Debt free for Christmas

Squidge57

Hi all,

I wonder if someone can help. I've been on a debt management plan for the last 10 years (poss more) I have been writing to all of my creditors with my financial info every year to show what I am able to pay. It has been going well. My credit file is only showing one of the debts, there are 8 more creditors. The debt that is showing was originally with Next in 2008 and is now with Moorcroft (it has been for a long while). This debt is around £800. How do I make an offer to clear this? Is it worth offering 60%? If my credit improves as a result I may be in a position to borrow 60% of my remaining debt and write to all of my creditors with this offer.. I am not interested in an IVA or bankruptcy. I appreciate that this may have cleared it by now but its not the route for me. Any advice would be greatly appreciated. Thanks

Willing2Learn

Hi Squidge57. Welcome to the forum

For older accounts, we always recommend that people submit a CCA request for all eligible accounts, before any full & final settlement offers are made. A creditor will have to provide you with a 'true copy' of the CCA credit agreement, or the account becomes unenforceable.

Debts - why, how & when to ask for the CCA agreement

sourcrates

Don’t borrow more money to repay existing debts, save it up instead.
If these debts are over ten years old, send CCA requests to all relevant accounts, they may not have the correct paperwork, so making them unenforceable.

Always start offers at 20 to 30%, remember debt purchasing companies buy these accounts for pennies.

With regard to Moorcroft, they don’t buy debts, they only manage them, so next will still be the creditor.