Help. Natwest and westcot debt recocery.

robber2

ffsear wrote: »

I used my iphone to call the debt collecting people.

Told them I wanted to pay off the full balance.

And paid it on my credit card which is 0% for 12 months.

Oops, that could be expensive. Have you checked that the 0% deal is for cash transactions as well as purchases?

rtho782

Overdrafts are repayable on demand....

PaulW922

A lot of this strikes me as unhelpful.

I had an issue with Wescot and NatWest. I had a huge debt to NatWest that I had defaulted and I agreed a plan with Westcot, although the debt was shown as defaulted (cat 8) by that point. After some time had passed I found that NatWest were not updating my credit reports with the correct balance, and the reason was simply that Westcot held onto the money I paid for 3 - 4 months before letting NatWest have it. Eventually, NatWest dis-instructed Westcot and handled the debt themselves. However it was only constant hassling go the bank itself that got this sorted out.

ffsear

robber2 wrote: »

Oops, that could be expensive. Have you checked that the 0% deal is for cash transactions as well as purchases?

Is ok, i paid it off in full with my Bonus

ffsear

Anway.... So the story goes on.

I have now paid the full outstanding balance. I awaited my next credit report, the NatWest account is now showing as in Default and closed.

This doesn't make sense. Firstly its shows 3 missed payments (for July, Aug and Sept) and then a payment in October and November when i paid off the balance in full. How does that mean the account is in Defult? I thought you had to miss 5 or 6 before it was in default?.

Secondly, I've called NatWest, They acknowledged that i've made all the payments and they are also saying the account is open and they never closed it. I go through to different departments and the all say that none of this makes any sense. So I have now logged a complaint with them and it being investigated by their "experts".

The guy at natwest said even if they had decided to close the account, it wouldn't be able to affect my credit rating as it would have been their decision to close it as opposed to me not keep up with payments on a credit agreement.

This is one big mess and come June i want to apply for a new mortgage on my house, which will become increaslying hard with a default showing on my account.

Will keep you updated, but wondering if anyone has an idea with whats going on here as it really makes no sense at all to me. Why are they reporting this information to my credit file? What are my rights?

FYI I'm using ClearScore to check my credit profile... Could they be the problem?

ffsear

rtho782 wrote: »

Overdrafts are repayable on demand....

Yes, but that I'm told that this should not effect your credit rating as its their decision to recall the debt. The debt was within the agreed overdraft amount.

Somerset

ffsear wrote: »

Yes, but that I'm told that this should not effect your credit rating as its their decision to recall the debt. The debt was within the agreed overdraft amount.

I may have got this wrong, but the NatWest sequence seems to be :


- Overdraft
- Overdraft recalled
They should have informed you/written to you. They will say they did (it should be automated). Don't know how you disprove this.
- They received no response from the customer (you)
- The account was defaulted (Credit file repercussion)
- An 'arrangement to pay' was agreed (Credit file repercussion)
- CRA correctly updated with default and arrangement.


I've no idea if when a bank terminates an overdraft facility, any arrangement isn't reported. But possibly the 'default' nullifies this option ? It all seems to hang on them sending or not sending the 'we're terminating your overdraft facility. please pay it back' letter which then led to the process they followed.

ffsear

Sorted. Natwest are removing the default from my account :j:j:beer:

Thanks for all the advice.


My advice to anyone reading this who may find them self in a similar position. Don't bother go round and round all the departments at Natwest trying to get to the bottom with whats actually gone on. Go straight to the complaints department.

Make them do the work!!

andyfromotley

good result, did you ever get an explanation as to why it was defaulted without notice?

ffsear

andyfromotley wrote: »

good result, did you ever get an explanation as to why it was defaulted without notice?

They did send out a default notice, but to my old address. I changed my address in branch 3 weeks after I moved into my new home in October 2014. They never updated their records.

At first they tried claim I was lieing as this was impossible. I told them to check the their CCTV as I knew the exact date that I went into the branch to do this.

They said they would look into it. 5 days later I got letter apologising and saying the default is going to be removed.