Moorcroft contact request

Holidaymaker2019

Hi there,
I hope all of you are well during more challenging times than ever. 

I’ll try to make this as short as possible and would value any advice. My husband had a business with another chap that went south in 2001. Hubby got stuffed with a cc debt of £5k with Lloyds bank. Times were very rough for him and a payment plan of £15 pm was agreed with Lloyds in 2003. This has continued to date. A few years ago, moorcroft letters arrived saying they were taking over the debt and to get in touch. He ignored the letters, as people do and it went quiet but the direct debit ref did change to Moorcroft on the bank statements. 

Yesterday a letter arrived requesting to get in touch about a personal matter. He’s reluctant to get in touch because he doesn’t want the payment plan to alter. Tough times as they are right now. Does anyone else have a similar experience? Thanks in advance. 

[Deleted User]

Lots of people have similar experiences. If he can't pay any more, then he can't pay more.

However, they may be offering a settlement, so no harm in talking to them. 

Holidaymaker2019

Deleted_User said:

Lots of people have similar experiences. If he can't pay any more, then he can't pay more.

However, they may be offering a settlement, so no harm in talking to them. 

Thank you, he’s puzzled because he’s continued to pay without defaulting. I thought they only got in touch when you defaulted. 

[Deleted User]

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

Holidaymaker2019

Deleted_User said:

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

I don’t know what you mean, he’s not defaulted, he’s paid by dd £15 pm since 2003. There’s been no late or missed payment since the payment plan was arranged in 2003 with Lloyds. 

[Deleted User]

His account defaulted when he stopped making contractual payments.

If his account wasn't marked as defaulted, then he's had 17 years of late payments so he needs to make sure Lloyds did default it.

[Deleted User]

Holidaymaker2019 said:

Deleted_User said:

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

I don’t know what you mean, he’s not defaulted, he’s paid by dd £15 pm since 2003. There’s been no late or missed payment since the payment plan was arranged in 2003 with Lloyds. 

If the payment should be £100 a month and he is paying £15 a month then he's defaulted on the debt. Purely a technical answer, not a judgement

sourcrates

Debts are sold or assigned all the time, its nothing special, happens all the time, and simply for business reasons.

If Moorcroft had bought the debt, they would have said so in the letter, so its likely they are just managing it on behalf of Lloyds.

All he has to do is write to Moorcroft, informing them that the current payment is affordable, and any future contact must be in writing only.

He may also benefit from doing a CCA request to Lloyds, after such a long time, compliant paperwork may not be available rendering the debt unenforceable, he could make a small offer to settle if that were the case, 17 years is far too long to be repaying a debt.

Holidaymaker2019

Deleted_User said:

His account defaulted when he stopped making contractual payments.

If his account wasn't marked as defaulted, then he's had 17 years of late payments so he needs to make sure Lloyds did default it.

Are you referring to 2001? The payment arrangement was made in 2003. Since 2003 no payment has been missed. 

Holidaymaker2019

Deleted_User said:

Holidaymaker2019 said:

Deleted_User said:

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

I don’t know what you mean, he’s not defaulted, he’s paid by dd £15 pm since 2003. There’s been no late or missed payment since the payment plan was arranged in 2003 with Lloyds. 

If the payment should be £100 a month and he is paying £15 a month then he's defaulted on the debt. Purely a technical answer, not a judgement

Deleted_User said:

Holidaymaker2019 said:

Deleted_User said:

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

I don’t know what you mean, he’s not defaulted, he’s paid by dd £15 pm since 2003. There’s been no late or missed payment since the payment plan was arranged in 2003 with Lloyds. 

If the payment should be £100 a month and he is paying £15 a month then he's defaulted on the debt. Purely a technical answer, not a judgement

I don’t know where you get £100 a month from? The agreed sum is £15 which he has paid each month without missing a payment since 2003. 

sourcrates

Holidaymaker2019 said:

Deleted_User said:

Holidaymaker2019 said:

Deleted_User said:

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

I don’t know what you mean, he’s not defaulted, he’s paid by dd £15 pm since 2003. There’s been no late or missed payment since the payment plan was arranged in 2003 with Lloyds. 

If the payment should be £100 a month and he is paying £15 a month then he's defaulted on the debt. Purely a technical answer, not a judgement

Deleted_User said:

Holidaymaker2019 said:

Deleted_User said:

He's already defaulted. They get in touch to see if a settlement can be reached sooner rather than later.

I don’t know what you mean, he’s not defaulted, he’s paid by dd £15 pm since 2003. There’s been no late or missed payment since the payment plan was arranged in 2003 with Lloyds. 

If the payment should be £100 a month and he is paying £15 a month then he's defaulted on the debt. Purely a technical answer, not a judgement

I don’t know where you get £100 a month from? The agreed sum is £15 which he has paid each month without missing a payment since 2003. 

The other posters are referring to the original contractual payments that he agreed to when he opened the account.
When he stopped making those payments, that is when the account would/may have defaulted, and that is the information that will have been recorded on his credit file.

Now he chose to make a payment arrangement in 2003, but the payment history of this arrangement is not counted as an indication of the accounts status, the original default, if it did default, only stays on file for 6 years, so will be long gone by now.

Non of that matters now as the information has long since been removed from his file, like I said above, send a CCA request, see what paperwork they have for this account, Moorcroft will just be introducing themselves, its nothing to fret about, email them if your more comfortable, you don`t have to change your payments, but again, as I said above, 17 years is far too long to be repaying this debt, he needs to be a bit more pro-active and get this matter sorted.

Do the CCA request, (use Google if you don`t know what that is) see what transpires from that, he may be able to settle this debt for much less than may be outstanding.