Moorcroft account passed back to original creditor???

Entersandman

Good Afternoon,

An account I had with Lloyds defaulted and was passed to Moorcroft a few years ago.

Until July last year, when my wife was made redundant, there was a small monthly payment to Moorcroft.

I signed in to my Moorcroft account a couple of days ago to check the outstanding balance to find my account no longer exists with them and has been 'passed back to original creditor'.

I wasn't given a reason for this and Moorcroft had no further information on the situation.

Has anyone had experience of this before I contact Lloyds (which I'd rather not do). 

Thanks in advance.

fatbelly

You don't have to contact them.

If they want payment they'll contact you.

The most likely scenario is that it's being put in a package of debts to be sold. You will hear eventually from Lowell or Cabot or PRA or Hoist or someone.

Best thing you can do is build up a fighting fund for when it does re-emerge.

sourcrates

Debts are sold all the time, mostly in large portfolio`s, very little is divulged to the debtor, until the introduction letter arrives from the new owner, its very, very common.

Its like kids used to be in the playground back in the day, all wanting the best marbles, same applies here, they all want the most profitable loan book.

On a slightly different note, your username, Metallica fan by any chance ?

Entersandman

sourcrates said:

Debts are sold all the time, mostly in large portfolio`s, very little is divulged to the debtor, until the introduction letter arrives from the new owner, its very, very common.

Its like kids used to be in the playground back in the day, all wanting the best marbles, same applies here, they all want the most profitable loan book.

On a slightly different note, your username, Metallica fan by any chance ?

@sourcrates

How quick is this process? I'm a bit gutted tbh as I found Moorcroft quite easy to work with and whoever comes along next may not be.

Yes I love 'enter sandman'!

sourcrates

Entersandman said:

sourcrates said:

Debts are sold all the time, mostly in large portfolio`s, very little is divulged to the debtor, until the introduction letter arrives from the new owner, its very, very common.

Its like kids used to be in the playground back in the day, all wanting the best marbles, same applies here, they all want the most profitable loan book.

On a slightly different note, your username, Metallica fan by any chance ?

@sourcrates

How quick is this process? I'm a bit gutted tbh as I found Moorcroft quite easy to work with and whoever comes along next may not be.

Yes I love 'enter sandman'!

How long is a piece of string ? 

Could be weeks, months, they may decide not to pursue it and never contact you.

No way of knowing unfortunately.