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Settlement offer from Westcot
debtisnotme
Posts: 111 Forumite
So strange but pleasant occurence.
Westcot have taken over management of a Nationwide debt recently, I amended my Standing Order info to their details, sent them an up to date SOA and continued on my journey. Since then they have bombarded me with calls (I haven't picked up, I feel very uncomfortable dealing with these people by phone) and letters about non payment.
Today I come home to a letter containing an offer to settle the debt at 25% of the balance, around £260. I can do this and want to.
The letter clearly states the offer, that my credit record will show partially settled and I will not be required to pay the remaining balance. All I have to do is contact them.
So my question is do I need any further written verification from them or can i just call them and make the payment over the phone when i get paid in a couple of weeks? I can probably pysche myself up to make that call if its simply going to be a case of giving them payment details....
Alternatively I could accept the offer in writing and transfer the agreed amount via online banking?
There is no deadline date given as to whether the offer expires at a certain date.
Sorry for the silly questions, I'm a bit freaked out!
Westcot have taken over management of a Nationwide debt recently, I amended my Standing Order info to their details, sent them an up to date SOA and continued on my journey. Since then they have bombarded me with calls (I haven't picked up, I feel very uncomfortable dealing with these people by phone) and letters about non payment.
Today I come home to a letter containing an offer to settle the debt at 25% of the balance, around £260. I can do this and want to.
The letter clearly states the offer, that my credit record will show partially settled and I will not be required to pay the remaining balance. All I have to do is contact them.
So my question is do I need any further written verification from them or can i just call them and make the payment over the phone when i get paid in a couple of weeks? I can probably pysche myself up to make that call if its simply going to be a case of giving them payment details....
Alternatively I could accept the offer in writing and transfer the agreed amount via online banking?
There is no deadline date given as to whether the offer expires at a certain date.
Sorry for the silly questions, I'm a bit freaked out!
Debt on 25/5/17
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,763
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,763
0
Comments
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Have they specified the actual amount? They have been known to word their letters so that people think they want 25% when in rewality if you read very carefully they mean they give a 25% discount and you pay 75%Credit card debt - NIL
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 20360 -
Defo 75% reduction, letter headed "75% reduced settlement offer" and a yellow box on letter which says Discounted offer £214.79 which is a reduction of £644.38 or 25% of your current balanceDebt on 25/5/17
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,7630 -
Then yes, it is a s simple as calling, quoting the reference number from the letter, paying and being done of it.
Now keep that letter, back up that letter. Also, get them to email you confirmation of payment and that your credit reference will be marked as partially satisfied.0 -
Hi,
Wescot only manage debts so will be acting on the instructions of the Nationwide.
As long as you have it in writing that this will settle the account and the remaining balance will not be chased, then go for it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Perfect. I know its just a small win but it will feel really good. Will ring and make the payment as soon as I have gathered the funds. Fingers crossed they don't change their minds in the meantime!Debt on 25/5/17
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,7630 -
debtisnotme wrote: »Perfect. I know its just a small win but it will feel really good. Will ring and make the payment as soon as I have gathered the funds. Fingers crossed they don't change their minds in the meantime!
Actually despite your fears mentioned above Wescot are reasonable to talk to. I'd say ring them now and confirm you want to go for this offer, and will ring again shortly to pay.0 -
Snap their hands off!0
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