Arrow/Moorcroft - old Vigin MBNA card debt

[London1971]

But each time you pay that £1 it resets the 6 year statute barred clock.

 

However they failed a CCA request, stop paying them, it isn’t enforceable. They are taking you for a fool.

[benq]

So a default will drop off my credit file after six year, unpaid or paid.

 

Then to get it Statute Barred, I need to wait six years from last payment.

 

So If I paid them £1000 now, it wouldn't affect my Credit File, but it may stop them coming after me for the full £3500 in three years time?

[AndyOrch]

No its statute barred if there is no payment or acknowledgment for 6 years...so say for argument sake if you had stopped paying  5 years ago when the default notice was issued...it would be statute barred next year (England & Wales)

[benq]

Yes, thats what i was saying, SB is six years from last payment.

 

To get a mortgage, I presume the banks are looking at whats on my credit file, so when the defualt gets to six years and drops off my credit file, a mortgage company wouldn't even see it?

 

But the DCA could add a second default towards the end of the six years could they not?

So it would be better to have the account partially settled?

[AndyOrch]

Quote

But the DCA could add a second default towards the end of the six years could they not?

So it would be better to have the account partially settled?

 

 

No.....as per my first post #21

[dx100uk]

no a dca can't default you file

and once the OC's default reaches 6yrs and the account vanishes

it can't comeback and no-one can see it..

 

 

 

 

[benq]

ok great, thanks

 

What I'm worried about is being taken to court, like PRA tried to.

 

I'm thinking that giving Moorcroft £1000 to Partially Settle the account, will make it less likely they will come after me in the future.

 

And if they do take me to court after partially settling the account, we would have a much better defence in court.

Edited May 29, 2020 by benq

[dx100uk]

nope.

so where this CCA return they sent you with all the enforceable documents and signed agreement you requested?
 

dx

 

[London1971]

50 minutes ago, benq said:

Yes, thats what i was saying, SB is six years from last payment.

 

To get a mortgage, I presume the banks are looking at whats on my credit file, so when the defualt gets to six years and drops off my credit file, a mortgage company wouldn't even see it?

 

But the DCA could add a second default towards the end of the six years could they not?

So it would be better to have the account partially settled?

 

Once it's off your file no mortgage company or lender can see it. It's as if it never really existed. DCA's are powerless despite acting to the contrary, they cannot add another default and they cannot stop a debt going statute Barred.

 

There are multiple factors involved in mortgage eligibility. A large deposit, if you have one can cover a multitude of evils, even a 6 month old CCJ.  However, the older a CCJ / default is, the less bearing it has on the result.  You would be doing yourself a favour to find a good broker who can find you the best deal.  However, I stress that partially paying off a 4 year old default is not going to make a difference one way or the other.

 

As for being taken to court, it might never happen, or might be years from now. They would have to be pretty stupid to try it after ignoring your CCA request.  Besides, even at that point, if you lose you can avoid a CCJ by paying it.

 

I hate seeing people waste money, especially to bottom feeders like Moorcroft.  I'm going to put it in caps STOP PAYING THEM THEY FAILED A CCA.

 

 

[benq]

Thanks, I appreciate that.

 Arrow did actually respond to my CCA request, but i dont think they sent fully what is legally required.

 

Arrow have sent documents, but does it constitute a full CCA?
They have sent
-copy of originators statements
-A copy of the agreement
-a copy of t+cs
They then say they 'We are awaiting the notice of default and will send if available'

[AndyOrch]

Quote

I'm thinking that giving Moorcroft £1000 to Partially Settle the account, will make it less likely they will come after me in the future.

And if they do take me to court after partially settling the account, we would have a much better defence in court.

 

Not really...wake up a smell the coffee....your £1000 payment simply lines the pockets of DCAs...prolongs your liability...makes it harder to defend should they issue a court claim.

 

 

[dx100uk]

scan up the cca return to one multipage PDF

read upload carefully

 

dx

 

[benq]

Hi Guys,

 

I've gone ahead with this, and I've got the below reply from Moorcroft

 

We write to confirm we and our client are prepared to accept £1000 as partial settlement of your account.

Provided that payment is made in accordance with this letter, neither we nor our client will take any further steps in relation to recovery of the remaining balance.

Once your payment is cleared we will inform our client of this settlement so that, if appropriate, they can update your CreditFile with the various Credit reference Agencies and mark the account as partially asatisfied. Any relevent entry on your credit file will be reflected for six years from the date of default.

If you wish to accept this offer please call us on the above telephone number within the next 14 days.

 

I belive this letter would put me in a good place, should anyone try to take money, or take me to court in the future. It would also look good on a Mortgage application if it is questioned in the future.

[London1971]

How come you didn't scan up your CCA documents like you were advised to?

 

It won't make a blind bit of difference to any mortgage application.  

