Wescot - Full & Final Help

lvm

Hello,

I posted a while ago - https://forums.moneysavingexpert.com/discussion/3082226

Short story:

Got a debt with Halifax, being dealt with by Wescot. Balance £2477.
I wrote to Wescot offering £500 as F&F settlement.
They declined and said their client would accept 50% as partial settlement.
I wrote back saying I couldn't pay that but would pay £1000 if they confirmed it was F&F and the other usual legalities...

Got a voicemail from them so called back today and the guy said the first offer still stood (although he said it's been rounded up to £1250 now - SERIOUSLY!!) and that they would not confirm what I asked and told me it would be "unlikely" for me to be pursued for the remaining debt. I asked if he was joking but he said he hasn't known anyone to be chased for the debt after doing partial settlement.

Anyway, told him I would only accept the offer if he put in writing I would definitely not be pursued for the remaining debt. All he said was, "yes, we'll send you a receipt"...complete idiot!

So, anyone got any advice for this? I really really want to settle this debt as I want to start using my Halifax ISA but can't until the debt is gone. Definitely won't be paying until anything in writing and wouldn't risk the "unlikely" chance of being pursued for the remaining debt.

Would it be sensible to phone Halifax direct? At the current rate of repayment the debt won't be gone until 2021!

Any help appreciated!

Culex

Yes, it may well be worth contacting Halifax, as Wescot probably paid only 10% or 20% for it. Anything that (a) irritates Wescot and (b) denies profit to Wescot must surely be worthwhile.

FTW

I wouldn't trust Wescot on a full and final. In fact, I wouldn't trust any DCA on a F&F. As Culex says, it may be worth trying to work it out with Halifax direct, and knock Wescot out of the equation completely.

Culex

FTW wrote: »

I wouldn't trust Wescot

Nor would I.

Former_MSE_Andrea

Hi

Westcot's seen this post and asked us to let it reply to the OP. We've said it's ok but please remember MSE doesn't endorse anything a company says on the forum.



"I am the Legal and Compliance Director at Wescot Credit Services Limited. I was interested in your comments on this matter and would like to assist you in clearing this debt. Wescot is acting as a collection agent for the Halifax - we haven't purchased the debt- and we can only offer "partial settlements" as instructed by our client. This is because when payment is made, Halifax will then report this as a settlement to the credit reference agencies, but not as a full settlement as the full amount has not been paid. They still treat this as a settlement though.

If you write to me at Wescot, stating in your letter that I have asked you to contact me, we can contact the client and hopefully give you reassurance regarding the settlement. As we have been instructed to collect the debt by the Halifax, you should contact us rather than them direct. I look forward to hearing from you."

Culex

MSE_Andrea wrote: »

Hi

Westcot's seen this post and asked us to let it reply to the OP. We've said it's ok but please remember MSE doesn't endorse anything a company says on the forum.

"I am the Legal and Compliance Director at Wescot Credit Services Limited. I was interested in your comments on this matter and would like to assist you in clearing this debt. Wescot is acting as a collection agent for the Halifax - we haven't purchased the debt- and we can only offer "partial settlements" as instructed by our client. This is because when payment is made, Halifax will then report this as a settlement to the credit reference agencies, but not as a full settlement as the full amount has not been paid. They still treat this as a settlement though.

If you write to me at Wescot, stating in your letter that I have asked you to contact me, we can contact the client and hopefully give you reassurance regarding the settlement. As we have been instructed to collect the debt by the Halifax, you should contact us rather than them direct (sic). I look forward to hearing from you."

Does that mean he still wants his commission or fee from Halifax/HBOS which, if the customer negotiated directly, his firm of weasels might be denied?

Hanky_Panky

Culex wrote: »

Does that mean he still wants his commission or fee from Halifax/HBOS which, if the customer negotiated directly, his firm of weasels might be denied?

Doesn't make any difference at all - in fact paying it directly to the lender actually makes less work for Wescot as they don't even have to process the payment but still receive any commission due.

Culex

However, the lender may offer a discounted full and final settlement, which Wescot won't.

lvm

Very interesting!

I actually phoned Halifax on Monday (after putting in my credit card number, I was directed straight through to Blair, Oliver and Scott) and they confirmed that the partial settlement they agreed to would be a settlement and I would not be pursued for the remaining debt. However they weren't the most helpful and wouldn't send me anything in writing because Wescot are dealing with it. Just kept saying I need to contact Wescot. They didn't seem too bothered if I they got their settlement or not.

Had actually decided to just forget about settling and carry on with my monthly payments but might as well contact this Legal and Compliance Director and if I get what I want in writing, will go ahead with the settlement.

Will let you know how it goes!

king100

Sorry everything in writing saying it is full and final and nothing more, I have read so many stories concerning F&F to know that this is what is needed.

Both from Wescott and original creditor.

Hanky_Panky

Culex wrote: »

However, the lender may offer a discounted full and final settlement, which Wescot won't.

I think you'll find that the evidence on here and other similar sites is that a DCA is far more likely to accept a reduced settlement figure than the original lender.

Agree that it is absolutely necessary to have it confirmed in writing although I wouldn't completely dismiss a 'partial settlement' either but again only if the op receives something in writing confirming that they will not be pursued for the remaining balance.