Marks Spencer Loan 11k Now 18k with Moorcroft. **WRITTEN OFF BY M&S**

[Mrsmuff]

Hi

after a quick exit divorce I accepted this as believed the Moorcroft letters to be legal and factual. 

Agreed a £35 a month DD till Im in my 70s .

It's now become a problem as struggling to get a mortgage. 

 

More frustrating as I initially offered to pay the debt off when it was becoming a problem we offered approx 90% they refused and sent the debt to Moorcroft.

Obviously wanted the full interest.

 

I've had a scout round the forum and can't find MS loans -Moorcroft.

 

I feel there's something not right and obviously now a big problem as stopping us getting a mortgage.

 

I'm sorry if all been asked before but any pointers would be hugely appreciated.

We may even be able to offer to pay off but not the full amount with interest.

Thanks in advance and still learning so go easy on me x kirsty 

[dx100uk]

whom are moorcrofts stated client.?

when did you take this loan out?

 

what is the defaulted date from your credit file?

 

dx

 

[Mrsmuff]

Mark's and Spencer's Finance are the clients..I found out this week Moorcroft are.collect and passing it on to them. Where as I thought moorcroft had.bought the debt from them.

The loan was originally taken out in 2007 I think. And the defaulted date was 2010 approx. 

 

 Was along time ago so cant remember properly. Tried to just forget about it u til now. 

It no longer appears on my credit file. 

 

Thanks 

 

Kirsty

[dx100uk]

well its not on your credit file so cant harm any mortgage application. and it can never comeback..

 

shame you got hoodwinked by Moorcroft

a dca is 

NOT A BAILIFF

and have

ZERO legal powers on any debt.

 

have you still the agreement?

have you got all the statements from day 1?

 

how much was the loan for and what is outstanding today.

[London1971]

Yup can't harm a mortgage. It's invisible to any broker or lender, and can't ever come back.

 

 

[Mrsmuff]

I thought that but I'm still paying a monthly amount although only small.

It would be seen as an outgoing so may be questioned. 

 

the original loan was about 14k but when it went to the debt recovery went up to 23k as they added the interest.

I've paid about 4k off it so far.

I've spoke to M&S to get a copy of agreement and amount etc. 

 

Going to try offer them an amount to get rid of it. 

[London1971]

Just list it as an outgoing. (£35 monthly) They will ask you what other loans you have to pay off on the mortgage application form, just it as a loan payment. In my opinion there is no substitute for using a good mortgage broker, rather than doing it all yourself.

 

Sorry but making them an offer is a total waste of money.  Why would you? If you are fortunate enough to have thousands to burn, there are plenty of charities who could benefit.

 

Personally, I'd not be paying them a penny more. End of. If you'd have done that in 2010 then the whole thing would be Statute Barred by now.

[dx100uk]

CCA them too then.

and send an SAR as well.

 

that could improve your F&F chances later on..

[Mrsmuff]

I've just researched what CCA is as this is allnew to me.

I've been making payments from the start only small but consistent.

So the debt wont be statute..

 

I have asked M&S for a full statement and original agreement.

 

I believe there was PPI on the loan but I never went after it as they would of taken it straight off me..

 

But I feel I could still use this against them with the amount they are charging me.

[dx100uk]

holding an enforceable agreement is nothing to do with statute barring.

 

ask for what you like its a request they don't ever have to reply too.....

 

put them to LEGAL proof 

 

CCA request them

 

a full statement is not ALL statements

send an sar

 

PPI is dead but however yes again could be useful.

[Mrsmuff]

I have asked Mark's and Spencer for the original agreement and statements etc. 

The default from this has gone off my credit report as mentioned before. So the debt is invisible on my credit file. 

 If I was going to offer a F&F settlement and it was accepted would this affect my credit report? 

Thank

[BankFodder]

No, it wouldn't affect your credit report – but the best you can do is simply follow the advice of site team member @dx100uk

You've done the right thing asking to see the CCA agreement. If they are unable to produce it – then stop paying anything. It's dead and the only unfortunate thing is that you have in that case been paying needlessly for years and you won't be able to get the money back

[London1971]

49 minutes ago, Mrsmuff said:

 

If I was going to offer a F&F settlement and it was accepted would this affect my credit report? 

Thank

Nope.

 

If your CCA request doesn't come back after 12 plus 2 working days, for goodness sake stop paying. You will be wasting your hard earned money.

 

 

[Mrsmuff]

Thank you..it would be annoying if I had of been paying when I didn't need to but I would just  e glad it's gone. Meant to be getting it this week. So we shall see. 

[BankFodder]

I'm afraid there is one thing to point out. If a CC agreement suddenly does emerge – even if they have gone beyond the deadline, then suddenly the debt becomes enforceable.

So by saying that failure to satisfy the CCA request means that the debt is dead – is a bit misleading. It goes into suspended animation.

[Mrsmuff]

Mark's have managed to find the agreement and pretty fast.

It's a 20 yr old loan.

 

I used go pay 326 a.month at first.

Now 35 and wont ever pay more.

 

In total since I had it to now I've paid about 9k.

The original loan was 18000.

But they added interest.

 

What would be a good settlement figure to start with?

 

Also I'm aware there was ppi on it but never claimed it.

 

Just unsure how much. 

[dx100uk]

should be on the agreement 

why dont you scan all the CCA return upto one multipage PDF

and we'll check it over

 

read upload Carefully

[Mrsmuff]

 

 

This is the agreement. I did ask for statement but didn't get anything. 

 

Marks loan CCA return.pdf

[Mrsmuff]

Update. I have sent an offer for a full and final settlement. I sent it to Mark's and Spencer as I had spoke to them and they confirmed they still own the debt. They sent the CCA unfortunately. 

 

 After sending a very detailed letter stating my financial situation now and in future etc. Also a budget form. Moorcroft rang the other day to say Mark's had contacted them to sort out the settlement figure with them.

 

 I asked if they owned the debt which they said no. 

 

 They then said we have a copy of the letter and have filled in a form to send to Mark's for them to consider the offer, who will then get back.to Moorcroft and let me know.

 

 I'm am now confused as to why It is being passed back and forth between Moorcroft and Marks.

When Mark's could of just dealt with it directly.

 

Does anyone know the reason for this or if I should contact Mark's again? 

 

Thanks.

 

[dx100uk]

you tell marks you will NOT deal wih a DCA as they are always  abusive and threatening.

 

and most certainly NEVER use the phone to a DCA about any debt EVER.

 

I've pit the CCA backup as a PDF in post your post of 30 jan above 

there is no PPI

dx

 

[Mrsmuff]

Update. I have sent an offer for a full and final settlement. I sent it to Mark's and Spencer as I had spoke to them and they confirmed they still own the debt. They send the CCA unfortunately. 

 After sending a very detailed letter stating my financial situation now and in future etc. 

[Mrsmuff]

Update:  There is hope out there and to anyone who is stuck with an old debt. 

  After a phone call to Mark's ans Spencer to see if they had received my settlement off. They said yes and had reviewed it and due to my financial circumstances they were going to write off the whole debt!! They didn't even want the settlement figure of 1k which we offered. Got it all in writing now. So that's 18k completely wiped out and gone

[London1971]

Jobs a good ‘un

[Mrsmuff]