Wescot refused Full and final settlement offer

miaboo

So the story is 
Being paying a minimal amount to wescot for 6 years for a Santander overdraft 

Santander has recently sold the debt to Cabot but wescot is still managing this.
I've written to wescot offering a full and final settlement.

They have written back today saying there isn't a settlement available on this account due to the criteria outlined by Cabot 

What now? 
Can I go directly to Cabot with my offer, Can I ask what the criteria is?
If I carry on paying my £4 a month on a £1012 debt it will take me 21 years 🤦‍♀️

Grumpelstiltskin

Please stick to one thread.

miaboo

Grumpelstiltskin said:

Please stick to one thread.

My other thread was asking how to go about asking for a settlement etc, This one was new as it was refused so didn't think the old one would offer any advice on the new issue about it being refused so might get missed? 

ManyWays

They wont tell you what the criteria is, they want people to offer more than they have to, not the bare minimum. What did you offer them?
The Very debt, is this still charging interest? How large is the balance and what are you paying to it? Those are your only debts; no others you are up to date with? 

miaboo

ManyWays said:

They wont tell you what the criteria is, they want people to offer more than they have to, not the bare minimum. What did you offer them?
The Very debt, is this still charging interest? How large is the balance and what are you paying to it? Those are your only debts; no others you are up to date with? 

Hi 
Should I write again but send it directly to Cabot as it said there isn't a settlement available on the account so they haven't even considered it so not sure if Wescot have even told them 
I offered them £200 ( I probably could go alittle higher but was told to start low) 
The very account is £800, I pay the minimum which is around £65 then an additional £20 ish if I can every month, I don't spend on it and lowered my credit limit 
This is all I owe.

ManyWays

I suggest paying that 200 off the Very account where the interest is normally high and just pay the current low minimum to Cabot, then look again at a settlement in a years time.
but without the IVA payments going out, could you increase your payments? This may be what Cabot is thinking. 

miaboo

ManyWays said:

I suggest paying that 200 off the Very account where the interest is normally high and just pay the current low minimum to Cabot, then look again at a settlement in a years time.
but without the IVA payments going out, could you increase your payments? This may be what Cabot is thinking. 

I just don't like the likes of cabot and I'm paranoid one day they will come round or issue a ccj or start being awkward over it all

Grumpelstiltskin

Cabot can't just magic a CCJ out of thin air, if they are thinking of taking the legal route they have to send you information by snail mail giving you time to sort something out before any CCJ hearing.

Rob5342

They go through various stages with debts. To begin with they'll be a bit awkward about settlement offers to try and get as much as they can from you, as time goes on they will be more likely to accept a settlement offer than go for a ccj which would only get them whats affordable for you anyway.

If they don't want your money now then just leave it and try again in. 6 months time. 

miaboo

Is it not worth trying Cabot direct instead of wescot or just leave it a while?
The £200 was going to be a gift from a family member but only given if it was used for the full and final settlement. 
Very, even though I know the interest was stupid I was more comfortable keeping as it's not with a collector, and I'm chipping away with extra payments to hopefully have that gone as soon as possible. 
I'm just massively focused on getting the last 2 debts cleared in the quickest possible way. Unfortunately with household bills and food etc increasing we aren't really seeing much left from not having the IVA anymore but that's fine as it's a weight lifted to have so much other debt gone!