Looking for some advice please
greenSENEgal28
Posts: 4 Newbie
Hi
I am new to the forum and looking for some advice. About 14 years ago I got in to serious financial trouble due to depression I managed to get help and spoke directly with all my creditors and put payment plans in place for everything which I have religiously paid never missing payments and now I’m glad to say am well on the way to having everything paid off. One of the credit card debts was with RBS which I have paid every month unfortunately at the time they would not stop putting a default on the account (which all of the others did bar RBS and EGG) and they showed on my credit file but recently I noticed this account and the other I am paying have disappeared from my credit file? I’m assuming this is because they are more than 6 years old? Anyway first of all I received a letter from a company called Wescot advising me they were taking the payments for RBS as they were acting on their behalf and I was continuing to make the payments through my RBS account as usual. Then I received another letter this time from RBS themselves advising me they have ‘assigned’ the debt to Cabot Financial (UK) Ltd and they are now the ‘legal’ owners of the debt however it appears they still want me to make the payments to Westcot and have given me bank details to make the payments to Westcot instead of me just making the payments through my RBS account directly to the card. There was also a letter in with this letter from Cabot Financial advising me my account now has a new legal owner themselves but is being looked after by Westcot Credit Services Limited.
I am a bit upset as why would the bank do this as I haven’t missed any payments and they haven’t advised me of any of this until now so do I now have to pay Westcot through my bank for example I wasn’t paying RBS by DDEB or anything I just paid the monthly sum agreed through my account to the card account which is/was still there for me to do. can I just create an account for Westcot with the details they’ve given me through my bank and just continue to pay the monthly sum that way ie the same way I send money to my son every month, as I don’t want to set up another DDEB or standing order for this as I have always paid it the other way with no issues. Also because I have made sure I haven’t missed any payments on all my owed accounts over the years my credit file which was abysmal at the time is now showing as very good and I’m worried that starting to pay this company will go on my file and will have an impact on my credit rating and bring everything down again after I have worked so hard to get everything paid back.
Sorry this post is so long but I would appreciate any advice before I set anything up I have continued to make the payments to the bank so haven’t missed anything.
Thanks!
I am new to the forum and looking for some advice. About 14 years ago I got in to serious financial trouble due to depression I managed to get help and spoke directly with all my creditors and put payment plans in place for everything which I have religiously paid never missing payments and now I’m glad to say am well on the way to having everything paid off. One of the credit card debts was with RBS which I have paid every month unfortunately at the time they would not stop putting a default on the account (which all of the others did bar RBS and EGG) and they showed on my credit file but recently I noticed this account and the other I am paying have disappeared from my credit file? I’m assuming this is because they are more than 6 years old? Anyway first of all I received a letter from a company called Wescot advising me they were taking the payments for RBS as they were acting on their behalf and I was continuing to make the payments through my RBS account as usual. Then I received another letter this time from RBS themselves advising me they have ‘assigned’ the debt to Cabot Financial (UK) Ltd and they are now the ‘legal’ owners of the debt however it appears they still want me to make the payments to Westcot and have given me bank details to make the payments to Westcot instead of me just making the payments through my RBS account directly to the card. There was also a letter in with this letter from Cabot Financial advising me my account now has a new legal owner themselves but is being looked after by Westcot Credit Services Limited.
I am a bit upset as why would the bank do this as I haven’t missed any payments and they haven’t advised me of any of this until now so do I now have to pay Westcot through my bank for example I wasn’t paying RBS by DDEB or anything I just paid the monthly sum agreed through my account to the card account which is/was still there for me to do. can I just create an account for Westcot with the details they’ve given me through my bank and just continue to pay the monthly sum that way ie the same way I send money to my son every month, as I don’t want to set up another DDEB or standing order for this as I have always paid it the other way with no issues. Also because I have made sure I haven’t missed any payments on all my owed accounts over the years my credit file which was abysmal at the time is now showing as very good and I’m worried that starting to pay this company will go on my file and will have an impact on my credit rating and bring everything down again after I have worked so hard to get everything paid back.
Sorry this post is so long but I would appreciate any advice before I set anything up I have continued to make the payments to the bank so haven’t missed anything.
Thanks!
0
Comments
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You pay Westcot. A Standing Order or manual payments is fine.
RBS will have sold the account to get shot of the bad debt. No other reason.
The Westcot payments won't appear on your file as the default has already fallen off, so nothing to worry about there.0 -
Hi there and welcome to MSE,
zx81 is correct. The original creditor will reserve the right to pass/ sell the debt on to a third party organisation should the original agreement not be maintained (this will be in the original terms and conditions of what you signed). I understand it can be a bit disheartening when you have set up a consistent arrangement to resolve the debt, but unfortunately, it is quite common and they are within their rights to do this.
You should continue the payments with Westcott as they were with RBS, but please be aware that you may be asked to submit a new SOA for the payments to be reviewed, this is also quite common. If nothing has changed you can outline that in a cover letter but you should send the SOA as well.
If the default has now come off your credit file, then Westcott cannot add it again. The only thing they can add is a County Court Judgement (CCJ) if they take this action - which they may not. Debts will show for 6 years from the date of default/ judgement.
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thanks for the very helpful replies
Why would they possibly add a County Court Judgement?
I have paid the debt as agreed for the last 6 years plus and never missed a payment!0 -
greenSENEgal28 wrote: »Thanks for the very helpful replies
Why would they possibly add a County Court Judgement?
I have paid the debt as agreed for the last 6 years plus and never missed a payment!
I think National Debtline were just painting the worst case senario that’s all.
It won’t happen as long as you continue to pay as agreed.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 -
Thanks �� was kind of alarming! Especially when I’m paying 100 a month and have never missed a payment in 6 years seemed awfully unfair if this was possible when I’ve honoured the agreement. I could see how this might be a scenario if you didn’t pay or ignored a debt that was yours.0
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They probably have a policy of selling debts on when they get to a certain age. As you were paying they probably could sell it for more than a non paying debt and it gets them funds now.
For you, you were paying, still are paying, so there is no problem. It won't affect your credit file and no detriment. Maybe they will contact you to try an up payments, but you don't have to accept that so long as you maintain your current agreement.0 -
Neither would I submit a new SOA, they bought the debt knowing the current arrangement, well actually they probably, didn't but they bought the debt which had an arrangement already in place.
The court would look very dimly on them if they tried to get a CCJ when you are maintaining an arrangement for that debt.0 -
Thank you all for your advice and reassurance you’ve put my mind at rest :T
Best wishes0
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