!

There will only be one credit agreement and that will be held, if at all, by the original creditor.

Moorcroft is only acting for barclaycard, and would have to refer to them for the agreement.

One request is sufficient to either company.

zangse

January2015 wrote: »

Be careful you haven't misunderstood Just Di's post.

Non compliance with section 86 CCA renders the account unenforceable and prevents the charging of interest during the period of non compliance only.

It's likely you are already not paying interest as the debt is with a DCA, so the only applicable part is that the debt was unenforceable.... UNTIL they wrote to you with the information about the balance of your debt and the payment history. So currently it is enforceable.

However, definitely send the CCA request because that it the key to whether the debt is actually unenforceable.

Wishing you all the best and hoping the documents come back unenforceable.

Ah ok, you are right that I hadn't had any interest added on as the account was defaulted before moorcroft took over. Thank you, I'll get my letters sent out soon.

zangse

sourcrates wrote: »

There will only be one credit agreement and that will be held, if at all, by the original creditor.

Moorcroft is only acting for barclaycard, and would have to refer to them for the agreement.

One request is sufficient to either company.

Thank you!

redux

January2015 wrote: »

If they've writtent to you out of the blue, I would consider writing back with a counter {lower} offer. You never know, they may just be willing to accept less. You will never know if you don't try.

I think this is worthwhile. I know of someone talking to Arrow on a similar size balance and the firm made a verbal offer to accept 60%, which was then reduced to 50% on the same call, not done but recorded in the notes, account still going. I believe this account also had the letter with the previously missing statement history, but I haven't actually seen it.

Just_Di

zangse wrote: »

I will def take your advice and send a CCA to them and might be worth sending one to Barclaycard as well just to see what that one is like!

Just to clarify, you send a CCA Request to Arrow (current debt owner of your ex-Virgin money credit card). You can send a copy of your request to Moorcroft to keep them in the loop since they have put forward the settlement offer (45 days to accept/decline/negotiate?).

I would expect Arrow to respond with a letter which says they "don't envisage" themselves as the owner of the debt but will ask the original creditor for the documentation. They will probably return your £1 postal order. At least this is how they normally react.

They may even say that the account will be put on hold and that the debt will be unenforceable until they comply with your request (possibly in a second letter 14 working days later which is the statutory timeframe for compliance).

What is the situation with your Barclarcard debt? Is that still with Barclaycard or has it been assigned/sold to a debt purchaser, or is it being managed by a Debt Collection Agency on their (Barclaycard) behalf?

I ask because a CCA Request should always be sent to the current owner of the debt since they are the only entity bound by the legislation.

I hope I've made sense

Di