Account marked as settled but Wescot asking for payments

Legacy_user

I have just completed a credit score (thanks MSE for the link) and discovered my original loan balance with my bank is shown as having been settled / satisfied nearly six years ago. However, they passed the debt management onto Westcot who I continue to make payments to. Westcot have just offered me to make a partial settlement. If I do make a partial settlement with Westcot, would it change the account to defaulted (from satisfied) on my credit record? Does anyone have any ideas as to why it is marked as satisfied?

fatbelly

Usually it's marked settled if it is sold to a third party.

Wescot don't normally buy debts - are they still acing for the original bank, or for someone else?

In any event the entry drops off six years after it is either settled OR defaulted, so this one is about to disappear, whatever you do.

sourcrates

fatbelly wrote: »

Usually it's marked settled if it is sold to a third party.

Wescot don't normally buy debts - are they still acing for the original bank, or for someone else ?

From what I understand they have branched out into the field of debt purchase as well now, maybe just poking there toes in the water, see how hot it is !!!!

fatbelly

sourcrates wrote: »

From what I understand they have branched out into the field of debt purchase as well now, maybe just poking there toes in the water, see how hot it is !!!!

I remember a similar conversation about Moorcroft so I can believe that.

But, if so, their website is not up to date:

Has Wescot bought my debt?

No, Wescot no longer purchases or owns debts. If an account is being managed by Wescot this does not mean we have bought the debt, it means we are managing recovery of the debt on behalf of the bank/utility company. Once the debt is repaid the account will return to the original company.

System

Thank you fatbelly. I think westcot must have bought it. Do you know if they are able to issue a new default notice if I partially settle with them, please? Or is the bank's mark the final one?

System

Sorry, just seen your more recent post.

fatbelly

confusee wrote: »

Thank you fatbelly. I think westcot must have bought it. Do you know if they are able to issue a new default notice if I partially settle with them, please? Or is the bank's mark the final one?

confusee wrote: »

Sorry, just seen your more recent post.

It's quite possible their website is wrong.

No, they should not add a default at this stage. Odd things do happen from time to time but I think it's unlikely, and if the original creditor did issue a default, the debt buyer should not add a new one.

sourcrates

fatbelly wrote: »

It's quite possible their website is wrong.

Or my informant is lol !!!!