Westcott services, advice needed.

mishmash

Hi All

I'm currently working my way through my debt ( very slowly and painfully). I had defaulted last year on 2 credit cards, first was Nat West. The agency they used were pure evil, they phoned me and were very aggressive threatening court action if I did not pay up by the end of the week:eek:

I went crying to the royal bank of mother who lent me the money to pay it off.( I still owe her this and more)

The next one was Tesco credit card, I got a letter from Wescott services asking me to call them, they were really nice and friendly, but I had to agree to a plan that would clear £3342 within a year. Since this time I have been paying them off at £300 per month. This morning they have called me to remind me to pay ( I have changed jobs and used to pay them on the 15th, I now get paid at the end of the month, I did advise them of this last month but it had not been put on the system).

Anyway, they said they could do me a settlement deal, if I paid off nearly £1200, now I could settle, saving me over £300 .I know it sounds like a good deal, but I am not paying any interest to them. I am expecting to get some additional money this month ( around £800) this with the £300 I had already budgeted to pay would cover the ammount.

It would be very tight though and I would not be able to make the bit of a dent in my store cards I was hoping for.

I am desperatly trying to get my finances in order not just because I am tired of feeling so ashamed and having to go to my mum, but We really need a bigger house and I need to get my credit check looking better, for a much bigger mortgage, as well as making sure I can pay the mortgage, I feel like I have been chasing my tail for a while, but thanks to this site I can now see some light at the end of the tunnel.

What should I do, continue at the rate agreed, or try and manage the payment, which would look best on my credit rating?

CLAPTON

debts that have 'settled' on them are generally less harmful that those that don't but it also depends what else is on your file.. have you checked it?

if you do decide to go ahead make sure that
a. the offer is in writing and unambiguous
b. that the payment is in full and final setttlement
c. that they agree to mark your credit file as settled

otherwise dont do it.

mishmash

CLAPTON wrote:

debts that have 'settled' on them are generally less harmful that those that don't but it also depends what else is on your file.. have you checked it?

if you do decide to go ahead make sure that
a. the offer is in writing and unambiguous
b. that the payment is in full and final setttlement
c. that they agree to mark your credit file as settled

otherwise dont do it.

Thanks Clapton,
I have got all my Credit checks, there are 3 defaults 1 settled. 2 outstanding including this one.

I will call them back and ask regarding your points, I think I will do this if they agree to do what you have said. I will just have to have a very tight belt this month. It will save me over £300 and £300 each month to start clearing some other stuff.

There are no C.C.J's or other things, it shows 3 defaults and a number of late payments, I got into a mess for a couple of years but I think things are on the mend now.

I am really worried that I have messed things up for the future, I know they stay on your file for 6 years.

Mish

plumduff-2

£300 PER MONTH...! I nearly spat my tea out....!!

The problem with creditors is they will tell you any old nonsence in the hope you will beleive it... Have to pay it back within 12 months, my fat ar*e...! You pay it back at the rate you can afford and the rate your financial statement shows you are able to afford...

This is complete rubbish.. I have clients who are paying £1 per month to Wescot for debts considerably higher than yours... So, why should you leave you and your children without to clear this debt if you cannot afford it...

Your alternative is to write to them with a copy of your financial statement and inform them that from now on £x amount is all you can afford..

Remember Wescot have to abide by OFT Guidelines, the ones that count for you are:

2.2b presenting info in such a way that it creates a false or misleading impression [informing you that you need to pay £300pm]

2.6b pressurising debtors to sell property, to raise funds by further borrowing or to extend their borrowing

2.6f pressurising debtors to pay in full, in unreasonably large instalments, or to increase payments when they are unable to do so

2.6g making threatening statements or gestures or taking actions which suggest harm to the debtor [mental harm as well]

2.8g failing to refer on to the creditor reasonable offers to pay by instalments [in case they reject your offer]

My advice if you cant afford or dont want to pay the F&F... write to them, complete an I&E, make an offer... if they refuse.. write again, quoting the above breaches of OFT GUidelines and report them to the OFT & Trading Standards...

mishmash

Just phoned them, they will send out confirmation, and it will be marked as settled on my credit file.

They are shaving off £324.74 of what I owe, will this look bad that I have not paid my debt in full?

They also said I would have to make full payment before the 9th of Feb as it is a time limited offer from my creditors. Is this usual?

On the face of it it seems like a good deal, I am worried that it may be too good to be true.

mishmash

plumduff-2 wrote:

£300 PER MONTH...! I nearly spat my tea out....!!

The problem with creditors is they will tell you any old nonsence in the hope you will beleive it... Have to pay it back within 12 months, my fat ar*e...! You pay it back at the rate you can afford and the rate your financial statement shows you are able to afford...

This is complete rubbish.. I have clients who are paying £1 per month to Wescot for debts considerably higher than yours... So, why should you leave you and your children without to clear this debt if you cannot afford it...

Your alternative is to write to them with a copy of your financial statement and inform them that from now on £x amount is all you can afford..

Remember Wescot have to abide by OFT Guidelines, the ones that count for you are:

2.2b presenting info in such a way that it creates a false or misleading impression [informing you that you need to pay £300pm]

2.6b pressurising debtors to sell property, to raise funds by further borrowing or to extend their borrowing

2.6f pressurising debtors to pay in full, in unreasonably large instalments, or to increase payments when they are unable to do so

2.6g making threatening statements or gestures or taking actions which suggest harm to the debtor [mental harm as well]

2.8g failing to refer on to the creditor reasonable offers to pay by instalments [in case they reject your offer]

My advice if you cant afford or dont want to pay the F&F... write to them, complete an I&E, make an offer... if they refuse.. write again, quoting the above breaches of OFT GUidelines and report them to the OFT & Trading Standards...

Our posts crossed, I think I am more than a bit green about all this, I wish I had known about this site when I was in the thick of my money troubles, I just want to get straight as quick as possible now, and have my held held high again. Thanks for the advice.

I will have to have a think, and see which is best.

Mish

plumduff-2

Do what is best for you and oyurs and not what is best for Wescot is my advice...

lynzpower

I woulod go back to them and say, OK, you can do 1000, would they accept that as F&F? Negotiate & play hard ball.

TBH they know you are a good payer @ 300 per month, many only give a token quid.

I think you might be on good ground here- negotiate!