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

sourcrates

Firstly its not guaranteed that they wont be able to produce your credit agreement, most CCA requests are fulfilled correctly.

In your situation you have a good offer of settlement (there letter by the way, is perfectly acceptable) you could do the CCA request, they produce it, then you risk losing the 50% offer.

Its a difficult one i agree, but it seems much simpler to put it to bed once and for all, then you have no further worries with it.

Because even if debts have no valid agreement, they still get sold on, and you could find yourself defending claims on each occasion.

Missnikon

sourcrates wrote: »

Firstly its not guaranteed that they wont be able to produce your credit agreement, most CCA requests are fulfilled correctly.

In your situation you have a good offer of settlement (there letter by the way, is perfectly acceptable) you could do the CCA request, they produce it, then you risk losing the 50% offer.

Its a difficult one i agree, but it seems much simpler to put it to bed once and for all, then you have no further worries with it.

Because even if debts have no valid agreement, they still get sold on, and you could find yourself defending claims on each occasion.

Hi sourcrates, yeah I think you've pretty much summarised my thoughts.
It would be smashing to not pay anything from now going forwards and not even pay the settlement however I've never shyed away from the fact that I owe this money. I just got in a bit of a mess. A mess that I can get out off albeit not at the full settlement but certainly 50% of it which regardless of howmuch the debt was passed on for is still what I owe.

Having received that letter I think that should be enough to know no one else will come knocking. Do you agree? To the best of your knowledge that is.

fatbelly

It's overstating the truth to say that a debt cannot be enforced without sight of the original agreement. The best you can say is s127(3) gives an argument for pre-April 2007 debts where no agreement was ever signed. Ten years ago I was making great use of this re catalogue debts.

It's also true that there is temporary unenforceability under s77-9 CCA but even where no original agreement exists this can be overcome (as stated) by a reconstituted agreement.

With loan agreements there can be other arguments re unenforceability i.e. amount of credit incorrectly stated. Having said that, lenders are much more careful since the 'unenforceability' industry emerged about ten years ago.

I agree with Sourcrates that the creditor's letter is about as good as you will see. So, if you're happy with the deal, go for it.

sourcrates

Missnikon wrote: »

Having received that letter I think that should be enough to know no one else will come knocking. Do you agree? To the best of your knowledge that is.

You can never say never, but as long as you have that letter as evidence, then you will always be protected from further claims on that debt.

Missnikon

sourcrates wrote: »

You can never say never, but as long as you have that letter as evidence, then you will always be protected from further claims on that debt.

Thank you - I blooming well hope so! The prospect of paying for another 4 yrs is depressing!!

Thank you all. Some great advise

January2015

Definitely worth sending a CCA request in before settling.