Moorcroft Debt Recovery | Moorcroft Group
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If you’ve recently been contacted by Moorcroft Group via a letter, phone call, or email, it means that one of the companies you owe money to has transferred your debt to them. We understand that this can be a distressing situation for many of our clients.
This article is intended to provide you with advice and guidance on the process behind this transfer, how Moorcroft Debt Recovery typically conducts their operations, and what options are available to you. Our goal is to help you navigate through this situation and increase the likelihood of achieving a favourable outcome.
Who Are Moorcroft Group?
Moorcroft Debt Recovery, located in Stockport, Greater Manchester, is a reputable Debt Collection Agency specializing in purchasing outstanding debts, such as those related to HMRC, Council Tax, mobile phone and internet service providers, amongst other forms of unsecured debt.
These types of companies, including Moorcroft Debt Recovery, acquire these debts from original lenders at a reduced cost and then seek to collect the full amount owed, thereby making a profit from the transaction.
Once your debt has been sold to Moorcroft Group, it’s important to understand that your obligation to repay the debt now lies solely with Moorcroft, rather than the original lender.
Moorcroft is a legitimate company and is recognized as one of the leading Debt Collectors in the UK. They operate under the regulation of the Financial Conduct Authority (FCA), ensuring that their practices adhere to the law.
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Why Have Moorcroft Debt Recovery Contacted Me?
If Moorcroft Debt Recovery have contacted you, it is likely that you owe money on either an outstanding mobile phone contract or possibly an internet service provider. They are also known to collect for HMRC, Local Authorities for Council Tax along with other numerous creditors. The original creditor has sold that debt to Moorcroft. A company like Moorcroft will often come into action once your creditor has exhausted their own debt collection options.
Like most debt collection or bailiff firms, Moorcroft will use a range of methods to reclaim that debt, including phone calls, letters and emails. If you fail to respond to these methods, then they can even take court action. They are not a Bailiff, so they should not come to your house and try to remove items.
It is essential, at this point, that you begin to engage with your debt and take action.
Could Moorcroft Take Me To Court?
The short answer to this question is YES. If you fail to engage with Moorcroft and their efforts to contact you and discuss your debt, or if you fail to stick to any repayment plans they have set, then they could obtain a CCJ (County Court Judgement).
Once this CCJ is obtained, they will be authorised to begin enforcement action.
An instruction to a bailiff WILL result in them taking action such as, visiting your home and taking items to the value of the debt, applying for an Attachment of Earnings, whereby money will be taken directly from your income or they could issue a Statutory Demand, possibly resulting in you being made bankrupt.
What Options Do I Have?
Of course, the first option is to attempt to settle your debt with your creditor or Moorcroft if the debt has been sold to them. But if you are unable to do this or if this debt is only one of a number of debts your struggling with, then there is another way.
By entering into an Insolvency Debt Solution such as an IVA (Individual Voluntary Arrangement), you could tackle your debt by making one affordable monthly repayment towards your debt for a period of five years. This monthly repayment is based upon what you can afford NOT the amount you owe.
Once the five year period has ended, whatever balance is left to pay is automatically written off. Leaving you to start again.
It is typical for this amount to be around 75% of our client’s debt, however it is not unusual for this write off amount to reach up to 85% of the original arrears.
Below is an example of a real life IVA.
IVA Information and Guidance
An IVA can be a great, positive way to help with your debt. Allowing you to continue living your life without the stress of being chased by your creditors. Click to find out more about what an IVA is.
Whether an IVA (Individual Voluntary Arrangement) is right for you or not will largely depend on your personal situation e.g. debt level, number of creditors, affordability etc. Click to find out more.
An Individual Voluntary Arrangement (IVA) is a debt solution where you agree with your creditors to pay all or part of your debts. When it is completed, any remaining debts are written off. Take a look at our article to find out more.
Many kinds of debts can be included in an IVA. IVAs are limited to unsecured debts but by solving your unsecured debt problems, you may find paying any secured debt much easier.
Applying for an IVA (Indivudual Voluntary Arranagement) is a fairly straightforward process. Click the button below and a member of our team will contact you and guide you through the process.
As with many things in life, there are benefits and consequences we need to consider. Take a look at our Pros and Cons article to find out whether an IVA is right for you
Setting up an IVA does incur some costs; however, you will not be expected to pay anything up front at the beginning of the arrangement and there will be no surprise costs at the end of the arrangement.
Assets are the things you own, whether that’s a house, car or electronic equipment. Many people, when entering any debt solution, are often concerned about how much they will lose and to which extent their lives will be altered. Read on to find out more about how an IVA might impact on your assets.