help with westcot/tsb

bros

Hi am am a first time user and not computer savy so forgive me if posted in wrong place.

My husband and brother personally guanteed a business overdraft 12,000 to tsb bank. TSB have had a copy of our outgoings and have passed debt to westcot debt agency. Westcot rang and asked for a copy of our income and outgoings. They have rang and agreed that I can pay 25 pound per month but I cant see how they have come to this as they have not yet had the same details from my brother in law the debt is joint I have worked it out it would take 21 yrs to pay half of the debt although the westcot agent said 5 yrs????? I have a gut feeling that something is not right,
Westcot are ringing me tonight for a payment and want to set up a direct debit over the phone.
The agent said interest is frozen although we have nothing in writing
Do I request all information in writing
should I set up the direct debit over the phone
Any help great fully received

chunx

Hi Bros

I aren't really able to help you with your query but there's lots if people here who will.

My general advice would be:-

1) when telephoning a creditor, always make a note of the date, time and who you spoke with.

2) ask for any agreement made to be put in writing before commencement of any payment.

I hope it all works out for you.

fermi

DO NOT set up direct debits to debt collectors. They have been known to abuse them and take higher and more payments than agreed.

If you are going to set up a payment arrangement then do it by standing order.

You need their bank details for this. You do that via your bank. They do not need yours. Sometimes debt collectors will send you a "standing order form" to return to them. Again, that is a con to get your bank details, as you set up a standing order yourself from your end.

fermi

Oh, and presumably you are jointly and severally liable for the debt? Which would mean that both guarantors and be pursued for 100% of the debt. If the other signatory doesn't pay their share, they can come after you for the whole amount.

Wescot would base the payment level they ask for on the spare income from the SOA you submitted, and won't likely take account of what the other signatory can afford or will pay.

Can you afford the £25?

Do he have other debts? Is he ever likely to be able to pay those/this of in a reasonable time?

bros

Thank you for help, I paid with my card 25 pound last night and I will make sure I only set up a standing order. Both my husband and brother are joint liable, they are in a worse position because him and his wife are not working. I am the only one working at the moment. The 25 pound is from a pension payment my husbands receives which is how we can afford it. The two brothers are close so we will work together on paying the debt of

Lensman_2

I am not suggesting that Wescott are as bad as some of the lowlifes around, but you need to cancel the card authority that was set up by your card payment. That can be abused.

Please write to your bank stating that you made a payment to Wescott on XX/XX/XXXX. You wish any payment authority made to be cancelled and no further payments are to be made to Wescott, according to your rights under the Payment Services Regulations 2009. State the regulation - the banks have been unbelievably slow adopting to the new rules and will need some pushing on this.

I would also advise you to cancel the DD. The Debt Collection Agencies (DCAs) I am with have never abused the DD I had with them. However, I have now cancelled these and know that the standing orders I set up will not be abused.