Westcott debt advice

Kentish_Dave

Tarambor wrote: »

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.

Thanks for posting this. It’s so sad to realise that people nowadays will not only Welch like this but actually seem to feel no shame about doing it.

Far too few people seem to have any morals nowadays.

sourcrates

Kentish_Dave wrote: »

Thanks for posting this. It’s so sad to realise that people nowadays will not only Welch like this but actually seem to feel no shame about doing it.

Far too few people seem to have any morals nowadays.

I`m afraid I had to laugh out loud when you mentioned the words "shame" and "morals" in the context of moneylenders, you remind me of another poster, since departed from these forums, who held similar views to your own, but thats by the by.

The Limitations act is there for good reason, the Coop had 6 years to chase their money, the law says thats time enough, don`t chastice the OP, for one thing, he`s doing nothing wrong, and for another, they are a new poster, so be extra nice please !!!


You have no idea of their circumstances, and to pre-judge people can be a very dangerous game, and not an attitude we encourage on MSE.

fatbelly

sourcrates wrote: »

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.

If that's not the case (because you have acknowledged the debt in the intervening years) then your plan to settle by full & final settlement is a good one, and one we encourage over on the dfw board. The is good guidance here, and a link to a standard letter.

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

You will note that the standard letter is headed 'without prejudice' - that means that there is negotiation happening outside the court process and your letter cannot be used in court. So, strange though it may seem, your offer of payment does not stop the six-year clock from ticking.

Wescot will do deals though ultimately it's the Co-Op who will make the decision. 25-35% of the debt (that's of the debt, not off the debt) is the usual starting point and we recommend doing the initial part in writing. If they came back and said 50%, then get on the phone and try to reach agreement, getting the final deal confirmed in writing before you part with cash.

sourcrates wrote: »

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.

Screw 'em.

Kentish_Dave

sourcrates wrote: »

The Limitations act is there for good reason, the Coop had 6 years to chase their money, the law says thats time enough, don`t chastice.

It’s chastise, and I wasn’t, I was just expressing sadness at the state of society’s morals.

Well, it’s not all society of course, most people still honour their word, thankfully.

robatwork

Coop ethical?

What a heap of....moral baggage.

Their former chairman Paul Flowers, and also chuch minister certainly lacked some morals and ethics.

https://www.theguardian.com/business/2018/mar/06/disgraced-ex-co-op-bank-boss-paul-flowers-crystal-methodist-banned-from-financial-services

System

Ah yes, one person is an indication of the entire organisation of tens of thousands of people.

System

Willing2Learn wrote: »

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.

Actually they're not. The debt is still outstanding, the creditor just has to convince a court to allow them to continue to pursue it.

Just remember though whilst you're banging on about weaselling out of stuff on technicalities and that is the fact that ultimately the people who do that end up making things more expensive for everyone else including you as the companies try to recoup their losses. Eventually they may withdraw that service altogether having a detrimental knock on effect on thousands of people. One of the reasons pay day lenders got as big as they did is because of people weaselling their way out of paying loans so banks just stopped lending to anyone who was more than a slight risk so instead of those people paying 10s of percents on their loans they're now paying over a thousand percent.

Willing2Learn

Tarambor,

I hope you realise your posts are incredibly insulting. You have implied that I have no scruples and poor ethics. I work hard every day, choosing to work in a sector where I earn far less than I could do, to help people from disadvantaged backgrounds. I often work without any financial reward whatsoever. I have previously turned down higher paid jobs if the company has a vision and mission statement that conflicts with my own personal ethical code

You also suggest that I encourage borrowers to 'weasel' out of their contractual commitments when that is not true. Please don't post if you are unable to do so without being insulting...

sourcrates

We are meandering off topic and getting a bit personal now, so take a skinny dip everyone, enjoy the sunshine, tommorow is another day.

sourcrates

Tarambor wrote: »

Actually they're not. The debt is still outstanding, the creditor just has to convince a court to allow them to continue to pursue it.
.

You misunderstand the legislation.


After 6 years the debt still exists, (in England, Wales) but the creditor cannot take legal action to recover it, you cannot convince a court to pursue a statute barred debt, ever, it is a contridiction in terms, once statute barred, always statute barred.


The only thing a court can rule on is the cause of action date.


In Scotland, the legislation is more clear cut, after 5 years, the debt is extinguished forever.


https://debtcamel.co.uk/statute-barred-debt/