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  • FIRST POST
    • gr_96
    • By gr_96 5th Mar 18, 4:42 PM
    • 9Posts
    • 5Thanks
    gr_96
    £1000+ Credit Card Debt
    • #1
    • 5th Mar 18, 4:42 PM
    £1000+ Credit Card Debt 5th Mar 18 at 4:42 PM
    So I'm posting here on behalf of my partner. She's not very good at dealing with money and was pretty naive at the time of doing all of this. Nor does she monitor the account or any money very well. Fortunately I'm now here to try and find the right help; hence me posting in this forum.

    Around January 2016 she took out a Barclay Card (Platinum Visa) with an £800 limit.
    She spent this up and then decided it was a terrible idea and cut up the card.
    She then claims to have been paying something like £33 a month back, until last year when she had a phone call from an unknown company (she can't remember) discussing the repayment amount and settled on £40 a month.

    We've been to Barclays to try and obtain as much information about the account as possible. The first statement I've got is from November 2016 where the balance is £836.57 - this has a minimum payment of £89.80 due by December 2016. (The previous balance below this on the statement was £796.)
    The next statement is 6 months later, April 2017. This is a balance of £1,043.48 minimum payment of £333.28 due by May 2017.
    (The interest rates are all defined as 26.43%.)

    Barclays informed us today that the debt is now with a company called 'Hoist' and we need to contact them.

    My initial plan when finding out about the card was to get her to move it to a 0% interest and pay more each month, get it paid off, problem solved.
    Now this seems unlikely, as a small amount of research has led me to believe that 'Hoist' are a debt collection agency?

    Does this mean this is still going up and up with interest and it will be a never-ending battle?
    Would there still be an option to move the debt to somewhere interest free?

    Hopefully someone can shed some light on this for me...

    Thanks in advance.
Page 1
    • sourcrates
    • By sourcrates 5th Mar 18, 5:13 PM
    • 14,064 Posts
    • 13,323 Thanks
    sourcrates
    • #2
    • 5th Mar 18, 5:13 PM
    • #2
    • 5th Mar 18, 5:13 PM
    Hi,

    Hoist are a Swedish company who are very heavily into the debt collection business in the UK, they recently acquired Robinson way, another player in the same market.

    You need to find out from Barclays if Hoist have bought the debt, or are just managing it, ring them and ask, because if they have sold the debt, all interest and charges should cease, if they are only acting as a 3rd party to collect the debt on Barclays behalf, interest will still be charged on the outstanding balance as per the original agreement.

    There is no option now to move the balance, no, one option would be to make an offer the settle the account in full, although if it has not been sold, i doubt if any offer would be accepted.

    If i had to make an educated guess, i would say Hoist now own the debt.
    Last edited by sourcrates; 05-03-2018 at 5:17 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • gr_96
    • By gr_96 5th Mar 18, 5:47 PM
    • 9 Posts
    • 5 Thanks
    gr_96
    • #3
    • 5th Mar 18, 5:47 PM
    • #3
    • 5th Mar 18, 5:47 PM
    Okay, great thanks for your quick response.
    Well basically Barclays passed us on the number for Hoist and said to ring them and find out what was going on. So the plan is to call them, see what they have to say and we can then go from there.

    So if as you guess the debt is sold to Hoist, there may be the option to settle it in full? Being that this may not be affordable would the debt be
    ēof the initial credit card amount
    ēinclusive of Barclays interest too
    ēinclude Hoist's own interest amount

    Any ideas on these?
    Much appreciated, thanks.
    • sourcrates
    • By sourcrates 5th Mar 18, 6:03 PM
    • 14,064 Posts
    • 13,323 Thanks
    sourcrates
    • #4
    • 5th Mar 18, 6:03 PM
    • #4
    • 5th Mar 18, 6:03 PM
    Under FSA rules, debts should be defaulted before sale, in which case the amount is frozen, and no further interest or charges can be added.

    The problem we are seeing more and more of, are the sale of non defaulted debts, which means the new owner can continue charging interest at the same rate as per your original agreement.

    The rules you see, are more like guidelines, then actual set in stone rules, so are open to interpretation, you really need to obtain statements to see if interest is still been charged, if it is, you can always put in a formal written complaint telling them its unfair etc.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • gr_96
    • By gr_96 5th Mar 18, 6:21 PM
    • 9 Posts
    • 5 Thanks
    gr_96
    • #5
    • 5th Mar 18, 6:21 PM
    • #5
    • 5th Mar 18, 6:21 PM
    Okay, so in terms of can and can't it's pretty vague (typical!).

    We'll get in contact with Hoist tomorrow, find out as many details from them and get them to send statements out.
    I may be back in this thread if I come across more issues along the way (likely) thanks very much for your help so far.
    • gr_96
    • By gr_96 6th Mar 18, 8:02 PM
    • 9 Posts
    • 5 Thanks
    gr_96
    • #6
    • 6th Mar 18, 8:02 PM
    • #6
    • 6th Mar 18, 8:02 PM
    Keeping you in the loop. Contacted the number provided by Barclays today; turned out to be Robinson Way. They transferred to hoist who advised that the debt has been bought. In turn the pointed us to a company called Moorcroft. Apparently they're the ones who handle all payments etc. and we have to contact them.

    The debt is stuck at £1043.48 and is not accumulating anymore interest, that is what it was bought from Barclays at.

    Contacting Moorcroft tomorrow to discuss payment plans etc.
    I highly doubt the interest accumulated from Barclays will be nulled, so I suppose it'll be a case of setting up a payment plan for the £1043.48. Thinking £80-£100 a month and it can be cleared in a year!

