Moorcroft settlement

LLL24

Hi All

I am new to this and need some advice. I owe Moorcroft £3200 and I am coming into some money later this month. I wish to offer a settlement and have already contacted them, and was advised to ring them, give my offer, reason for offer and they would check with Santander.

I was under the impression Santander sold the debt to them, so why would they check with them?

Also, having read through these threads, would you advise offering a low settlement figure?

They have also mentioned partial settlement.

Any advice gratefully received

Willing2Learn

Make your offer in writing, via the Royal Mail. That way you will have a written response and a paper trail. If they accept your offer, then you want it in writing that the account will be settled and closed, and that your credit file will be updated accordingly to reflect the account settlement.

LLL24

Thanks for the quick response. What would you say is an acceptable offer on that amount? I have been paying them £25 for the last 4 years

sourcrates

Moorcroft don’t buy debts they only manage them.

I wish I had a pound for every time I’ve posted that .

fatbelly

Your payment plan is going to last 10 years so they should be open to some sort of deal. But it's still with the original creditor.

There was a poster called Whambam who had results with just about every creditor going. He got 25% with Santander, which is better than I would have expected. It was a few years ago.

Try that as a starting point - 25% or 25p in the £

poppasmurf_bewdley

Depending on how long ago the debt originates from, and provided it's not an overdraft, why not ask for a CCA first of all?

https://forums.moneysavingexpert.com/discussion/709639/cca-letter-template

LLL24

Willing2Learn wrote: »

Make your offer in writing, via the Royal Mail. That way you will have a written response and a paper trail. If they accept your offer, then you want it in writing that the account will be settled and closed, and that your credit file will be updated accordingly to reflect the account settlement.

Offer letter in the post today.

Thanks

LLL24

Hi all, so I had a response from Moorcroft in the post today.

They have asked for a reason for offering a partial settlement and want me to supply a full financial statement with income and expenditure etc.

Do I have to supply this information?

I think my next move should be to ask for a CCA. What are your thoughts?

fatbelly

No harm in doing a cca

Also no harm in giving a financial statement as long as it supports what you are saying. Do you have to do it? No. But they don't have to accept your offer, either.

LLL24

Thanks Fatbelly.

I don't want to do a financial statement as I earn alot more money than I did when this went South, and I can deffo afford to pay more. I have just been drip feeding it, but until its settled it shows as a default on my credit report.

Ive noticed people talking about 'falling off the credit report'. Is there a time when this will happen, if I keep paying a small nominal amount?

Willing2Learn

An account is automatically removed from your credit files, six years from the date of default. You would still owe the money, even when the account is removed from your credit files. Your creditor could still seek enforcement if you were to stop paying.