Wescot collector on behalf of LloydsTSB

[pippafan]

HELP!

I had a loan with Lloydstsb that in 2011 went to Westcot.

 

After 2 years paying Westcot monthly instalements (7k in total!)

I still own according to them, same amount as owned Lloyds in 2011!

 

Question is: how to find out if the debt was "sold " to Westcot?

 

LLoyds would not discuss the matter with me at all and will only transfer my call to Westcot.

 

Is it worth to pay off a lump sum?

or to stop all payments to Westcot at this stage?!!!

 

Help!!

Thanks!

[citizenB]

Ok, so you need a letter that establishes who is the new "owner" of the account ? No sooner said than done, amend where necessary, the draft below and send to Wescott There are 2 attachments, one is a word document the other a pdf file. (sometimes the word document doesn't open)

 

[ATTACH=CONFIG]46364[/ATTACH]

[ATTACH]46363[/ATTACH]

[citizenB]

Are you in a reduced payment plan with LTSB for this loan ? If so, did they cease adding interest and default charges ? It is the only reason I can see that it is not reducing in anyway.

 

Was there any Payment Protection Insurance on this loan. You can reclaim this if it was mis sold

 

If there are default/penalty charges, then you can reclaim those

[pippafan]

Thank you citizenB!!

 

I understand that account still belongs to Lloyds as Experian keeps recording on my file default (with Lloyds) every month or so..

 

I tried to close deal with them but they rejected and said that it has to be done through Westcot.

 

They offered now a settlement figure of only 40% of the total owned;

 

however, they said that credit records will still show as partial payment/satisfactory.

 

Is this a good deal?

 

Would this still affect much my ability to get a mortgage now?

 

Thank you!

 

PS I was in the reduced payment plan, they froze interest and charges back in 2011

indeed but I have competed now documentation to reclaim PPI.

[AndyOrch]

I would request a DSAR on the account pippa (lloyds) to try to establish were your 7 k has gone.

 

Regards

 

Andy

[dx100uk]

too right

 

wetcloths upto their usual cash cowing tricks I see.

 

sar is a must!

 

dx

[nosnibor]

Thank you citizenB!!

 

I understand that account still belongs to Lloyds as Experian keeps recording on my file default (with Lloyds) every month or so..

 

I tried to close deal with them but they rejected and said that it has to be done through Westcot.

 

They offered now a settlement figure of only 40% of the total owned;

 

however, they said that credit records will still show as partial payment/satisfactory.

 

Is this a good deal?

 

Would this still affect much my ability to get a mortgage now?

 

Thank you!

 

PS I was in the reduced payment plan, they froze interest and charges back in 2011

indeed but I have competed now documentation to reclaim PPI.

 

Hi pippafan

 

Unfortunately a default on your file will almost certainly prevent you from obtaining a mortgage.

[2Grumpy]

HELP!

I had a loan with Lloydstsb that in 2011 went to Westcot.

 

After 2 years paying Westcot monthly instalements (7k in total!)

I still own according to them, same amount as owned Lloyds in 2011!

 

Question is: how to find out if the debt was "sold " to Westcot?

 

LLoyds would not discuss the matter with me at all and will only transfer my call to Westcot.

 

Is it worth to pay off a lump sum?

or to stop all payments to Westcot at this stage?!!!

 

Help!!

Thanks!

 

If the account hasn't been sold then LTSB MUST talk to you and explain where the money has gone.

 

Westcot is their agent & LTSB are responsible for what they are doing. Unless LTSB didn't hire them ...

 

It would be worth asking LTSB directly if they have engaged Westcot to act on their behalf ...

[pippafan]

Thank you all.

Assuming that Westcot own the account rightfully (I was with LLoyds bank manager today who confirmed there is no debt pending with them..although default was recorded few years ago)..and that the amount owned is correct..would anyone settle in advance for 40% of the total value of debt? Or repay on monthly instalments...(next 5 years I believe)??

 

Thanks for all guidance!

Best

PF

[dx100uk]

woe slow down here.

 

you need to get that sar off.

 

gather the info then make a decision.

 

just remember these DCA's are NOT BAILIFFs

and have NO SUCH LEGAL POWERs.

 

and stay off the phone

esp to wetcloths

 

never ever discuss your debts on the phone

writing only

you need a paper trail.

 

it be worth while looking at your cra file and finding the default date

in the debt summary

 

also check that those payments to wetcloth HAVE been coming off the balance

under payment history on the file.

 

if Lloyds are giving you a 40% discount

then there is SOMETHING WRONG

with the debt

 

could be PPI to reclaim

could be PENALTY charges

could be both!!

 

get that sar off this afternoon.

 

dx

[pippafan]

Thank you DX I will send it today.

 

It is Westcot offering the 40% off, not Lloyds.

 

Lloyds told me there were no debt recorded with them anymore (when it default went to Westcot)

but as a result my account will show as default 6 years in credit records

..worst.

. every month Experian shows my account as default (even latest update this month)

and I need to clear it as I may need apply for a mortgage..

 

Also applying for PPI, penalty charges and the lot through lloyds anyhow..

 

I guess my worry is that after all those letters Westcot can prove they got the debt rightfully and make me pay the full amount...

 

Thanks! Nice weekend

[AndyOrch]

If 7k has been paid to Wetcloths you need to know were it has been accounted/are they legally allowed to collect...why LLoyds are not accounting for it...why the balance is unchanged.

Do this in conjunction with the advice posted in post#2 by CB.

 

Andy

[exdca]

Hi Pippafan

Wescot might own this debt, but if so , the balance now would be £7k less than when they had bought it. I

 

guess what has happened is that they have not put the payments on the account , not unsual with DCAs.

 

These funds become known as unallocated funds and get taken as profit.

 

Wescot have now sold all the debt that they have bought,

I think, to Arrow Global, so are probably being evasive.

 

I doubt the debt is still with Lloyds as they would have sent it to another DCA if there had been no payments.