Virgin CC MBNA/ Arrow / Moorcroft

[JamesC71]

Received attached letter from Virgin announcing transfer of £3488 CC debt to Arrow Global.

Included in same envelope was introductory letter from Arrow, requesting I make contact with Moorcroft who are now apparently "managing" my account.

 

Also have had couple of missed calls from Arrow to my mobile over last couple of days. I intend to request contact by written letter only.

 

Original account was with Virgin partner MBNA (under Virgin brand), transferred to Virgin itself last year.

Original account opened Oct 2008. Last payment made 13 Apr.

Last contact with Virgin I made was Sept 2015 requesting holding period of 30 days.

 

Would appreciate any advice on best way to deal.

Do I respond to Arrow or Moorcroft?

 

My personal situation is:

 

Currently on low income of £670pm following business failure earlier this year.

Not expected to regain a full liveable wage for 6-9 months.

Most other creditors currently accepting £1 per month nominal payment.

I'm accepting of the fact that I will at some point probably need to enter into an installment plan,

but am looking to "buy time" in the interim / delay the process if possible.

 

Ceased paying all loans and CCs around March/April 2015. Balances as follows:

 

Post Office Credit Card £4500

HBOS C Card £2100

New Day C Card £2100

Barclaycard £3600

Virgin CC £3500

Capitol One CC £4200

Barclaycard £4900

Tesco Loan £1700

Argos Card £495.

Santander Directors Personal Guarantee (Ltd co. bank account) £2450

Utility Warehouse £420

 

Am homeowner with approx £17k personal equity, after mortage / sec loan / sec OD / wife's share of equity.

Mortgage and secured loans being paid as per normal.

[unclebulgaria67]

Think you would be wise to get tailored advice from Stepchange, who will be able to discuss a range of options. As Stepchange are the leading debt charity, They are recognised by the Banks and credit industry. If you go via them, you are more likely to be better received, than if you try to deal with this on your own. Given the number of different outstanding credits and added complications of a mortgaged house with other secured loans, i am not sure CAG is the best place for advice on this occasion.

 

My concern is that if you battle alone with this, that you will end up getting CCJ's and be threatened with bankruptcy. It may be you have to enter some form of debt management, where you agree to repay x amount to each creditor, based on affordability.