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Wescot and LLoydstsb
nurse-money
Posts: 227 Forumite
in Loans
I have been contacted today from Wescot DCA regarding an overdraft on a bank account in which I have not used in a while.
Stupidly I had not got round to updating my details with the bank and have not used it for a few months and therefore Wescot are acting on behalf of LLoydstsb to recover the £800.
I have checked my credit report via Equifax and it doesn't say the account has been sold, it appears to be still with LLoydstb.
The letter requests that I make payment for the full outstanding balance, which I don't have.
The account was opened post 2007.
I could probably get around £300 to go for f & f settlement... But I dont think that Wescot own the debt?
What should I do? Wait for it to be sold to a DCA?
Stupidly I had not got round to updating my details with the bank and have not used it for a few months and therefore Wescot are acting on behalf of LLoydstsb to recover the £800.
I have checked my credit report via Equifax and it doesn't say the account has been sold, it appears to be still with LLoydstb.
The letter requests that I make payment for the full outstanding balance, which I don't have.
The account was opened post 2007.
I could probably get around £300 to go for f & f settlement... But I dont think that Wescot own the debt?
What should I do? Wait for it to be sold to a DCA?
0
Comments
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The debt has been sold to a DCA which is why Wescott have contacted you an not LTSB0
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Even though the letter states they are acting on behalf of LTSB?0
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yes .0
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My overdraft with lloyds is at £1300. This is because i work in the building trade, I was out of work nearly 10months due to the recession. They kept increasing my overdraft to cover my overdraft charges etc. They then closed the account as I couldnt pay it off. Now im in discussions to pay it back with all interest frozen etc. Ive offered £20 a month, waiting to hear from them now.
Sechiari, Clark & Mitchell are dealing with it. They say they are soliciters, ive read many interent articles saying they arnt soliciters just another department in lloyds.
Just make repayments you can afford dont let them bully you0 -
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nurse-money wrote: »Can you or someone else explain?
Wescot don't just buy debt they will collect debts for commission as well.0 -
Wescot don't just buy debt they will collect debts for commission as well.
I'll second that. Debt sale and debt placement are two different things. In debt placement an external debt collector agency will collect the debt on the lenders behalf and take a cut of any monies recovered. The lender still owns the debt0 -
I'm pretty sure Wescot don't buy debts just collect for clients.0
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thanks for the info!
I've spoke with them, and surprisingly found them to be nothing but helpful and polite!!
Have negotiated paying 50% of the debt within 5 weeks.
I said I wouldn't pay anything until I see it in writing and the lady on the phone said I would receive it in the next few days, confirming that this will be the end of the debt, if I pay the £400....
Phew, what a relief!0
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