Debt Just Been Sold - Advice Needed Please

[Geetar Mann]

Hi everyone,
I'm new here and am hoping somebody can give me some advice on how to proceed with my problem.
About 15 years ago my wife and I took out an unsecured loan of 25K from Direct Line. A few months later I lost my job and we couldn't keep up with the repayments. They eventually took us to court and took out a CCJ against us and put a charge on our property.
When my wife's hours were cut at work we asked if we could pay half the monthly payment required. They never replied so we started putting the money away in an account. We have never been asked for any payments in about the last seven years or been contacted by Direct Line.
We have just received a letter from them saying that they have appointed Moorcroft to manage our account and that they have agreed for our repayments to stay the same (they didn't mention that we aren't paying anything). Obviously they have sold the debt to Moorcroft and as the balance is over 20k there is no way we can pay it off in full.
Will the charging order automatically be transferred to Moorcroft? If so, are they likely to allow us to continue paying nothing knowing that they have the charge on the property?
With the amount we can afford to pay monthly it is going to take years to pay off the debt so can they force us to sell the property?
Is it likely that they would settle for a lower amount and if so any suggestions as to what sort of figure they may be likely to settle for?
Any advice anyone can give me on how best to handle this situation would be greatly appreciated. Thank you.

[nemesis45]

Re: Debt Just Been Sold - Advice Needed Please

Hi, The debt has not been sold it seems if ***Moorcroft Has Been Appointed To Manage the Account.,*** therefore the CO does not change.
When exactly was he judgement made?

[Geetar Mann]

Re: Debt Just Been Sold - Advice Needed Please

Hi, The debt has not been sold it seems if ***Moorcroft Has Been Appointed To Manage the Account.,*** therefore the CO does not change.
When exactly was he judgement made?

Thank you for your reply. I am afraid I don't remember exactly when the judgement was made but it was about 9 years ago. I was under the impression the debt had been sold because the letter stated that Moorcroft would contact us with details of how to change our payment details to them and that in the meantime it was essential we kept making payments to Direct Line and Moorcroft are a debt recovery company.

[nemesis45]

Re: Debt Just Been Sold - Advice Needed Please

Just a standard letter to show that Moorcroft are assigned to manage and collect on the account.
Probably done this way because Direct line is aware that enforcement action after 9 years is unlike to be successful.

The account now shows as active rather than dormant/delinquent on their books.

[Geetar Mann]

Re: Debt Just Been Sold - Advice Needed Please

Just a standard letter to show that Moorcroft are assigned to manage and collect on the account.
Probably done this way because Direct line is aware that enforcement action after 9 years is unlike to be successful.

The account now shows as active rather than dormant/delinquent on their books.

Thanks for the heads up on that. So would you say that my best course of action is simply to work out a repayment plan with Moorcroft?

[nemesis45]

Re: Debt Just Been Sold - Advice Needed Please

Good morning,

I am tempted to advise rejecting the current collection activity, after all there has been no contact or payments made in 7 years it seems to me to be grossly unfair to pursue the alleged debt now.
There has been ample time to do this.

If possible could you please post a suitably redacted copy of the letter you have received.

Perhaps we can get some other opinions on this before doing anything.

[Geetar Mann]

Re: Debt Just Been Sold - Advice Needed Please

Good morning,

I am tempted to advise rejecting the current collection activity, after all there has been no contact or payments made in 7 years it seems to me to be grossly unfair to pursue the alleged debt now.
There has been ample time to do this.

If possible could you please post a suitably redacted copy of the letter you have received.

Perhaps we can get some other opinions on this before doing anything.

Many thanks for your continued help and assistance in this matter. The letter from Direct Line basically states:

"With effect from Monday 22nd December, Direct Line have appointed Moorcroft to manage the ongoing relationship with you in connection with the outstanding debt on your account. From 22nd December you should no longer contact Direct Line.

Moorcroft have confirmed that your agreed repayment plan will remain the same and they will contact you on or around 22nd December to advise how to amend your payment details to make this transition as straight forward as possible. They will also be happy to discuss any updates to your present circumstances. Should you wish to contact Moorcroft after the above date, their telephone number is .................

It is important that you continue to make your payments to Direct Line up until you have arranged your future payments with Moorcroft.

Yours sincerely ..............."

Thanks again for your help and advice.

[jon1965]

Re: Debt Just Been Sold - Advice Needed Please

While I am inclined to agree with Nem may I suggest that you get some legal advice on this, purely because of the charging order on your home. I believe that PT2537 works for a firm that give free initial advice . I am sure someone else will give you the details .

I will tell you that I had two CCJ's that I was paying off for best part of 20 years , when I stopped paying I heard nothing more from them, the amounts were small , one £250 the other £1600 .

[nemesis45]

Re: Debt Just Been Sold - Advice Needed Please

Agreed definitely worth getting that advice.:santa_smiley:

[Geetar Mann]

Re: Debt Just Been Sold - Advice Needed Please

While I am inclined to agree with Nem may I suggest that you get some legal advice on this, purely because of the charging order on your home. I believe that PT2537 works for a firm that give free initial advice . I am sure someone else will give you the details .

I will tell you that I had two CCJ's that I was paying off for best part of 20 years , when I stopped paying I heard nothing more from them, the amounts were small , one £250 the other £1600 .

Thanks for your replies guys. I will contact PT2537. When I got home today there were two messages from MDR which I presume is Moorcroft Debt Recovery. They asked for me to call back which I don't intend to do yet. Thanks again

[nemesis45]

Re: Debt Just Been Sold - Advice Needed Please

Yep that's Moorcrap!

I wonder if the automated "threatogram" machines will be turned off over Christmas:santa3:

[Geetar Mann]

Re: Debt Just Been Sold - Advice Needed Please

lolmashappy: