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  • FIRST POST
    • FTBNow
    • By FTBNow 9th Nov 18, 2:17 PM
    • 120Posts
    • 78Thanks
    FTBNow
    Wescot Help
    • #1
    • 9th Nov 18, 2:17 PM
    Wescot Help 9th Nov 18 at 2:17 PM
    Hi all,

    I'm just looking for some advice on dealing with Wescot and perhaps to hear from others who have dealt with them?

    As a bit of background, I took out a Career and Development loan in 2013 for my Masters. You start paying back the CDL after you finish the course, which I did December 2015 and my payments began from this point. Originally I agreed to 2 years, but since extended it to 4 as I realised 191 a month wasn't viable, whereas 91 was.

    I have never missed a payment or defaulted in the 3 years I've been paying this.

    Long story short: as I changed the original terms of my agreement (which you apparently can't on government loans) it has been transferred to Wescot for them to deal with as there is still some balance outstanding.

    There is some objection to the loan: Wescot have 1,400-odd down on file whereas Co-Op had 1,236, though I am informed by the Co-Op that they're going to update Wescot.

    I've never dealt with a company like this before. Will I need to draft up my income and expenditure in order for them to decide what I should pay? Or could I, for example, offer to pay 123 a month to get the debt cleared in 10 months and they won't challenge that if they find it satisfactory? I may also be able to offer them a lump sum (well, about 400-500) to get it potentially cleared quicker before I begin repayments to them.

    Thanks for any help!
    Last edited by FTBNow; 09-11-2018 at 2:22 PM.
Page 1
    • Willing2Learn
    • By Willing2Learn 9th Nov 18, 2:24 PM
    • 1,751 Posts
    • 1,338 Thanks
    Willing2Learn
    • #2
    • 9th Nov 18, 2:24 PM
    • #2
    • 9th Nov 18, 2:24 PM
    Hi,
    • Do yourself an SOA so that you know your monthly budget.
    • Only offer payments that you can realistically afford (and not a penny more).
    • Don't let them bully you into making an unaffordable payment plan.
    • Do all communication in writing only.
    • There is no need to offer a initial lumpsum.
    • Religiously stick to the agreed payment plan until the account is clear
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • FTBNow
    • By FTBNow 9th Nov 18, 2:25 PM
    • 120 Posts
    • 78 Thanks
    FTBNow
    • #3
    • 9th Nov 18, 2:25 PM
    • #3
    • 9th Nov 18, 2:25 PM
    Thanks Willing2Learn! To be honest I could afford the 123 and still live comfortably. Will they just direct debit it straight from my bank, I assume?
    • Willing2Learn
    • By Willing2Learn 9th Nov 18, 2:30 PM
    • 1,751 Posts
    • 1,338 Thanks
    Willing2Learn
    • #4
    • 9th Nov 18, 2:30 PM
    • #4
    • 9th Nov 18, 2:30 PM
    Personally, my preference is for a Standing Order, as it means that you are in full control of the account and the payment plan. (I'm a control freak lol)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • FTBNow
    • By FTBNow 9th Nov 18, 2:33 PM
    • 120 Posts
    • 78 Thanks
    FTBNow
    • #5
    • 9th Nov 18, 2:33 PM
    • #5
    • 9th Nov 18, 2:33 PM
    Good shout - thank you! I'm a total rookie to this sort of stuff as my debts have never been transferred before. I massively freaked out when I had the text sent to me by them! Thank you for all your help.
    • redux
    • By redux 9th Nov 18, 3:00 PM
    • 18,643 Posts
    • 24,906 Thanks
    redux
    • #6
    • 9th Nov 18, 3:00 PM
    • #6
    • 9th Nov 18, 3:00 PM
    I'd say phone them up. Setting something up will be a lot quicker than via 3 or 4 letter exchanges.

    They would probably ask details of your income and expenses, but any fears about being bullied to pay more than affordable are groundless with this firm.

    Even if you're confident about 123, try going for 80 something for 15 months, or your current 91, just to be on the cautious side.

    Direct debit or debit card authority possible as well as standing order.
    • sourcrates
    • By sourcrates 9th Nov 18, 3:02 PM
    • 15,718 Posts
    • 14,783 Thanks
    sourcrates
    • #7
    • 9th Nov 18, 3:02 PM
    • #7
    • 9th Nov 18, 3:02 PM
    All Wescot are doing is managing the account on behalf of the creditor.
    I am a little unsure what part the COOP are playing in all of this ?


    Your offer of payment should be affordable, and backed up with a copy of your income/expenditure, the debt collector has no more power than next doors cat, so do not be intimidated into paying more than you can afford.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • FTBNow
    • By FTBNow 9th Nov 18, 3:12 PM
    • 120 Posts
    • 78 Thanks
    FTBNow
    • #8
    • 9th Nov 18, 3:12 PM
    • #8
    • 9th Nov 18, 3:12 PM
    Basically, the Co-Op are the original holders of the loan that I took out and they transferred it to Wescot. I hadn't realised it had been transferred (no letters, no welcome packs) and continued to standing order 91 to them (which is why it was 200 less with Co-Op than Wescot). I never missed a payment with Co-Op, this just got transferred because I originally signed a loan agreement to be paid back in 2 years and ended up extending it to 4, which you can't do with government loans apparently.

    I'm not intimidated: more so seeing this as an opportunity to clear the debt quicker. My only concern is if i send them my income and expenditure they will see I can afford more than 91, as after other bills I have about 376.63 disposable income remaining.

    My other alternative is to lower the debt and get some savings behind me, as since I've bought a house my savings have been wiped (!), but I'm assuming they will challenge the fact I was able to pay 91 to Co-Op.
    • redux
    • By redux 9th Nov 18, 4:31 PM
    • 18,643 Posts
    • 24,906 Thanks
    redux
    • #9
    • 9th Nov 18, 4:31 PM
    • #9
    • 9th Nov 18, 4:31 PM
    Well, you could try a settlement offer, 75% or 80% spread over 3 months.

    On the other hand, they know your finances aren't radically better, or you'd have stepped up the Co-op payments already, and maybe that much discount is too ambitious on something still receiving regular payment. Try for 80 to 125 a month, maybe they'd accept that without full inc & exp.
    Last edited by redux; 09-11-2018 at 5:03 PM.
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