NatWest loan and overdraft sold to DCA as one debt
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Freemannodebt
Posts: 7 Forumite
in Loans
Hi, this is my first time posting and just after confirmation of my thoughts and perhaps further info to help.
Basically, we took out a loan with NatWest for £10k to consolidate credit cards about 5/6 years ago, at the time, we banked with NatWest and had a roughly £2k overdraft which was to its limit. Due to unforeseen circumstances, we were unable to make the regular payments and were put in default and these debts were assigned to wescot.
On any correspondence from them, they are treating the two separate debts as one debt. I'm of the understanding that this is bad practice and might give us grounds to try and clear the account on the basis that as they are two separate debts, they should be treated as such because of the differing interest rates and surely any supposed CCA agreement would have been individual to each agreement, because of the different T&C's on each loan? Could anyone help further on this please?
Basically, we took out a loan with NatWest for £10k to consolidate credit cards about 5/6 years ago, at the time, we banked with NatWest and had a roughly £2k overdraft which was to its limit. Due to unforeseen circumstances, we were unable to make the regular payments and were put in default and these debts were assigned to wescot.
On any correspondence from them, they are treating the two separate debts as one debt. I'm of the understanding that this is bad practice and might give us grounds to try and clear the account on the basis that as they are two separate debts, they should be treated as such because of the differing interest rates and surely any supposed CCA agreement would have been individual to each agreement, because of the different T&C's on each loan? Could anyone help further on this please?
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Comments
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Ask them to break it down for you, if you need the detail.
However, interest should have been frozen by now, so it should make no practical difference and the original terms have been broken.0 -
So how does it work then, when reqursting a copy of the CCA agreement? If they can't produce it it makes the debt unenforceable, surely they can't produce for this debt as they have amalgamated the two?0
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No reason why they can't produce the two agreements, even if they have consolidated the amounts into a single account.
But the easiest way to find out is to ask them. Always a chance you may get lucky.0 -
I didn't speak to them this morning, they said they can try and get the agreement for the loan but it's unlikely they'd get one for the overdraft, so would that render the whole debt unenforcable as they have essentially made it one debt?
I'm asking because my full & final offer was rejected to I'm hoping if I'm correct it may persuade them to accept my low offer?0 -
*i did speak to them this morning0
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A few points that others may clarify
1: I thought Wescot didn't buy debts now, just managed them? This is important because it means NatWest haven't sold it on yet so would be very unlikely to accept a low ball F&F at this stage.
2: If 1 is correct, the fact that it is 2 different products may not be relevant. If the debts have defaulted interest should be frozen anyway.
3: CCA away for the loan but I thought Overdrafts were not covered by the CCA rules? You can always send a Prove-It letter however.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Cheers StopIt, that's really helpful, you're right, wescot are working on behalf on NatWest.
I will try the CCA for the loan part and see where it gets me. This is the largest debt I have and could really do with them accepting a f&f!0 -
If they are working on behalf of Natwest I would have thought they wouldn't have too much trouble getting the CCA. That does sounds a bit strange.Freemannodebt wrote: »Cheers StopIt, that's really helpful, you're right, wescot are working on behalf on NatWest.
I will try the CCA for the loan part and see where it gets me. This is the largest debt I have and could really do with them accepting a f&f!"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
Freemannodebt wrote: »Cheers StopIt, that's really helpful, you're right, wescot are working on behalf on NatWest.
I will try the CCA for the loan part and see where it gets me. This is the largest debt I have and could really do with them accepting a f&f!
Why don't you just accept that you owe the money and pay your debts instead of wasting time requesting CCA's and using this to blackmail them into taking a lower offer.
You know you owe the full amount so any offer they accept below that is a good deal.0 -
Well wondering what to buy your little darlings next won't be an issue soon because the bailiffs will be around to take anything of value and get an attachment of earnings order.
Hope they're not too attached to the stuff you bought them with other peoples money...
Wescot Credit are one of the nastier ones and sometimes people deserve to be on the receiving end of what they do.0
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