BBL from Lloyds now in the hands of Moorcroft

Mivvi-69

Sadly you are hearing the full story! anyhow I had hoped someone may suggest a resolution or had experienced something similar, however thank you for your comments 

sourcrates

Lloyds Bank transferring a loan to Moorcroft can be perplexing, especially when the reasons are not explicitly disclosed. 

As per my original post, here are some further insights to shed light on this situation:

1. Commercial Decision: Banks sometimes make commercial decisions to transfer debt management to a collection agency like Moorcroft. They have the discretion to do so without providing a specific reason.. In this case, the debt still remains owned by Lloyds, but Moorcroft is assigned to manage it.

2. Account Closure: Lloyds closed your son’s account before the loan was due for repayment and handed it over to Moorcroft, again, no reason has to be given for these actions.

3. Credit File: Interestingly, this debt does not appear on your son’s credit file, which is positive. However, the lender for his mortgage application is understandably curious about this debt and the account closure. 

4. Again, you might consider explaining to the lender that it was a commercial decision made by Lloyds and you were not a party to it.

Mivvi-69

Thank you for your comments, I will of course pass them on. Last week he cleared the debt in full with Moorcroft, lets hope this is enough to satisfy the lender. I really appreciate your comments and assistance