Virgin debt collection process

freshstart2023

Good morning. I have two credit cards with virgin and wish to manage my own DMP. I have been waiting for defaults. I don’t have any defaults from virgin on my credit report yet, however, I have now received letters stating that my accounts are now with Intrum UK Finance Ltd, Interum have appointed Capquest and Capquest are working with Moorcroft. Am I good at this stage to try and sent up a standing order to Moorcroft? Sorry I’m sure this will have been asked before but do I contact Moorcroft to say how much I’ll be paying or just start making payments? Or am I best waiting until the default appears on my credit report? Thankyou 

Brie

Go through your budget (use the SOA) to see how much excess income you have after all the essentials are paid.  

Write to Moorcroft saying you can afford £X a month.  It should be a pro rata amount of your debts and then offer to the other creditor as well once you know who.  I wouldn't bother waiting for things to default unless you are hoping that they will offer a full and final settlement price and you might have the money to pay that.

If you start making any payments it's basically an admission that you owe the money so do consider this if you are hoping that the debt will simply go away at some point in the future.  

sourcrates

In essence, Intrum have bought your debts, legally assigned them to Capquest, who have then equitably assigned them to Moorcroft.

Debts can be sold at any time, but in order for a creditor to take legal action, they must first default.

You can wait until that happens, if you wish, but it may take a while.

There is no need to write with offers of payment, these days you can do all of this on Moorcroft`s website, they will not be fussy, Intrum/Capquest will allow Moorcroft a certain degree of latitude to accept payments within a certain range, otherwise they may ask to see a copy of your budget.

Another old wife`s tale is this admission of debt thing, the only thing admitting to a debt can alter is the limitation period, and the length of time it will take to become statute barred, you can write letters to them all day long saying "this is my debt" and it doesn't change anything.

Brie

sourcrates said:

Another old wife`s tale is this admission of debt thing, the only thing admitting to a debt can alter is the limitation period, and the length of time it will take to become statute barred, you can write letters to them all day long saying "this is my debt" and it doesn't change anything.

Is it only the case if a debt surfaces out of nowhere?  So if the OP is aware of the Virgin debts and has been paying those for some time but simply disregards Moorcroft et al then the debts would become statute barred in 6 years after it was acknowledged to Virgin?  Or have I missed something?? (very likely)

freshstart2023

Oh so is there a chance they haven’t actually defaulted? I actually assumed they had but hadn’t updated on credit report yet as interest has stopped now. Maybe they haven’t then 🤷‍♀️

sourcrates

Brie said:

sourcrates said:

Another old wife`s tale is this admission of debt thing, the only thing admitting to a debt can alter is the limitation period, and the length of time it will take to become statute barred, you can write letters to them all day long saying "this is my debt" and it doesn't change anything.

Is it only the case if a debt surfaces out of nowhere?  So if the OP is aware of the Virgin debts and has been paying those for some time but simply disregards Moorcroft et al then the debts would become statute barred in 6 years after it was acknowledged to Virgin?  Or have I missed something?? (very likely)

Yes, there are a lot of mis-conceptions regarding debts etc, admission of a debt means nothing, you admit its yours, but so what, it doesn't alter the action a creditor can take.

They still have to go to court to attempt to make you pay it, the only thing that can be affected is the date it becomes statute barred. 

Obviously if you acknowledge a debt by payment or in writing it re-starts the limitation clock, unless 6 years have already passed, then again it doesn't matter.

Rob5342

freshstart2023 said:

Oh so is there a chance they haven’t actually defaulted? I actually assumed they had but hadn’t updated on credit report yet as interest has stopped now. Maybe they haven’t then 🤷‍♀️

If they have defaulted it then they should have sent you a letter beforehand giving you a chance to bring it up to date. It's better to wait for defaults if you can as then you have a fixed date in 6 years time when it will drop off your credit report. If you don't wait then you might get arrangement to pay markers which don't drop off until 6 years after the debt had been cleared, which potentially might not be for another 12 years or even longer.

In my case the Virgin debt disappeared with no mention of a default, and then some months later Intrum started reporting it with a default. 

freshstart2023

Thanks Rob, did you wait until you saw Intrum on your credit report before you started making payment? I just don’t want to wait too long incase it increases the chance of legal action but want to ensure it has defaulted first. Thankyou 

freshstart2023

Rob5342 said:

freshstart2023 said:

Oh so is there a chance they haven’t actually defaulted? I actually assumed they had but hadn’t updated on credit report yet as interest has stopped now. Maybe they haven’t then 🤷‍♀️

If they have defaulted it then they should have sent you a letter beforehand giving you a chance to bring it up to date. It's better to wait for defaults if you can as then you have a fixed date in 6 years time when it will drop off your credit report. If you don't wait then you might get arrangement to pay markers which don't drop off until 6 years after the debt had been cleared, which potentially might not be for another 12 years or even longer.

In my case the Virgin debt disappeared with no mention of a default, and then some months later Intrum started reporting it with a default. 

I got an update on my credit report today and like you say, it’s says the accounts will be removed from my next report 👍👍

Rob5342

freshstart2023 said:

Thanks Rob, did you wait until you saw Intrum on your credit report before you started making payment? I just don’t want to wait too long incase it increases the chance of legal action but want to ensure it has defaulted first. Thankyou 

Sorry, I didn't see this before. I didn't pay them at all as Virgin couldn't produce the cca.

If your plan is to repay it then I see no reason not to start now. Id suggest paying less than you can afford and saving the difference, then at some point you can make them a full and final offer. 

Sly72

If Virgin couldn't produce the cca, then dont pay until you get it.