Settling debts with Wescott

stephy110288

Hi,
I have two debts with wescott both around £250, they have been getting £1/£2 ish a month from me via a debt management plan, these are the smallest of my debts in the plan.
i'm a student and students loans are completely ridiculous and give me my last installment of my grant 2 weeks before i finish for summer. this is crazy as in my opinion it just encourages lazy students not to work all summer as they can live off this. anyway... so i will be getting a £2000 grant that i dont need all of as i will be working full time all summer and three months rent will be paid up front out of this grant, so i was hoping to settle my smallest debts with the rest.
what do you think is a sensible offer? and does anyone have any experience of settling with this company?
thanks in advance

Tixy

Hi stephy

I don't have experience of westcot but wanted to bump this back to page 1 for you.

I would imagine on a debt you are only paying such a low figure then a 20% offer would be sufficent (there is a useful factsheet about F&F settlements on national debtline)

Numpty_Monkey

I agree with Tixy , start low,
if they reject it they'll offer a figure back, just offer a slighty higher amount than your first

Make sure yiou do it in writing :A
use the sample letter from here
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#3

stephy110288

Thanks guys, thats a lot lower than i thought! thats lookin pretty attractive... will let you know how it goes!

Goodtimesahead

stephy 110288 I suggest no more than 20% and don't forget to say someone (a friend, relative etc) is lending you a small sum of money to you so you can offer this % in the £ If you say you are paying they will stitch you up for more. Also (if applicable) as part of the settlement ensure you get them to confirm in writing that any default/onerous data on your credit file will be removed etc If you do have such data showing on your credit file then you might have to increase your settlement offer to achieve this Good luck!

norm79

When you sort this out could you please update how you got on. I have a debt of about £4k with Wescot and I am about to try and make a £1k offer in the next month. I just want to ensure that they mark the default as settled and nil the balance.

stephy110288

yeah ill definitely update although wont be till then end of april that i do this as my loan is in on the 19th. about the credit file though ive got a few questions. its the first time ive looked at it in years so sorry if this is really stupid-
it lists my debts but its only the ones that havent been passed onto debt collection. why arent the ones with debt collection there??
also i know i have defaulted on a few things but i cant find that info on there as they are the accounts with debt collection. where does it give info on defaults??
so my wescot account isnt even on my credit file, unless its hidden and i cant find it?? please can someone explain??
thanks

norm79

Which credit report are you looking at? Most state it at the top.

If you have defaulted then the account is closed as it is not credit I think. It will just be marked as defaulted.

If they have not been updated you may be able to get in quick to avoid this happening. I am sure someone with more knowledge than me can help you on this though.

stephy110288

yeah ive put this on another post to see if anyone knows... from what someone replied, i'm not showin any defaults on my experian report. the highest number in the red boxes is 6, and thats my mbna card thats still with them, not been passed on to a dca. everythin with dcas isnt listed on there at all its really puzzled me. and all the defaults were early last year