£3k in Lloyds Debts - Wescot and Moorcroft calling - how to handle?
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KasiaLondon
Posts: 4 Newbie
Hi,
I'm 22, currently a student. My family has gone bankrupt around 3 years ago - my dad hid some huge debts, lost his job, me and my mum (cleaner) were forced to pay the rent and all the bills, including bills in arrears.
I have used my credit card and my overdraft to cover this. Stupid I know! But I'm trying to fix it now.
I currently owe around £1300 in Credit Card Bill and around £1600 in Overdraft to Lloyds. I have been contacted my Moorcroft Debt Agency regarding the CC bill and Westcot regarding the overdraft. I have set up £80 pm to go to Moorcroft last October so I now owe around £1000 on my Credit Card. I have ignored (stupidly) Wescot up until now.
I am currently working but will be going back to uni in September. I really want to settle this as soon as possible. I've heard that debt collection agencies are awful and it's best to liaise with the lender, in this case Lloyds, themselves.
I can afford to pay probably around £1000 - is it worth writing to them to settle the debt for £1000? Or do I set up a payment of whatever I can afford to Westcot? What is the best option for me?
I know it's not huge in comparison to over people's debts but I am only 22 in a happy relationship so want to fix this ASAP so my credit rating isn't impacted any further.
Help appreciated.
Thanks
I'm 22, currently a student. My family has gone bankrupt around 3 years ago - my dad hid some huge debts, lost his job, me and my mum (cleaner) were forced to pay the rent and all the bills, including bills in arrears.
I have used my credit card and my overdraft to cover this. Stupid I know! But I'm trying to fix it now.
I currently owe around £1300 in Credit Card Bill and around £1600 in Overdraft to Lloyds. I have been contacted my Moorcroft Debt Agency regarding the CC bill and Westcot regarding the overdraft. I have set up £80 pm to go to Moorcroft last October so I now owe around £1000 on my Credit Card. I have ignored (stupidly) Wescot up until now.
I am currently working but will be going back to uni in September. I really want to settle this as soon as possible. I've heard that debt collection agencies are awful and it's best to liaise with the lender, in this case Lloyds, themselves.
I can afford to pay probably around £1000 - is it worth writing to them to settle the debt for £1000? Or do I set up a payment of whatever I can afford to Westcot? What is the best option for me?
I know it's not huge in comparison to over people's debts but I am only 22 in a happy relationship so want to fix this ASAP so my credit rating isn't impacted any further.
Help appreciated.
Thanks
0
Comments
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Hi,
Just a quick reply to your post, wescot won't own your debt, they will just be managing it for Lloyds, so you can deal with them direct, yes.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »Hi,
Just a quick reply to your post, wescot won't own your debt, they will just be managing it for Lloyds, so you can deal with them direct, yes.
Thanks - do you know how I can contact them? I can't find any e-mails on line and I would prefer to do it in writing. What do you think is an appropriate amount to settle such debt for?0 -
KasiaLondon wrote: »Thanks - do you know how I can contact them? I can't find any e-mails on line and I would prefer to do it in writing. What do you think is an appropriate amount to settle such debt for?
It's always worth trying, but remember, it's all about negoatiating a good deal.
You should have your account details/reference number, so write to Lloyds at the address on there website, using the settlement letter off the National Debtline website, available here :
https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx
They may tell you to go through wescot, in which case do so.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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