Wescot Credit Services

smitchy73

I'm thinking of approaching Wescot, I'm currently paying off a debt with them, however, my wife was thinking of cashing in some equity from the house to pay it off, house is in her name, and I can't get credit for love nor money, thinking that if we offered them say 40 % of whats outstanding would they settle, and my credit goes back to something a bit better than it is!!
Any thoughts nice people out there?

rog2

smitchy73 wrote: »

I'm thinking of approaching Wescot, I'm currently paying off a debt with them, however, my wife was thinking of cashing in some equity from the house to pay it off, house is in her name, and I can't get credit for love nor money, thinking that if we offered them say 40 % of whats outstanding would they settle, and my credit goes back to something a bit better than it is!!
Any thoughts nice people out there?

If you DO offer them a 'settlement' figure - make sure that they agree to your offer as a 'FULL AND FINAL SETTLEMENT' accept no other words.

For more information, plus a template letter, have a look at:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Hope this helps - good luck

rog2

slm1234uk wrote: »

Going back to my I&E form, would budgetting for Xmas and birthday presents be reasonable or is this considered a luxury? Can't get my head round what is and isn't acceptable!

Hi slm - personally, I don't think that they would accept this. Income/Expenditure forms are very subjective, and it depends on whether you are looking at it from the 'debtor' or the 'creditor' poit of view. The creditor will, naturally, try to say that you can 'reduce' your expenditure, whereas the debtor will try to show that he/she is already spending the minimum. There are no 'hard and fast' rules as to what is and is not acceptable - even in bankruptcy there are only 'guidelines', although I would not think that Christmas/Birthday presents would be recognised as acceptable.
I really believe that you will get more help from one of the debt counselling charities, such as CAB, National Debtline or CAB. They may even present your I/E on your behalf.

CazMc_3

Hello,

Just a little update, I have still not heard anything from Wescot but the phone calls have stopped:o

I was fine with Wescot up until they increased the payments but now it is just too hard. I am in a firm believer in the fact that I am very very willing to pay this back, in fact I want to more than anything but I cannot pay it back at their rate.

Good luck to everyone else dealing with them

Caz