Debt collection and Interest

[xolugenu]

Sorry if this is the wrong spot, my husband has a debt with Tesco Bank settlement figure was £12k as dated on there last letter asking for settlement, its been passed to Moorcroft now and received letters this morning asking for £18k, im assuming this is with the full interest over the term of the loan. He's going to offer them monthly payment but i just wanted to double check that they are allowed to add on all that interest and that they shouldn't be trying to recoup the £12k?

He has taken advice from Stepchange and advised monthly payments or an IVA, he has meetings with them but i thought it would be quicker asking on here rather than waiting for them to get back to us.
Thanks

[echat11]

Hi XOLUGENU

What you need to do is ask Moorcroft to stop adding interest and charges. You need to see a breakdown of the debt. Fill in a Income and Expenditure form, only pay what you can comfortably afford each month, it's not a priority debt. If it's £1 a month so be it. Don't be 'bullied' into paying more then you can afford.

https://www.stepchange.org/debt-info...t-on-debt.aspx

https://www.stepchange.org/debt-info/debt-collection/charges-and-interest-on-debt.aspx

[MIKE770]

moorcroft are only commission hopefuls acting for others