    Thanks for your assistance. For my own satisfaction and in case you want to know how it goes, I'll probably keep this loop going. Plus for any others reading the thread so they can hopefully read a positive tale and know that it can always be resolved!

    Thanks.
    • Bedsit Bob
    • By Bedsit Bob 6th Mar 18, 9:06 PM
    • 10,255 Posts
    • 55,176 Thanks
    Bedsit Bob
    • #7
    • 6th Mar 18, 9:06 PM
    • #7
    • 6th Mar 18, 9:06 PM
    Make sure any arrangements you make with them, is confirmed in writing.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1308

    Who are you to question why your god doesn't want me to believe in him?
    • timbstoke
    • By timbstoke 8th Mar 18, 1:50 PM
    • 949 Posts
    • 1,221 Thanks
    timbstoke
    • #8
    • 8th Mar 18, 1:50 PM
    • #8
    • 8th Mar 18, 1:50 PM
    There is no option now to move the balance, no, one option would be to make an offer the settle the account in full, although if it has not been sold, i doubt if any offer would be accepted.
    Originally posted by sourcrates
    That depends on the account status, surely? If the account has been sold on, then I agree it can't be directly moved (but in that case no further interest is accruing anyway, so there's no need to).

    If the account is still with Barclays and they're still applying interest to it, then it should be eligible for an interest free balance transfer from any other provider who will offer one.
    • DCFC79
    • By DCFC79 8th Mar 18, 2:17 PM
    • 31,705 Posts
    • 19,995 Thanks
    DCFC79
    • #9
    • 8th Mar 18, 2:17 PM
    • #9
    • 8th Mar 18, 2:17 PM
    So it doesn't happen again teach your partner about dealing with money, to check the accounts on a regular basis, get a DD set up.

    Is it because she isnt very good or cant grasp about money ?
    Last edited by DCFC79; 08-03-2018 at 2:24 PM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • moneyonmymindsam
    • By moneyonmymindsam 8th Mar 18, 10:19 PM
    • 1,406 Posts
    • 4,284 Thanks
    moneyonmymindsam
    You state The debt is stuck at £1043.48 and is not accumulating anymore interest, that is what it was bought from Barclays at.

    I very much doubt the debt collector brought the debt penny for penny so very misleading if they told you that! I'd be shocked if that was true.

    Good luck with it all.
    Emergency Fund Challenge
    • sourcrates
    • By sourcrates 8th Mar 18, 10:32 PM
    • 14,064 Posts
    • 13,323 Thanks
    sourcrates
    That depends on the account status, surely? If the account has been sold on, then I agree it can't be directly moved (but in that case no further interest is accruing anyway, so there's no need to).

    If the account is still with Barclays and they're still applying interest to it, then it should be eligible for an interest free balance transfer from any other provider who will offer one.
    Originally posted by timbstoke
    We have moved on since I posted that.

    The debt was sold to hoist, it is been managed by moorcroft, the balance is as stated above with no further interest charges added.

    Barclays are out of the picture.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • sourcrates
    • By sourcrates 8th Mar 18, 10:35 PM
    • 14,064 Posts
    • 13,323 Thanks
    sourcrates
    You state The debt is stuck at £1043.48 and is not accumulating anymore interest, that is what it was bought from Barclays at.

    I very much doubt the debt collector brought the debt penny for penny so very misleading if they told you that! I'd be shocked if that was true.

    Good luck with it all.
    Originally posted by moneyonmymindsam
    The amount debts are purchased for are a closely guarded secret.

    It is thought to be around 20p in the £, but estimates vary wildly.

    It would never be £ for £ otherwise there would be no profit for the debt purchaser.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • gr_96
    • By gr_96 9th Mar 18, 8:23 PM
    • 9 Posts
    • 5 Thanks
    gr_96
    I'll answer you all at once:

    @timbstoke - as @sourcrates said, we've moved on since there. It's sold on, no moving it for her now.

    @DCFC79 - I'm trying my best to teach her, from my person experiences. I've always been good at saving and stuff. She's never ever monitored her accounts, always takes her money out as cash when she gets paid etc. I'm now teaching her how crucial it is when she does have some direct debits set up. It's just difficult to teach when people are set in their ways and have been for so long. Slow process but I'm making progress I think.

    @moneyonmymindsam - Yes, it's stuck there and Hoist/Robinson Way/Moorcroft have confirmed that there is no interest accumulating. I didn't mean they bought it for that much, more it's worth that much (that's what she has to repay). Sorry for the confusion.

    General Follow Up
    So Moorcroft got contacted, and we've agreed a repayment plan of
    - 1 week at £94.88 (1 instalment)
    - 4 weekly at £94.86 (10 instalments)
    - Sum total £1043.48 over 11 instalments, 4 weekly.
    (First date of payment = 19th April 2018)
    (Final date of payment = 24th January 2019)

    My partner is happy with this. I asked her to propose how much she can afford, we set on around £100 and that's the outcome. Plus it means it's all over by January next year!

    Unfortunately they couldn't process it all when we called, as they apparently couldn't set up a payment for over 30 days away; we'll have to call back. But when I get that confirmed on the phone I'll get them to put it in writing and post and email that out.
    Last edited by gr_96; 09-03-2018 at 8:30 PM.
    • gr_96
    • By gr_96 9th Apr 18, 6:47 PM
    • 9 Posts
    • 5 Thanks
    gr_96
    Closing this thread off I think.
    Payment plan set up. Last payment is the slightly higher one, according to their policies.

    Aside from that all set up and sorted.

    Thank you all for your help.

    /thread
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