12k Debt sold to Westcot... Can i get out of paying it?

marty29 | 22:42 Mon 17th Nov 2008 | Personal Finance

25 Answers

I took out a loan with RBS for 12K in 2000 which I paid each month until I lost my job at the end of 2001. I didnt pay for over a year and the the Debt was passed on or Sold to Wescot Collection agency based in Hull. They chased me quite hard and eventually when I could afford to pay again I agreed a payment plan with them for �100 a month. I have paid this since 2003. They have often called me and offered me a reduced settlement but I have never been in a position to pay this. I have seen recently that they're may be ways to get out of paying them as they might not have a contract that I orginally signed or that it may have been written off. Does anybody have any sound advice about this as I'd love to clear this financial burden in these all ready difficult times.

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marty29

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Ever decreasing circles springs to mind!!!

redcrx

"They have often called me and offered me a reduced settlement"

was also in the original question.
they have given you the opportunity to reduce what you owed and you didnt take them up on it. It doesnt matter who owns the debt, you still borrowed the money and should pay it back. So either continue paying as you are or find a way to pay back less in a settlement figure.

Of course they are to make money out of it, thats how lending works, whether its the RBS or Westcot

A.Guest

Yes marty - ever decreasing circles and hopefully you will now perform the inevitable disappearing trick

Kathyan

If they have offered a final settlement which you can't afford, then offer them one that you can afford. You may be surprised at what they will accept!

glasshalffull

I think you should continue to pay the debt. If you have a good record with paying off debts that have been bought by debt collectors, you credit rating will benefit.

Do make sure that all the correspondence you send is in writing, sent recorded delivery and keep a copy for your records.

Best of luck! Media URL: http://login.debt-line.org.uk/WescotCreditService
Description: adress details and OFT regulations for Wescott

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