Moorcroft Debt Recovery

bkfi

So I have a debt with Tesco Bank (2200 quid) that has now been transferred to Moorcroft Debt Recovery.
Received the letter today threatening with a home visit if no arrangement by Friday the 14th of Feb.
Defaulted March 2015 and am in Wales so by my guesstimation this should drop off by March 2021?
Just trying to figure out my options on what I should do with it as a CCJ would be disastrous and I am looking to buy a home sometime soon.
1. If I enter into a payment plan will the account still drop off around March 2021?
2. If I offer a settlement of say 30% to clear it, what is the likelihood of acceptance?
Any and all help is greatly appreciated.

Willing2Learn

If you saying that you accept liability of the account, then setting up a payment plan would be a reasonable option.

Edit:  Oh yeah and Moorcroft buy debts in bulk.  It is getting close to the end of the financial year.  Now is probably about the best time to make a settlement offer...

bkfi

Willing2Learn said:

If you saying that you accept liability of the account, then setting up a payment plan would be a reasonable option.

Edit:  Oh yeah and Moorcroft buy debts in bulk.  It is getting close to the end of the financial year.  Now is probably about the best time to make a settlement offer...

Yep my debt, going through a terrible time in 2015 but time to own up and face it.
Just trying to figure out what looks better (if that is such a thing)
Debt settlement or payment plan and then in March 2021 would it drop off due to time since default whereby I wouldn't be required to continue paying?

[Deleted User]

It will drop off in March 21, but you'll still be required to keep paying of course as it's not statue barred.

bkfi

Deleted_User said:

It will drop off in March 21, but you'll still be required to keep paying of course as it's not statue barred.

So if I enter a payment plan and then default say in January 2022 as the debt is not statute barred (because I'm making payments) they can then pursue a CCJ against me correct?

Willing2Learn

bkfi said:

Deleted_User said:

It will drop off in March 21, but you'll still be required to keep paying of course as it's not statue barred.

So if I enter a payment plan and then default say in January 2022 as the debt is not statute barred (because I'm making payments) they can then pursue a CCJ against me correct?

bkfi said:

Willing2Learn said:

If you saying that you accept liability of the account, then setting up a payment plan would be a reasonable option.

Edit:  Oh yeah and Moorcroft buy debts in bulk.  It is getting close to the end of the financial year.  Now is probably about the best time to make a settlement offer...

Yep my debt, going through a terrible time in 2015 but time to own up and face it.
Just trying to figure out what looks better (if that is such a thing)
Debt settlement or payment plan and then in March 2021 would it drop off due to time since default whereby I wouldn't be required to continue paying?

If you enter into written correspondence and a repayment plan, then I believe you will be resetting the SB clock...

If you want the account to be come Statute Barred then you must just wait it out without making any correspondence.  You just have to watch out for any Pre Action Protocol letters.

bkfi

If you enter into written correspondence and a repayment plan, then I believe you will be resetting the SB clock...

If you want the account to be come Statute Barred then you must just wait it out without making any correspondence.  You just have to watch out for any Pre Action Protocol letters.

Statute barred clock doesn't get reset if you enter into a payment plan over the phone and never sign anything etc?
Sorry just trying to fully understand everything before I decide what to do.

jimbo26

You can hold tight until March 2021 at which time the default will drop off and it will become statute-barred, assuming you haven't acknowledged the debt in writing since March 2015. This is high risk because at any time between now and March 2021 they could obtain a CCJ. You could mitigate this risk if you have access to £2,200 because if a CCJ is issued last minute you can pay it off immediately and the CCJ won't be recorded.

You can offer a reduced amount, if they accept your default will show as partially satisfied and drop off in March 2021.

You can come to a repayment plan, the default will drop off in March 2021, but you will need to continue paying.

sourcrates

Moorcroft have not bought your debt, they no longer buy debts, they just manage them for client banks.
You won`t get a CCJ, that why we have debt collectors, they only get legal if :
(A) Its a lot of money and you ignore them
(B) If the debt is sold and you ignore the new owner.
Moorcroft are imputant in all of this, as HSBC retain ownership of the account.

bkfi

I haven't acknowledged the debt in writing and haven't made a payment since default March 2015. 
I did make a call to Tesco to make a payment arrangement a couple of years back but never made a payment.
Would anyone recommend sending the "Prove it" letter along with revoking the right for an agent to visit the property?
OR
At this point just wait it out over the next year and see what happens?

sourcrates

Stall them with whatever you can till it crosses the 6 year line.