 

1. Even while it's still showing, it's ancient , and almost irrelevant

2. It will be invisible for ever the year after next

 

I say this with respect, we've been advising you, and you either don't believe us or are not listening.  So this forum is about honest impartial advice. You are quite simply throwing away your money!

[benq]

Thanks for the reply. I do appreciate everything you all do, dont get me wrong

 

I'm worried that I will apply for a mortgage, a credit check will be ran on me, and all this debt will show up.

Even after the default is lifted, if a credit check is ran on me, this debt will still show as outstanding.

 

If I can partially settle it now, at least the total amount owed is now less and is partially settle, which will look better to any future mortgage lender than having the full balance outstanding.

 

And if i get taken to court over this in the future, I will be in a better position as i have a letter advising no further action will be taken.

[dx100uk]

not sure where you are getting this idea that any debt ever shows after a default reaches it's 6th birthday

it DOESNT.

 

and a PS will leave you open for a further 6yrs for them to sell the rest of the debt on to another DCA debt buyer as it won't ever be SB'd.

 

 

 

[AndyOrch]

If you are giving away money CAG could use it 

[benq]

I was under the impression the default and the actual monetary debt were seperate things.

So whilst the default will fall off my credit file six years after it was applied,

the actual monetary debt will stay forever,

as it's still outstanding.

 

Are you saying that six years after the default was applied, not only will the default drop off my file, but the actual monetary debt will drop off as well?

 

NB, I'm not too worried about SB on this one, as I've been paying them £1 a month for the past five years. I've got stepchange to thank for advising that one.

[dx100uk]

as stated earlier:

 

The Information Commissioners Office says:
.
All references to a defaulted debt must be removed from your credit files after 6 years 
has passed from date of default, whether paid off, paying now or not. 
.
{the WHOLE ACCOUNT WILL VANISH, never to return}.
.
{however, this does not mean the debt itself is not still owed
consider a CCA request.}
.
This is so that someone who continues paying something 
- even after 6 years from default 
- should not be at a disadvantage to someone who pays nothing after default 
and ends up with a clean file after 6 years. 
.
NOTE: {the bracketed text is not Information Commissioners Office guideline but my advise]
 

[benq]

Thats great news for getting a mortgage in a few years time, I did not know that!

 

However I'm still leaning towards partially settling the debt. Only for the reason that if I do nothing, and keep the £1 payment going, Moorcroft can still litigate, and I could be liable for the whole £3500, possibly more if the judge finds in their favour and adds to that £3500.

I'f I pay this £1000 and get it partially settled, and they agree not to go after me in the future, and then they do go after me, I'll be in a much better place when it come to sitting across from their solicitor and a judge.

I know it may never happen, but the bottom line is that it may happen, and it has happened to me before.

 

Also, after paying this £1000, i can stop my £1 a month payment, thus ceasing servicing the account. So in six year time it will become SB.

[AndyOrch]

Or stop paying it anyway...as Moorcroft do not litigate........

 

 

[London1971]

I think what everyone is trying to tell you, that for a lot of people £1,000 is a massive amount of money, it's frustrating that you are ignoring the advice of people who have first hand knowledge of how this works. Who don't want any commission from you etc. 

 

As for litigation? If their case was that solid they surely would have taken you to court already and crushed you for the full £3500! Lol, they are not on their knees begging for £1,000 out of the kindness of their heart, it's because that's their only chance of getting anything from you.

 

Now if the default was only a year old, and you wanted a mortgage right now, paying £1000 to them on condition of them removing everything from your credit file would potentially be worth it. However once a default is more than 3 years old, mortgage companies really don't care very much, and as explained before at 6 years old it is invisible to anybody, including lenders.

 

 

 

 

[dx100uk]

48 minutes ago, benq said:

Moorcroft can still litigate,

 

grrr!! please read what has been advised several times...moorcroft are acting for their client....

[Kyosanto]

Here is a summary of this conversation for those who don't want to read the whole thing:

 

OP: Hello, I have made a decision and I am looking for advice which will comfort me that I made the right decision.

CAG: Hello, thanks for coming here. Your decision is wrong and you will lose money.

OP: Thank you. However I have made a decision and I am looking for advice which will comfort me that I made the right decision.

CAG: Nooo, don't do it. It's not the right decision.

OP: Thank you so much. However I made my decision and I am only looking for advice which will comfort me that I made the right decision

CAG: Ahhhhrgh

 

 

@OP   I can tell you with total confidence that you have made the right decision. Go ahead and pay that £1000. It's totally the right decision if it can make you sleep easy at night and confident that you have received advice which has comforted you in making the right decision.

[benq]

I am just trying to mitigate any future action that may be taken against me. I would hate it for some company to attempt to take me to court in five years time, and win, with expenses, possibly totalling £4000 PLUS. I'd be kicking myself thinking that it could have been avoided by paying £1000 all those years ago.