Need help/advice/reassurance

TommyTBFC

Hi,

I’m currently on a DMP with StepChange and currently nearly 10 months in and have paid £1500 on my original 6k debt, but last month one of my creditors sold my debt on to moorcroft collections agency. The debt is 3k and currently my highest debt. I understand this may be a formality as I haven’t kept up with my original credit plan and currently in arrears but the sound of collections agency put the fear of god in me.

Do I call moorcroft and try and sort something with them or do I do nothing and see if StepChange do the rest? Do I call StepChange?

Please help? I don’t want any big burly men at my door!!

Unicorn_cottage

Bump bump bump it up

TommyTBFC

Thanks! I was thinking of doing that but didn’t know if it was against any rules or anything ��

sourcrates

Hi,


No one has sold your debt.

Moorcroft do not buy debts any longer, they manage them for their clients, they are a bunch of people, sat in an office, on an industrial estate somewere, and as likley to knock on your door as I am.

Just make your payment to them now, (via your DMP @ stepchange) i`m suprised stepchange didnt tell you all this, its common knowledge in the debt industry.

When people enter debt management, the creditors sometimes lose interest in managing your accounts, so they sell them on to a debt purchasing company, or, pass the debt to companies such as Moorcroft, who mange the account on their behalf, its all perfectly normal.

TripleH

EDIT : see Sourcrate's post above, they know their stuff!

Am sure someone with more knowledge will come along and confirm or clarify the below.

Has the debt actually been sold on or are Moorcroft merely acting as collection agents for the original client?

If you are making payments through Stepchange, I would advise them of the change in case they need to amend things at their end, but there doesn't seem to be anything to worry about from what you have said.

Best advice I can give at this point is that if Moorcroft ring up, tell them you are sorting things through Step change but "specify all further correspondence MUST be done by letter NOT telephone" as they may try to bully you into an unrealistic payment plan.

Good luck.

WhenIam64

Has the debt actually been sold on or are Moorcroft merely acting as collection agents for the original client?

As SC says, unlikely. If a debt has been sold on, there would have been a Notice of Assignment which showed the purchasing party and the date of the assignment.

Has there been such a letter to you?

TommyTBFC

Hi, the debt has definitely been bought. The new legal owner is Azzurro Associates LTD.

Does think change anything that SC has said?

WhenIam64

No. Moorcroft as SC says are collecting for the same debt, at the same rate but with different owners.

If you check the accounts of the new owners, it says they trade in "portfolios" and are interested in "historical cash curves". Basically they take the risk that what you and others have paid in the past will continue into the future.

At some point you can try for F&F's

sourcrates

TommyTBFC wrote: »

Hi, the debt has definitely been bought. The new legal owner is Azzurro Associates LTD.

Does think change anything that SC has said?

Ah, ok, with the release of further information it appears it has been sold then, but as 64 confirms above, Moorcroft are just their collection agent, you now entrust stepchange to pay them instead.

Did you receive a notice of assignment at all ?
Without it, it can be argued the debt was illegally sold, just incase they ever get shirty with you.