Advice re moorcroft/arrow

Toasterinbath

Hi all,

In roughly 2014 I took out a credit card for 5k ,due to unforseen circumstances I had to stop paying the 5k back and after a while kinda shrugged my shoulders of it ,I know stupid but I was young and now it's coming back to bite me in the rear!

Since then a myriad of different debt collectors have been sending the usual letters etc with me making absolutely no contact in the entire 5 years,now the latest I know on the debt is that it's with arrow global on my credit file but I'm getting letters and an alarming amount of calls and texts from moor croft.

I now am in a situation where I need to sort my credit out asap and this being the only debt will service my need.

I'm wanting to know how I should approach this,as I want it to be settled on my credit report but don't really want to pay the full amount as I'm pretty sure it's been sold on that many times it's cost them pittance,an example of this is one debt collector offered me to pay it off st a discounted 2k which I stupidly ignored (bad time in my life)

Moorcroft are asking the full 5k but after reading I'm pretty sure they won't be able to provide the CCA paperwork ,could I use this as leverage to settle the entire debt at a more appropriate cost my financial situation would allow?

I know this seems scummy but I support a family on a single wage and I just need to sort my finances out as fast as possible.

Thanks for any replies in advance.

Willing2Learn

Hi,

When was the last time you acknowledged the debt in writing or made a payment?

What is the date of default for the account? (You should be able to see the default date on your credit file(s).)

Basically, I am trying to determine if the account is about to become statute barred.

https://debtcamel.co.uk/statute-barred-debt/

Toasterinbath

Willing2Learn wrote: »

Hi,

When was the last time you acknowledged the debt in writing or made a payment?

What is the date of default for the account? (You should be able to see the default date on your credit file(s).

The default notices started in December 2015 on my credit file,the last time I acknowledged the debt was making a payment to the actual credit card company as per my monthly minimum agreement.this was maybe a couple of months before the defaults started to appear.

Since then I can't remember another time I've answered a letter the phone or anything to anyone regarding this debt.

Willing2Learn

I[STRIKE]f the default date is recorded in December 2015 then the account would not be statute barred until December 2020. When you look at the account on your credit report, what default date does it say? Please double-check your credit report and confirm this date as it is important...


If the account is about to become statute barred (in the next few months for example) then I would not recommend a CCA request. If the account will become statute barred next December (2020), then that is quite a long time, and I would make the CCA request.[/STRIKE]


Sorry, my math is wrong!!! Statute barred is a long way off...

Send the CCA request in that case...

Karonher

Is it 5 or 6 years to become SB. I cant tell where the OP lives but think it could be December 2021 when it is SB.

Willing2Learn

Thank you for the correction. My mental arithmetic has sadly let me down. I have edited my post accordingly

sourcrates

Moorcroft only act as collectors, it won’t be SB for another year, but you could issue them with a CCA request, that will shut them up for a good few months, with the potential bonus that they may not be able to provide it.

Debt collectors will run through there standard range of letters with you, somewhere along the way the discount offers will start, lack of CCA will increase your chance of a sizeable reduction in what they are asking, even if they can provide correct paperwork, they will still do a deal.

Toasterinbath

I knew it wouldn't be SB ,I genuinely want to settle the account now it's dragged on for too long,would a cca be the way forward if I want a swift outcome? I'm hoping to settle at at a percentage of the debt.

If moorcroft are just collectors they must be working on behalf of arrow global who the debt shows for on my credit file.

sourcrates

Toasterinbath wrote: »

If moorcroft are just collectors they must be working on behalf of arrow global who the debt shows for on my credit file.

That is correct, yes.

As i said, submit a CCA request, all will go quiet whilst they try to action it, you will be in a better position to settle, if they can`t produce what they are supposed too.

Its one of your statutory rights to request this information.

Toasterinbath

Fantastic, I will keep this thread updated so you guys can help with possible options once cca request has been replied to.

Many thanks also if anyone could point me I the direction of a good template that would be awesome I can't seem to find it on the mse site!

Once again many thanks, much appreciated giving your time to me like this.

sourcrates

Toasterinbath wrote: »

Fantastic, I will keep this thread updated so you guys can help with possible options once cca request has been replied to.

Many thanks also if anyone could point me I the direction of a good template that would be awesome I can't seem to find it on the mse site!

Once again many thanks, much appreciated giving your time to me like this.

National debtline has a range of template letters for all manner of debt subjects, this is the one you want :


https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx