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

sourcrates

Missnikon wrote: »

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'..

Don't make me laugh, "Lowell don't accept F&F settlements" !!!!

It's there core buisness strategy virtually !!!

A prime example of why you should never phone a DCA.

Do everything in writing as previously advised.

Missnikon

sourcrates wrote: »

Don't make me laugh, "Lowell don't accept F&F settlements" !!!!

It's there core buisness strategy virtually !!!

A prime example of why you should never phone a DCA.

Do everything in writing as previously advised.

Will do. Too both Lowell and Westcots?

sourcrates

Missnikon wrote: »

Will do. Too both Lowell and Westcots?

As Fatbelly says, stick with the idiots for now !!!

fatbelly

Missnikon wrote: »

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

It won't make the entry reappear on your credit file, If that's what you mean, so how they would mark the credit file is of no importance.

The 6-year 'clock' normally refers to the debt being statute barred if not acknowledged for 6 years. As you've been paying this through a dmp the settlement won't do any damage.

Missnikon

fatbelly wrote: »

It won't make the entry reappear on your credit file, If that's what you mean, so how they would mark the credit file is of no importance.

The 6-year 'clock' normally refers to the debt being statute barred if not acknowledged for 6 years. As you've been paying this through a dmp the settlement won't do any damage.

Thank you. Just wondered

Missnikon

Hi all, so I've had a letter from Wescot re my 'partial settlement' Please let me know what you think.

I can confirm we can accept £xx (50%) of debt to close this account as partially settled. If you wish to accept this offer you would need to contact us before 18th Feb as this offer is only valid for 30days.
If the above payment is received our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue.
Please note payment of a partial settlement will result in the account being recorded as 'partially settled' on the credit file.
This information will remain on your credit file for 6 years from the date of the default. If you are in a position to repay the full balance your credit file would be recorded as fully satisfied for this account.
Contact details etc etc....

So do you think this is enough to be comfortable this could be an end too it all? The default was first registered August 2010. so has since dropped of from me being able to see it. So therefore am I right in thinking that the PS wouldnt really affect me as bad. For example if my default was first registered say Jan 2015 my credit file would show the PS for another 4 years?

Any help or advise would be massively appreciated as it has been so far. I vow never to make the same mistake again!

Thank you

Keezing

I think before you go ahead with the payment you should request a copy of your CCA agreement.

If they can't supply you with a copy of the agreement, you might as well walk away from the debt without paying as they can't enforce it in court.

As the debt has already dropped off your credit card, partially/fully settling the account won't make a difference to your credit file.

Missnikon

Hello I've thought about doing that, but felt I owe the money so it's the right thing to do.
Have I not already accepted the debts mine by requesting this letter by phone?

Thank you

Keezing

Communicating about your debt simply means that the debt is not "Statute Barred"

It has nothing to do with whether the debt is enforceable in court for lack of CCA agreement. If they don't have your original (or reconstituted) CCA agreement, they cannot enforce the debts through the court. You can literally stop paying them and they can't do anything. They can't damage your credit file any further and clearing the debt will not improve your credit rating.

It's up to you if you want to pay Westcot. I can think of better things to do with my money than lining the pockets of a DCA that would have paid less than 10% for your debt.

Missnikon

Yeah I do get what your saying. I'd be worried that I'd risk loosing this 50% settlement though.

Yes I know what you mean about being able to think of other things to do with the money my partner has been so supportive and has completely sorted me out in terms of getting rid of bad debt. As when I first got with him I was paying a debt management to pay off all debts, subsequently paying them to pay my debts. Now I just have this one over my head.

I just don't know what to do. My DD has been cancelled both sides now.