Self DMP - first steps

sourcrates

Standard default notice, and they are already saying they will sell the debt onwards, so just wait until they do.

After that, you can engage with whoever writes to you asking for money.

jurrasic359

I’ve had this email today from Moorcroft. What are my next steps? Thanks

“We act on behalf of FLUID and would like to speak to you about a personal business matter.

Please contact us on 0161 475 2903 or via website www.mdrl.co.uk as soon as possible. Calls to the above number will be charged at the national rate.Tel:0161 475 2903

If you would prefer that we call you back at a more convenient time please email us at Customers@moorgroup.com with your contact number ensuring that your reference number is quoted.”

Grumpelstiltskin

Do you have a default showing on your credit report?

What was the debt, loan or card?

Have you received a valid CCA for it?

Any thoughts about unaffordable lending?

Don't rush to contact Moorcroft until you are happy it is payable.

jurrasic359

It was one of my smaller debts - a credit card taken out with Fluid last year.

I have done an affordability complaint - just waiting to hear and will send to ombudsman if needed.

No default recorded on Experian as of yet - are there any better places to check my credit report?

Thanks

jurrasic359

I’ve had a letter posted now and also some phone calls. This debt is not showing as defaulted yet so do I continue to ignore? Thanks

sourcrates

As it says in the letter, Moorcroft are only acting on behalf of fluid, this means the debt has only been equitably assigned to them, basically they are allowed to collect the balance, but cannot enforce the rights of the creditor.

Sometimes non defaulted debts are passed to collection companies to get the account back on track, now I assume you don`t want to "get back on track" you want the debt to default so all interest is stopped, and then to repay via a DMP, correct?

If that`s the case, then do not engage with Moorcroft, they can`t do anything except ask you to pay, let them go through there standard letters, and eventually they will return the account to fluid.

Default should follow soon after that I would say.

jurrasic359

https://forums.moneysavingexpert.com/discussion/comment/81975980#Comment_81975980

Fab! Thank you. It’s all a bit daunting so just checking I’m following the correct steps :) will hold tight for now!

jurrasic359

I’ve had this email from Zopa today about one of my loans (I currently have 5 with them - yes I’ve done affordability checks which have gone to ombusman level and no luck):

“We’re getting in touch about your Zopa loan. As your loan has been defaulted, you now need to pay off your outstanding balance of  £911.64

Please contact us urgently so we can talk about setting up a manageable repayment plan. If you are able to raise some funds, we may be able to offer you a discount to settle your outstanding balance at a reduced rate.”

I’m assuming I now set up a payment plan with them? Do I ask what the reduced rate is or leave for now? And continue to wait for the other 4 to default?

Thanks

sourcrates

Well, yes and no, its been said previously that the only correspondence you should heed is a letter, emails/texts/calls can all be ignored.

You could wait until they write to you, or better still, wait until it gets assigned to a debt collector or sold on.

I say this because you could spend time and effort setting up an arrangement with Zopa, only to find a few weeks down the line, they sell the debt anyway, which is more than likely what will happen.

The collections dept. will not be aware of what may or may not be happening with regard to the sale of your debt, alongside many other defaulted accounts, so no need to rush into anything, I`d wait and see what happens first.