Westcott debt advice

Bigglesbilo

I have a debt that was passed to Westcott from the Coop after a default which was 6 years ago this coming Monday. They've approached me in the last few months about repayments but I've not been able to start any but am now in a position to make a settlement offer. My question is should I? Should I call and negotiate a reduced settlement and if so will this affect the fact that the default is due to clear on my credit file on Monday? What are they like for settlement offers? They seemed ok when I spoke to them but that could be false advertising... not sure whether to leave it alone or call up and settle the thing for peace of mind. Just want it sorting. Thanks

Kentish_Dave

If you want it sorted, and you admit that the debt is yours then why not pay it off in full?

foxy-stoat

Why not wait until Monday, then its un-enforceable, assuming you haven't acknowledged the debt for the last 6 years.

Kentish_Dave

foxy-stoat wrote: »

Why not wait until Monday, then its un-enforceable, assuming you haven't acknowledged the debt for the last 6 years.

Why would they do that? They are not disputing that it’s owed.

foxy-stoat

Kentish_Dave wrote: »

Why would they do that? They are not disputing that it’s owed.

Because they have already asked on here if they can pay a reduced settlement....why not just not pay them at all if it is un-enforceable?

Willing2Learn

I believe everyone should use the applicable legislation and guidance to their advantage. If the account is Statute Barred, then the OP is perfectly entitled to withhold payment.

Anyhow, why did the creditors not try and recover earlier? If they had chased earlier, then they could have used the applicable legislation and guidance in their favour!!

@OP - See the National Debtline factsheet linked below:
Time limits for recovering debts

sourcrates

Wescot are only managing your debt, its still owned by the Coop.


If the Limitations act kicks in on Monday, then give it a week and send the statute barred letter to them.

System

Willing2Learn wrote: »

I believe everyone should use the applicable legislation and guidance to their advantage.

Most people think that people should stand by their word and honour agreements they've signed up to instead of trying to weasel out of it on a technicality. I know which out of our two views wins in the court of public opinion.

But yes if you've got no scruples and don't mind doing one of the most ethical businesses in the UK out of money then as long as you've not acknowledged the debt for 6 years it'll be statute barred.

TripleH

Bigglesbilo, check you have got your dates right before you start firing off letters, you don't want to shoot yourself in the foot by accidentally announcing your intentions prematurely and give them time to take action.

If you have acknowledged it within the past 6 years, then by all means go forward with a very silly offer (10% say) and see what they come back with.

To those who suggest about paying debts in full, I have always paid what I owe and striven to not build up debts, I have never sought to live beyond my means and made cutbacks which at times have limited my fun and stopped me doing things.

Should everyone pay their debts and live within their means?... Absolutely, everyone (including Governments and companies) should.

Is it always possible to live within your means in all circumstances?... No

In my view, a lender is given 6 years (a minimum of 2191 days, assuming 1 leap year) to take action to recover this debt. The laws are arranged as such that action is possible (CCJ) so there is plenty of scope for them to make efforts to recover the debt. In the Op's case it looks like they haven't, this is an avoidable scenario for the lender so have little sympathy, particularly since their business model will have built an element of loss into it. To my mind statute barred debts can be avoided by companies being more efficient. (I accept this is a very simplistic view).

sourcrates

Tarambor wrote: »

But yes if you've got no scruples and don't mind doing one of the most ethical businesses in the UK out of money

They are not that ethical.


I bought a pepporoni stuffed crust pizza from my local Coop the other week, the stuffed crust was empty !!!!


I was furious I can tell you.

Kentish_Dave

foxy-stoat wrote: »

Because they have already asked on here if they can pay a reduced settlement....why not just not pay them at all if it is un-enforceable?

Because it’s the wrong thing to do.

If you owe a debt, there’s no question over that, and there’s been no suggestion of the lender behaving badly why would anyone not pay it back if they can?

When did this site become about people avoiding repaying legitimate debts that they have the means to repay?