Wescot 50% settlement. Will they sell on the other 50%?

Missnikon

Hello all. Today I rang westcotts to settle my loan they've been managing. (It's been Dmp for over 6yrs!)

After talking at length I eventually managed to get a 50% settlement figure from then. (Verbally only they won't send a letter)

So since then I've been reading up on this kind of thing and I'm now concerned if I pay only 50% off today that wescots could still sell on the remaining debt! Then I'll be chased again.

Is there any watch ours here I need to be careful off please?

Thank you!!!!!

National_Debtline

Hi

You should absolutely get confirmation in writing that they will accept your settlement offer and will not pursue you any further, before you make a lump sum payment. You’re right that there’s a risk they could change their mind and still pursue you for the outstanding balance if you only have their word over the telephone. Make your offer in writing as it might be considered by a different department to their telephone collection staff.

This factsheet covers full and final settlement offers and links to a template letter you can use to make your offer with.

www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx

James
@natdebtline

sourcrates

As James says, always get everything in writing.

Call handlers have little discretion in these matters, best to put your offer in writing, then you get the organ grinder instead of the monkey.

I would be suspicious if they refuse to confirm this in writing.

Don't part with a penny unless they do, as they will sell it on, and you won't have a leg to stand on.

Missnikon

Hello, thank you both for getting back to me.

So I rang Westcots back and asked them if what they offered was a 'partial settlement' or a 'full and final settlement'. They advised that they manage the debt for Lowell who bought the debt from HSPF. Lowell do not accept 'F&F Settlements'. Ok. So I asked if I paid the 'PS' would the remainder of the det be then put up for grabs for any body else to then buy and persue. Now the advisor did catagorically state that it would not be (I know, I'm taking all with a pinch of salt)

So que me asking for them to send this in black and white. I advised that although I could and was going to pay today I've had a re think and I need in writing firstly this settlement figure and also guarantee's that no debt would be pursued in years too come.
She said that she would get this sorted. The account is on hold for 30 days and my current DD has been cancelled. (I'd asked if my DD of £160 would come of the settlement as its due on the 1st to which she said she didn't know hence putting the acc on hold until I received the letter etc)

So now I wait for a letter to come through.

Now do I in the meantime write a letter back with the settlement offer, offered above by James to both Lowell and Westcots and see what I get back or is this over kill? The main reason I ask is because I now know that Wescot send the money on to Lowell that I pay. So should I go to the organ grinder with the same offer?

I just want rid now. The original default has now passed & I just desperately want this all too end. It's quite depressing isnt it. Yes I know its self inflicted but I was young and so very naive and mis informed money wise. I've learnt alot over the last few years and have never taken a bean of credit out since and do not intend on doing so!

Any advise will be gratefully received. Thank you all.

National_Debtline

Full and final settlements and partial settlement are actually two names for the same thing really.

As long as you receive a confirmation letter confirming they accept your offer it should be fine. There’s no harm in sending a letter making your offer though, just in case the adviser you spoke to doesn’t exactly convey your offer in the way you want to say it.

James
@natdebtline

StokieBecks

They are talking nonesense when they say Lowells don't accept full and final settlements. If accepted it should close the account with a zero balance and show as satisfied or partially settled

Send the template letter offering the agreed amount (or less if you think they may refuse so you have wriggle room to go back up to the original offer) and do not make any payment until you have written confirmation that it will close the account and no one will perue the remainder.

fatbelly

If Wescot are the agency dealing with this, stick with them for the moment, even though they are idiots.

They've said they will send the deal in writing. You should now get something from them. If you think it is in any way ambiguous, check here with us, and don't part with any money until you are happy.

The business with 'partial settlement' or a 'full and final settlement' is just phraseology. We prefer 'full and final settlement' as that seems clear and unambiguous. But the information commissioner's office says the correct mark on the credit file is 'partial settlement' so that's the phrase the industry uses.

The problem is that some unscrupulous DCAs sometimes try collecting the remainder and so that's why the letter needs to be clear.

woollisox

I settled 2 accounts last week with Lowell's with a 40% payment. I probably could have got less. Can you contact Lowell's directly and deal with them?

Missnikon

This is a step I'm considering doing yes. Going to see if anything arrives in the post over the next week I think.
Did you get Lowell to agree that the part of the debt which was not paid by the settlement would no longer be chased?

Missnikon

National_Debtline wrote: »

Full and final settlements and partial settlement are actually two names for the same thing really.

As long as you receive a confirmation letter confirming they accept your offer it should be fine. There’s no harm in sending a letter making your offer though, just in case the adviser you spoke to doesn’t exactly convey your offer in the way you want to say it.

James
@natdebtline

NationalDebt - As the default has now 'dropped' off i i do settle will this restart the 6 yr clock again?

Missnikon

fatbelly wrote: »

If Wescot are the agency dealing with this, stick with them for the moment, even though they are idiots.

They've said they will send the deal in writing. You should now get something from them. If you think it is in any way ambiguous, check here with us, and don't part with any money until you are happy.

The business with 'partial settlement' or a 'full and final settlement' is just phraseology. We prefer 'full and final settlement' as that seems clear and unambiguous. But the information commissioner's office says the correct mark on the credit file is 'partial settlement' so that's the phrase the industry uses.

The problem is that some unscrupulous DCAs sometimes try collecting the remainder and so that's why the letter needs to be clear.

I will check in thank you