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Account recalled
Cheesephetamine
Posts: 247 Forumite
Wescot is managing my biggest debt. A personal loan with NatWest that I have and still 14k left to pay and it’s defaulted since 2019. Last month I sent letters to all my creditors regarding my mental health and SOA and asking for debt write off. One of them did write it off completely. Three of them lowered my debts. I am still waiting for answers from some and today wescot sent me an email telling me that my account has been recalled. What does this mean exactly?? Is NatWest going to take legal action or is this actually a good sign? I’m a bit stressed to be honest and would appreciate help or advice. Thanks (I did sent the same paperwork both to NatWest AND westcot as I know they managed the account but it wasn’t really sold so I wanted to keep them informed…)
TOTAL DEBT JUNE 2019: £38,233.87 Aiming debt free mid 2023. All bad debt written off / paid by January 2023. No missed payments in 2023. Only one active credit card to pay off! I DID IT 🎉
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Comments
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It means NatWest has recalled the loan from Wescott, who were managing it on their behalf.
Forget about legal action, that would be a dumb move in light of the letter you sent them.
No, this is probably a first step to either writing off the debt completely, or to passing it to there in-house specialist care team to deal with.
They will likely respond to your letter in the coming weeks, and update you on its status.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-letter1 -
I see. So being recalled is like saying “we take over again”. Hopefully they will give me good news soonTOTAL DEBT JUNE 2019: £38,233.87 Aiming debt free mid 2023. All bad debt written off / paid by January 2023. No missed payments in 2023. Only one active credit card to pay off! I DID IT 🎉0
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It's also possible that this will be the last you hear of it and NatWest will consider they have bigger fish to fry.
If you do get anything from them, post here. Otherwise consider it gone.0 -
But, do I stop making payments? I was paying wescot but I don’t want to give NatWest the impression that I’m avoiding payingTOTAL DEBT JUNE 2019: £38,233.87 Aiming debt free mid 2023. All bad debt written off / paid by January 2023. No missed payments in 2023. Only one active credit card to pay off! I DID IT 🎉0
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Just wait until they write to you, then see what is in the letter and go from there. You do not need to pay Wescott as they do not have the account any more, and if NW have decided to keep it in house or write off all or part of the balance then you just go from there. Until you hear from them just chill, your past payments show that you are not avoiding paying and you have only stopped due to them recalling it, so there is no problem with thatCheesephetamine said:But, do I stop making payments? I was paying wescot but I don’t want to give NatWest the impression that I’m avoiding payingCredit 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 20361 -
Try not to overthink things, wait until you hear from them, don`t do anything or pay any more, until you do.Cheesephetamine said:But, do I stop making payments? I was paying wescot but I don’t want to give NatWest the impression that I’m avoiding payingI’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
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