When to contact credit agency?

MardyMinnie

I've been lurking on these threads for a while after accumulating some credit card debt and have now let it default. My original creditor, Virgin, has informed me they've passed the debt onto Intrum, who have appointed CapQuest to manage my account on Intrum's behalf. CapQuest, meanwhile, has instructed Moorcroft to manage payment and this morning I've had a letter from Moorcroft asking to arrange that.

So, now what? Do I write to Moorcroft to offer a monthly sum? Or try setting it up via their website? I don't want to phone! I am not in a position to settle the full amount yet, but can offer a monthly sum. I should be able to settle in 12 months' time and can state the circumstances of why in any letter. Should I write now? I just want to get the ball rolling started.

Any advice gratefully received!

Rob5342

Just send them a message on Moorcrofts website telling them what you'll be paying and ask for the account details where they want it sent. Insist of doing it by bank transfer as that keeps you in control, don't let them bully you into doing by debit card or direct debit as that makes it more difficult for you to change.

When you have the money don't settle it in full, they are likely to accept a reduced settlement offer.

MardyMinnie

Thanks so much Rob5342. I'm doing what you've suggested and writing a letter to tell them I want to pay by SO and I'll hold my nerve on it!

stu12345_2

MardyMinnie said:

I've been lurking on these threads for a while after accumulating some credit card debt and have now let it default. My original creditor, Virgin, has informed me they've passed the debt onto Intrum, who have appointed CapQuest to manage my account on Intrum's behalf. CapQuest, meanwhile, has instructed Moorcroft to manage payment and this morning I've had a letter from Moorcroft asking to arrange that.

So, now what? Do I write to Moorcroft to offer a monthly sum? Or try setting it up via their website? I don't want to phone! I am not in a position to settle the full amount yet, but can offer a monthly sum. I should be able to settle in 12 months' time and can state the circumstances of why in any letter. Should I write now? I just want to get the ball rolling started.

Any advice gratefully received!

wife had some ups n downs with her moorcroft  standing order set up this morning.i  created a thread all about it.

EssexHebridean

Definitely don't be telling them you will be in a position to settle it in full later either - better to leave them with the impression that a F&F offer later will be worth considering! 

Rob5342

EssexHebridean said:

Definitely don't be telling them you will be in a position to settle it in full later either - better to leave them with the impression that a F&F offer later will be worth considering! 

This is a very good point. Companies like Intrum buy debts at a small fraction of their value, maybe 15%, so if you pay the debt in full they could be getting 6 times what they paid back. It's all a bit of a game, they might try and make out that they can't accept a 45% offer even though they could be tripling their money, so you need to play it too and make it seem like you can't repay the whole amount even if you are able to.

MardyMinnie

stu12345_2 said:

MardyMinnie said:

I've been lurking on these threads for a while after accumulating some credit card debt and have now let it default. My original creditor, Virgin, has informed me they've passed the debt onto Intrum, who have appointed CapQuest to manage my account on Intrum's behalf. CapQuest, meanwhile, has instructed Moorcroft to manage payment and this morning I've had a letter from Moorcroft asking to arrange that.

So, now what? Do I write to Moorcroft to offer a monthly sum? Or try setting it up via their website? I don't want to phone! I am not in a position to settle the full amount yet, but can offer a monthly sum. I should be able to settle in 12 months' time and can state the circumstances of why in any letter. Should I write now? I just want to get the ball rolling started.

Any advice gratefully received!

wife had some ups n downs with her moorcroft  standing order set up this morning.i  created a thread all about it.

Thanks for this. I did see your thread and bookmarked it, just in case I need to do the same!