Moorcroft

Mangoman11

Looking for some advice re a debt repayment plan I have with Moorcroft Debt Recovery Ltd.

Myself and a business partner had a business account/overdraft with RBS. The business failed and we were left £20k deep in the overdraft.

RBS sold the debt to Moorcroft by which time my ex business partner had left for Australia and hasn’t been heard of since. 

I’ve been paying £50 per month since then (2018). 

I had argued initially that only £10k of the debt was mine being that there were 2 names on the RBS account but the reality seems to be that I’ve been left with it all.

Are there any routes out of this debt beyond chipping away with my £50 payments?

sourcrates

Well it depends if you are bothered about a clean credit report or not really.

First though, have you ever asked Moorcroft to prove you are liable for the debt by providing proof of liability?

If not, then you should send them the prove-it letter, and see if they can, makes no difference if you have been paying it or not, they still have to provide evidence, likely in the form of bank statements in the case of an OD.

Other options, you could just stop paying it, tell them you can no longer afford it, cost of living too high, less hours at work, increase in essential bills etc etc, if you can convince them its not affordable, they may well accept that.

fatbelly

Hopefully this doesn't appear on your credit report or, if it did, it has disappeared under the 6-year rule.

You can't argue that you are 50% liable as joint and several liability would apply.

However, their paperwork identifying you as liable may not still survive so it is worth checking.

Other than that I would think a full and final settlement deal is the way to bring this to a close