Moorcroft - Any options?

[hnm2015]

Ok so I took out a 5 year loan with HSBC and after a few years found myself redundant. As a result a default was applied to the account in Jan 2022 and the debt sold to Moorcroft (£10,400).

As soon as I was back in work, stupidly perhaps, i committed to paying £130 per month and have continued to do this for the last 2 years.

In terms of credit report the default still shows the balance and default for Jan 2022, and there is no other information showing regarding this debt.

I guess the first question I have is will the default still drop off after 6 years? Even though im making payments to the debt collector?
is it too late to take the 'prove it's approach with Moorcroft since i have already started payments?

My main worry is my credit report but i also bedrudge paying some third party company so much over a long period when my credit report has already suffered and they have likely paid a small percentage for the debt from HSBC.

Please be kind!

[echat11]

a) I guess the first question I have is will the default still drop off after 6 years? Even though im making payments to the debt collector?
is it too late to take the 'prove it's approach with Moorcroft since i have already started payments?

The Default should drop off automatically after 6 years.

It might be an idea to send HSBC a SAR, make sure you get Proof of Postage.

https://legalbeagles.info/library/gu...ccess-request/

b) My main worry is my credit report but i also bedrudge paying some third party company so much over a long period when my credit report has already suffered and they have likely paid a small percentage for the debt from HSBC.

Send HSBC a CCA request, make sure you get Proof of Postage. Go through all the documents they send you, see if they are all compliant.

https://legalbeagles.info/library/gu...etter-example/

You can then see if they will accept a discounted settlement i.e. 20% of the outstanding balance.