Dreaded Default

hagler

hello everyone, i have now received the dreaded default notice from barclaycard. barclaycard have passed the debt on to a company called moorcroft for recovery. should i now start negotiating with moorcroft for a dmp by first sending off a prove it letter, just a little confused at the moment on what next steps to take and dont want to end up in court. any help would be appreciated.

steve

Cal1676

Firstly, try not to worry. You wouldn’t approach Moorcroft for a DMP. There are organisations such as Payplan and StepChange who can help with these (watch out for companies who will charge you for a DMP)

Do you have other debts apart from this one?

Rob5342

Why did you stop paying them? I ask as you call it a dreaded default but a default is a very good thing if you want a DMP?

hagler

Rob5342 said:

Why did you stop paying them? I ask as you call it a dreaded default but a default is a very good thing if you want a DMP?

hi rob your right, but the way those letters made it sound was like its something to be dreaded! any advice please on how to proceed should i deal with moorcroft or with barclaycard, never been in this situation before its about £3k debt i know not alot but something i cant afford to pay back with my current situation.

ive also seen some of sourcrates posts which recommend writing to the lenders for a write off if you can not make the payments and have bad health.

any thoughts would be highly appreciated as i have got the default but have no clue now what to do!

many thanks steve

fatbelly

You mean long-awaited default. I remember discussing this with you in 2022 when we also tried to put your mind at rest about court.

You can start paying now if that's what you want to do. Equally, if you have other debts not yet defaulted you could continue to wait till you have the full set

And if there are arguments to be made about write-offs then that's an option too.

hagler

fatbelly said:

You mean long-awaited default. I remember discussing this with you in 2022 when we also tried to put your mind at rest about court.

You can start paying now if that's what you want to do. Equally, if you have other debts not yet defaulted you could continue to wait till you have the full set

And if there are arguments to be made about write-offs then that's an option too.

thanks for getting back to me, i have a few others as well, does it make a difference waiting for them all to default, and do you think its worth sending a prove it letter

many thanks

steve

Rob5342

The advantage in waiting for them all to default is that you can put the payments into an emergency fund while you wait. Things move slowly in the world of debt collectors, just do whet suits you best financially

sourcrates

Keep in mind Moorcroft have only been assigned your debt equitably.

This means all they can do is collect payments from you, they don`t own it, Barclaycard do, so whilst its in Moorcroft`s hands, they can`t take legal action to recover the balance.

Sending them a prove-it letter will only result in them returning the debt to their client, the prove-it letter is mainly for when the debt has been sold, maybe more than once, and time has passed, that`s not really applicable to an equitable assignment.

Choose how much you want to pay them, and do so on their website, no need to engage with them at all.

Make sure it has defaulted before you start payments, check your credit reports.

hagler

sourcrates said:

Keep in mind Moorcroft have only been assigned your debt equitably.

This means all they can do is collect payments from you, they don`t own it, Barclaycard do, so whilst its in Moorcroft`s hands, they can`t take legal action to recover the balance.

Sending them a prove-it letter will only result in them returning the debt to their client, the prove-it letter is mainly for when the debt has been sold, maybe more than once, and time has passed, that`s not really applicable to an equitable assignment.

Choose how much you want to pay them, and do so on their website, no need to engage with them at all.

Make sure it has defaulted before you start payments, check your credit reports.

thanks alot for the info and reply sourcrates, i am just stuck in a few different minds, im thinking should i wait for the debt to be sold and then go down the cca route or try and negotiate a settlement, should i instead go online and chose to pay what i can afford per month to moorcroft, or should i try and ask barclaycard to write off the debt as im thinking the bigger lenders might be more willing to show some grace then a third party who has bought the debt for pennies in the pound, the last thing i want is a ccj or any type of court action as dont want the hassle of court

many thanks

steve

sourcrates

CCA requests are best kept for much later on in the journey when the debt has been sold at least once.