M&S loan sold to Wescot

danny69

Due to burying my head in the sand about loan repayments after losing my job I have missed 3 loan payments. I have received a letter from M&S about this debt being transferred to Wescot, and now I have had their first letter. 

They are wanting full repayment of £1,800, which I cannot afford straight away. How do I approach this? Do I ignore them and contact M&S and try to get my direct debits reinstated? Or will they not entertain that at this stage? Or do I contact Wescot and tell them my situation and that I can only afford a small payment per month due to not having a job currently? I am unsure what to do as I have never had this happen before. Thanks 

fatbelly

Wescot are nothing to worry about. They just run through their standard letters and return the debt.

You don't want to be paying by direct debit. If you pay at all, use a standing order and stay in control.

If you are on UC then you will not have anything worth paying. Let it default and post again when you have income.

ManyWays

Westcot are collecting on behalf of M&S; they haven't bought the debt, if you ignore them it will as @fatbelly says be sent back to M&S
You can't afford to pay the original monthly payment if you are on benefits (I hope you have applied for benefits?)
The best thing to do is to try to relax and accept this, and any other debts you have stopped paying, will default. After that, perhaps you are back in work and can set up an affordable repayment each month. If you are still in difficulty (perhaps you were before youlost your job?) then this payment can be low or very low.