£3k in Lloyds Debts - Wescot and Moorcroft calling - how to handle?

KasiaLondon

Hi,

I'm 22, currently a student. My family has gone bankrupt around 3 years ago - my dad hid some huge debts, lost his job, me and my mum (cleaner) were forced to pay the rent and all the bills, including bills in arrears.

I have used my credit card and my overdraft to cover this. Stupid I know! But I'm trying to fix it now.

I currently owe around £1300 in Credit Card Bill and around £1600 in Overdraft to Lloyds. I have been contacted my Moorcroft Debt Agency regarding the CC bill and Westcot regarding the overdraft. I have set up £80 pm to go to Moorcroft last October so I now owe around £1000 on my Credit Card. I have ignored (stupidly) Wescot up until now.

I am currently working but will be going back to uni in September. I really want to settle this as soon as possible. I've heard that debt collection agencies are awful and it's best to liaise with the lender, in this case Lloyds, themselves.

I can afford to pay probably around £1000 - is it worth writing to them to settle the debt for £1000? Or do I set up a payment of whatever I can afford to Westcot? What is the best option for me?

I know it's not huge in comparison to over people's debts but I am only 22 in a happy relationship so want to fix this ASAP so my credit rating isn't impacted any further.

Help appreciated.

Thanks

sourcrates

Hi,

Just a quick reply to your post, wescot won't own your debt, they will just be managing it for Lloyds, so you can deal with them direct, yes.

KasiaLondon

sourcrates wrote: »

Hi,

Just a quick reply to your post, wescot won't own your debt, they will just be managing it for Lloyds, so you can deal with them direct, yes.

Thanks - do you know how I can contact them? I can't find any e-mails on line and I would prefer to do it in writing. What do you think is an appropriate amount to settle such debt for?

sourcrates

KasiaLondon wrote: »

Thanks - do you know how I can contact them? I can't find any e-mails on line and I would prefer to do it in writing. What do you think is an appropriate amount to settle such debt for?

It's always worth trying, but remember, it's all about negoatiating a good deal.
You should have your account details/reference number, so write to Lloyds at the address on there website, using the settlement letter off the National Debtline website, available here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

They may tell you to go through wescot, in which case do so.