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urgent help needed please!!

edited 13 December 2012 at 8:37PM in Dealing with debts & debt disputes
7 replies 47K views
shad176shad176
5 posts
Forumite
edited 13 December 2012 at 8:37PM in Dealing with debts & debt disputes
over the last few weeks i,v recieved 2 letters from wescot saying my Lloyds tsb loan which i took out 10 years ago, is now taken over by wescot, i was paying 50.00 pounds per month and upto date with it lewis debt recovery were the people we were paying to...apparently Lloyds have contacted me to say they have changed how they wish to deal with things now and wescot have control, asking me for the outstanding amount, i have not had a payrise for 6 years and was managing the payments ok, yesterday i came from work to another letter saying welcome finance were askingfor 700.00 pounds more than what wescot were after, its all a worry and starting to get to me, its a bit of a long story buti,v just managed to find the loan agreement with lloyds tsb, i had a ppi on the loan and had a accident at work (arm injury) and needed cortizone treatment, said was old injury and wouldnt help, missed a payment on loan and knowing i had to get out of my trade (foundry work) into lighter job i asked Lloyds for help as i was going to have a big drop in income, they refused and advised me to bank elsewhere....i only have a building society account now and paid my 50.00 pounds with a payment book, can i make a claim on my ppi ? and what do i do with wescot and welcome finance i feel trapped and about to be fleeced. the loan was taken out 11/12 92.

Replies

  • Hi I'm sure someone in the know will be along soon to give some good advice but to be honest when these companies take debts over they always always try it on and start demanding the full amount or higher monthly payments. Stick to your guns very firmly tell them what you can afford and don't be threatened into anything. Debt collection agencies don't really have any great power they just like to think they do!
  • This is what happens when they sell your loan to debt collectors. Stick to your guns, tell them you can't pay any more than you are paying. They will accept it eventually.
    [STRIKE]Vanquis £2994.71[/STRIKE] [STRIKE] Aqua £1941.13[/STRIKE] [STRIKE]Capital One £970.77[/STRIKE]
    [STRIKE]Barclaycard £1599.58[/STRIKE] [STRIKE]Oxendales £847.62[/STRIKE] [STRIKE] Luma £200[/STRIKE] [STRIKE] Marisota £77.72[/STRIKE] [STRIKE]Overdraft £1491.30[/STRIKE] Loan £7000 Husband's Barclaycard £10,000 [STRIKE] Husband's Mastercard £167.30[/STRIKE] Husband's loan £8409.86 [STRIKE]Husband's Overdraft £1036.32[/STRIKE] Business credit card £3000
  • wescot have asked for a breakdown of finances over the phone and to set up a direct debit....thanksfor the quick reply , :wink:
  • My advice would be don't deal with it over the telephone, it can become a bit of 'your word against theirs' situation and also once you enter into telephone conversations with them they think they can call you whenever they want. Write to them and tell them you will only deal with them in writing. Also I don't think they have the power to ask for income and expenditure only the courts can do that but I might be wrong?? And so write and tell them what you can pay and then start paying it even if they don't acknowledge your letter. Once u start paying even if its £1 month there's nothing they can do and they certainly wouldn't take it thru a court process.
  • anyonefrom c a b pls ?
  • edited 19 December 2012 at 1:02PM
    CAB_Birmingham_representativeCAB_Birmingham_representative Has MSE’s permission to post for company
    89 posts
    Organisation Representatives
    edited 19 December 2012 at 1:02PM
    Hi there

    Is the LTSB debt that has been passed to Westcot or Welcome Finance the same debt, sorry to sound confused but Welcome are not a Debt Collection Agency (DCA) they are lenders, are Welcome chasing you for a separate debt

    I have checked with the Financial Ombudsman Service (FOS) and you can still register a complaint for miss sold PPI back to 1992

    First write a letter of complaint to LTSB why you believe you were miss sold PPI, include that when you tried to claim your claim was refused. You can get the contact address for LTSB PPI complaints by contacting the FOS. You have to allow LTSB 8 weeks to respond to your complaint. If you are not happy with LTSB response, or they do not respond to your letter you can make a complaint to the Financial Ombudsman. Keep copies of all your letters sent. Due to the high amount of claims it is taking the FOS around 12 months to resolve complaints. This option is free, please do not use the Fee paying companies as they will take just as long and will charge you 36% of any money claimed

    I do not know the details of the amount of debt you owe in total, or details of your income and expenditure; we need to know these figures so you can be advised correctly on other options that may be available to you such as paying what you can afford,

    On the brief information provided you should contact your local Citizens Advice Bureau (Debt Adviser) who will prepare a Financial Statement with you and will be able to advise you on further options
    Official CAB Representative
    I am an official representative of CAB. MSE has given permission for me to post in response to questions on the CAB Board. You can see my name on the companies with permission to post list. If you believe I’ve broken any rules please report my post to [email protected] as usual"
  • thank you, i have contacted the f o s and explained everything and they are writing to lloyds now for me as i dont feel competent enough to deal with it properly, we are setting up a bank standing order on my wifes account to cover the 50.00pounds per month from 1st jan 2013.. thank you for your help :)
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