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  • FIRST POST
    • andy 27
    • By andy 27 13th Jan 19, 1:31 PM
    • 6Posts
    • 0Thanks
    andy 27
    Wescot
    • #1
    • 13th Jan 19, 1:31 PM
    Wescot 13th Jan 19 at 1:31 PM
    Hi everyone
    Sorry to hijack this thread, but i;m new here and can;t figure out how to start a new one of my own.
    For quite a few years now { over 7yrs } I;ve been paying £25 a month to westcot to pay off a Lloyds Tsb loan. I;ve never missed a payment in this time, but recently they;ve been pestering me with letters asking me for details of my income and how much I pay out a month! The letters are not overly threatening but they are however quite passive aggressive.
    My question I guess is shall I ignore them or should I send back the form with these details they are asking for?
    I have to be honest and point out my dealings with Westcot to date have been fine up until this point and I can;t understand why they are suddenly going down this road as they are aware that this is all I can afford to pay them.
    IGNORE OR NOT IGNORE THAT IS THE QUESTION!!
    Once again sorry for posting here, i hope i have not upset anyone doin so.
Page 1
    • Sadie14
    • By Sadie14 13th Jan 19, 2:28 PM
    • 4 Posts
    • 0 Thanks
    Sadie14
    • #2
    • 13th Jan 19, 2:28 PM
    • #2
    • 13th Jan 19, 2:28 PM
    Hi Andy.
    Westcot have never asked me for income & expenditure details up until December 2018. They then sent letters to say I hadnít made Decembers payment, now also Januaryís is Ďmissingí.
    Iíve discovered that they just collect payments for whoever owns the debt, and this has changed from the Halifax to a company called Link.

    Maybe somebody has bought your debt and is onto Westcot to chase it up?

    Like another post has said, only pay what you can afford and donít feel pressured.
    • andy 27
    • By andy 27 13th Jan 19, 2:40 PM
    • 6 Posts
    • 0 Thanks
    andy 27
    • #3
    • 13th Jan 19, 2:40 PM
    • #3
    • 13th Jan 19, 2:40 PM
    Thanks for the reply
    Pretty sure the debts not been sold because the letters say acting on behalf of Lloyds Bank.
    was just curious if I could ignore them or not? I don't need the stress off working everything out again
    when I know that's all I can afford, but rest assured I won't be pressured by them to pay more than I can afford. this amount was agreed by Lloyds bank via the courts anyway!
    • sourcrates
    • By sourcrates 13th Jan 19, 3:12 PM
    • 16,694 Posts
    • 15,771 Thanks
    sourcrates
    • #4
    • 13th Jan 19, 3:12 PM
    • #4
    • 13th Jan 19, 3:12 PM
    Moved to new thread


    Big blue "new thread" button, top left hand side of screen next time..


    Thanks.
    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.
    • sourcrates
    • By sourcrates 13th Jan 19, 3:22 PM
    • 16,694 Posts
    • 15,771 Thanks
    sourcrates
    • #5
    • 13th Jan 19, 3:22 PM
    • #5
    • 13th Jan 19, 3:22 PM
    Andy,


    The increase in communications from wescot is all to do with new FCA regulation to make sure what your paying is actually affordable.

    That is the reason they want to see an up to date SOA, not to increase your payments per say, but to make sure you can afford what your already paying.

    The FCA has come down hard on these companies of late, so they must all now sing from the same hymm sheet.


    Wescot no longer buy debts, they just manage them on behalf of their clients.
    Last edited by sourcrates; 13-01-2019 at 3:25 PM.
    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.
    • andy 27
    • By andy 27 13th Jan 19, 3:38 PM
    • 6 Posts
    • 0 Thanks
    andy 27
    • #6
    • 13th Jan 19, 3:38 PM
    • #6
    • 13th Jan 19, 3:38 PM
    I;m not overly bothered about sending it back to them, was just curoius as to why they sent the letters in the first place seeing as I pay regular monthly payments already and have done for years [ 2003 to be exact}
    I can;t afford more than that anyway, just didn't want the hassle of working out all my finances again it's depressing being reminded of how little money I have,. and if I could have ignored it, then it would have saved me the trouble of doing it.
    • sourcrates
    • By sourcrates 13th Jan 19, 4:09 PM
    • 16,694 Posts
    • 15,771 Thanks
    sourcrates
    • #7
    • 13th Jan 19, 4:09 PM
    • #7
    • 13th Jan 19, 4:09 PM
    It seems you have already had this answer in your previous post.
    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.
    • michael32
    • By michael32 31st Jan 19, 5:02 PM
    • 53 Posts
    • 22 Thanks
    michael32
    • #8
    • 31st Jan 19, 5:02 PM
    • #8
    • 31st Jan 19, 5:02 PM
    I get one every 6 months from wescot. As long as your income covers your outgoings with enough left to cover the cost of your dmp then wescot will be ok to carry on your arrangement.
    • sammyjammy
    • By sammyjammy 1st Feb 19, 11:27 AM
    • 4,505 Posts
    • 4,927 Thanks
    sammyjammy
    • #9
    • 1st Feb 19, 11:27 AM
    • #9
    • 1st Feb 19, 11:27 AM
    Just fill it out and send it back, if you've not been regularly updating them they don't know this is still all you can afford.
    "You've been reading SOS when it's just your clock reading 5:05 "
    • FTBNow
    • By FTBNow 1st Feb 19, 2:50 PM
    • 141 Posts
    • 117 Thanks
    FTBNow
    Wescot are currently managing a loan I had from the Co-Op for my masters. I pay £91 a month (and did when Co-Op owned it). I never defaulted, I just changed the length of repayment from 2 years to 5 years, so Co-Op sold it on. When I filled in an SOA with Wescot they said I could afford £180 a month, but when I asked if I could stick to the original £91 they were very understanding.

    I say fill it out and let them know you want to stick to your payments. As long as you're paying something I can't see it being a big problem?
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