BW Legal - The Money Shop

eLdn123

First off, hello all ! Would like to thank all who have helped with advice and opinions on different topics which I have raised. I have an interesting situation at the moment and would like to know how to approach this. Around 1-2 years ago, I had taken a loan out from The Money Shop. As you may be aware, the company went into insolvency a couple of months ago, but my loan which had defaulted by that point had already been taken over to be managed by BW Legal. I had paid around 300£ towards the loan, and a balance had been remaining, During this time, I was also "invited" to submit a claim against The Money Shop, and am considered to be a creditor at the moment, as I reveive creditor reports and updates. On my road to 0 debt, I had checked the BW Legal website and my account shows as closed. I am wondering what steps do I need to take in this case, as the credit report shows the default and the balance, quite a small balance, but there is no actual way of paying anything to have the account showing as closed, at least not anyway that I know of, with BW Legal being the previous way I had paid the previous balance.

Can I request the credit bureau , or to name it better, the credit reporting company to remove that ? Or do I have to wait ? I apologise if this sounds stupid, but I am confused as to what can be done next.

Galloglass

BW Legal is a hybrid debt collector/solicitor. They are not debt buyers so will be collecting outstanding accounts for whoever bought your debt. If the debt belonged to The Money Shop then it may have been written off by the owner. BW Legal won't be able to do anything as it was not their debt. The defaults will just fall away after 6 years.

eLdn123

Galloglass said:

BW Legal is a hybrid debt collector/solicitor. They are not debt buyers so will be collecting outstanding accounts for whoever bought your debt. If the debt belonged to The Money Shop then it may have been written off by the owner. BW Legal won't be able to do anything as it was not their debt. The defaults will just fall away after 6 years.

So if my account is no longer with BW Legal, but The Money Shop still has it, being in insolvency, I should wait and see if they sell if forward ? As I've said, I have no way of paying, as The Money Shop doesn't seem to have a number of anything to be able to contact them to make a payment of offer a final settlment offer.

Galloglass

Looks like KMPG are doing the insolvency work
https://www.themoneyshop.com/media/documents/ICL_Quarterly_Update_to_creditors.pdf
There is a "redress" scheme which you could apply for. Any award (or redress) will be deducted from the outstanding debt and the balance sold on. Redress looks like it is 10p per £ of debt.

Bear in mind that there are risks in claiming the redress as it could amount to acknowledging the debt in regards to Limitations. On the other hand ,in Insolvency, your paperwork could get lost and the debt may become non-enforceable. There is no clear outcome for you only what you think is better for your own circumstances.

eLdn123

Galloglass said:

Looks like KMPG are doing the insolvency work
https://www.themoneyshop.com/media/documents/ICL_Quarterly_Update_to_creditors.pdf
There is a "redress" scheme which you could apply for. Any award (or redress) will be deducted from the outstanding debt and the balance sold on. Redress looks like it is 10p per £ of debt.

Bear in mind that there are risks in claiming the redress as it could amount to acknowledging the debt in regards to Limitations. On the other hand ,in Insolvency, your paperwork could get lost and the debt may become non-enforceable. There is no clear outcome for you only what you think is better for your own circumstances.

The amount left outstanding is under 50£ after paying when it was with BW Legal, so I would just like to get it paid or something, as my plan is to clear debt and have my credit report show this default as closed ( satisfied ), but can't seem to be able to do it.

sourcrates

Hi,

The Money Shop, PaydayUK and Payday Express, were owned by the Dollar Financial Group, all used BW Legal to recover bad debts for them.

If your account says closed, i would assume it will stay that way, when looking to recover assets KPMG will have made financial decisions based on a quick return, no point chasing someone for a year for £50, its just not worth the costs involved with recovery.

I doubt they will sell on your debt, but it remains a possibility, 6 years after default it will drop off your file regardless.