Full and Final offer

Lottie_Dottie_

Hello, I'm looking advice again. Most of my debts have fallen off my credit file, they have been sold on several times and I'm paying low monthly amounts. I would like to clear them over the next 2-3 years and have begun offering !!!!!!. My first reply is from Westcot. This debt is due to fall off my file in August, £1500 and I'm paying £2 pm. Theyve offered me 60% previously so I thought I would offer 20% and see what they come back.

I've received a letter from Westcott asking for all sorts of information; the equity in my house, ow long I've lived,when I'm retiring.

Is this normal? I sent them a budget and used the national debt line template.

Is this normal?

13thlegion

From what I've read of others experiences, yes. But it is just as normal for you to ignore them as it is ridiculous.

In future it may be better to start your offers even lower. 20% may seem like a bargain however you are paying 0.13% so from their end may look like they could get more out of you. I suggest you ignore for 6 months, carry on paying the £2 and try again with a 5% offer as a start.

sourcrates

Wescott only manage accounts on behalf of their clients, the criteria for settlement offers will be set by the client themselves, not Wescott, and will be a generic set of criteria to meet.

So they must pass on that information to see if the amount your offering is sufficient, and affordable, or whether they could potentially get more by placing a CO on your property if that were more appropriate.

Not that they will do that, its a generic set of criteria remember.

DankVielen

Lottie_Dottie_ said:

Hello, I'm looking advice again. Most of my debts have fallen off my credit file, they have been sold on several times and I'm paying low monthly amounts. I would like to clear them over the next 2-3 years and have begun offering !!!!!!. My first reply is from Westcot. This debt is due to fall off my file in August, £1500 and I'm paying £2 pm. Theyve offered me 60% previously so I thought I would offer 20% and see what they come back.

I've received a letter from Westcott asking for all sorts of information; the equity in my house, ow long I've lived,when I'm retiring.

Is this normal? I sent them a budget and used the national debt line template.

Is this normal?

You have made the number one mistake in negotiation, which is to appear eager to get rid of debt..

Then you gave them information, another mistake I am afraid.  We have all made these mistakes so do not feel bad.

Why are you paying £2 a month when this only resets the Statute Bar time limit?

That was a rhetorical question because I made the same mistake and I did it because at that time I still believed in the system.

You do not have to give them ANYTHING, no information at all and personally I would stop paying them and other unsecured debt, if you do not think you will need credit

Nobody can force you to secure unsecured debts and you can still get a mortgage renewal if you do not plan to move, so the question to ask yourself is do you really NEED a credit record.  If not then consider a DMP, as for this debt, stop seeking to shut it down, consider stopping the £2 a month payments and just ignore anything else said by Westcott and any other debt vermin.