F&F Payment on Barclays Debt/ Collected by Moorcroft

moneyworrier2021

Hi All.

I did a post on this about 6 months ago but where my circumstances have changed, so thought I'd start a new post,

Defaulted on my personal Loan from Barclays in 2017. Originally £15K but currently down to £7,300 now.

I want to clear this by the end of the year so that by April, I may be in a better position to get a better mortgage rate than I have with Precise Mortgages (5%)

Im currently paying £100 a month to Moorcroft and have £2.5K saved up which I can use to clear the debt.

Moorcroft's Online chat said to call and discuss early settlements but I'm not sure whether I should do that or do the lengthly letter process?

I wonder if they would accept and offer of just over 30%. 

fatbelly

It may be best to write first and see how they respond.

I would expect them to reject 30% but they may counter with something.

Then phone and discuss.

Then get the final deal confirmed in writing before you pay.

Offering 30% on £7300 is £2190 so you're leaving a little room for negotiation. Maybe start a couple of points below that, say 28%

JamieJ89

I’m finding Moorcroft difficult to negotiate with, I’ve offered circa 33% and they are not budging under 70%. 

No CCA provided since my request in March - I know it’s not enforceable but I want to clear it anyway for as little as possible so I’m in a better position for a mortgage next year. 

moneyworrier2021

Yeah I’m the same.

ive sent them the letter with a very basic budget sheet which says that after outgoings I have like £160 a month to cover any uncertainties.

They we’re quite pushy that I call and discuss settlement offers but insisted I wanted to send it in writing.

Pretty certain they are going to reject the offer but least I know where I stand. The default falls off my credit file in April 2023 so while it means I may not bag a better mortgage rate this coming April, I could plummet my payments and just continue to pay it forever if they don’t want rid of me.

I don’t believe they have bought the debt, only collecting it for Barclays so I think it will lower my chances of success

User_060921

if you ring them you will probably get hold of one of their teenage sounding 'helpers' who in fact don't have a clue what they are doing.

They have a script. If you ask them what the colour of the sky is they can't / won't answer you.

Correspond in writing only.

moneyworrier2021

They said on their chat that they will decide whether to accept my offer or not which I found weird because I thought Barclays would decide 

Brie

moneyworrier2021 said:

They said on their chat that they will decide whether to accept my offer or not which I found weird because I thought Barclays would decide 

Hasn't Barclays sold the debt to Moorcroft?  So they no longer care what's happening with it.

moneyworrier2021

Well that was a waste of time. 

I sent the letter plus a financial statement to which they then said on the chat I hadn't and had to call. They then found my statement and the lowest they would go was £5,500 on a £7,300 debt.

I guess I may as well then just continue the regular payments and then in 2023 when it drops off my credit file, it won't matter anymore anyway.

moneyworrier2021

If I call back and say that I can only afford £10 a month going forward. Do they have to accept it? Or can they start taking further action like a CCJ?

y3sitsm3

moneyworrier2021 said:

If I call back and say that I can only afford £10 a month going forward. Do they have to accept it? Or can they start taking further action like a CCJ?

They don't have to accept it, especially when it's fairly obvious you're pulling a fast one.

moneyworrier2021

Im not really trying to pull a fast one. Money is incredibly tight atm and they didn't accept my low offer which I kinda expected.

Ws curious if they have the right to take further action if I did went ahead and reduced my payments