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MiloSaint

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  1. Hiya, Wondering if anyone would have any knowledge/ advice on this? I couldn't keep up with my career development loan repayments last year after paying off half the loan (still owing a few thousand ££s though) and co-op bank froze the account and explained they will have to pass on the loan to Wescot debt collection agency and assured me that my credit history and/ or rating will not be affected as this is a "government backed loan". Wescot are now contacting me saying they are "working on behalf of Co-op" and threatening my credit rating in letter stating that by contacting them I would be making "positive steps that might improve your credit rating". I am yet to contact them back. Since Wescot has been contacting me the last couple of weeks, any record of the career development loan and the unpaid amount has dissapeared from my account. I heard elsewhere before that CDL is already paid by the government and the bank is essentially only the "middle man" as government can't loan the money to individuals directly hence why the banks aren't fussed when loan isn't paid back. I also heard conflicting information regarding this having a negative impact on my credit history; some say that as long as I don't make any repayment agreement with a DCA and then defer on payments then my credit history won't be affected but I also read that just by having a DCA show up on my credit report will deter a lot of lenders lending to me now. So I'm now very confused as to; 1) Are Wescot really acting on behalf of co-op as they state or have actually bought the loan off of them? 2) Is my credit history now likely to be worse just by DCA name appearing somewhere within my records? I will try take out a credit report to check in the meantime. 3) Am I better off ignoring the DCA since the loan essentially was already paid for by the government in the 1st place and there is now no record of the loan on my co-op account? Or am I better off making a manageable repayment plan with DCA and paying off the rest of the loan? Any advice on this would be much appreciated! MS
  2. Hi Cookie rocks, Thanks so much for the response, I did read your 2011 thread and it's reassuring to know that your sister sisnce then has been able to successfully apply for credit after defaulting on ger CDL payments. Im trying to get some advcie / confirmation from CAB too but this is promising. Thanks again, MS
  3. Hi dx, Thanks for your reply. All it says in T&C is that should I default or miss payment my credit history "may be seriously effected". I've now spoken to co-op on 4 different occassions each time they have reassured me that even though they cannot put this in writing the telephone conversations are recorded, they have put this in their notes stating that my credit history won't be effected at any point because its a "government backed loan" and that they also spoke to the Manager who also re-confirmed this and that this is also in their notes - they cannot provide me a copy of course! So feeling quite uneasy about going ahead with missing payments..even though cannot afford paying such an amount monthly. Also know nothing about DCAs and how they work and what to expect...
  4. Hi, I've taken on a professional career development loan with Co-op in 2015 of £8,500 to fund a MSc and can no longer afford the repayments of almost £300 per month as initially agreed and signed contract. I still owe just over £5,000. I've been explained by the bank that I cannot lower the monthly repayments and can only default on my payments and that after 2 missed/ defaulted payments Co-op will pass on my debt to Wescot debt collectors. Despite of written warnings on every page of my loan agreement stating that should I default on payments at any point my credit history may be "seriously affected", I have been reassured by co-op on several occassions that although they cannot put this into writing to me they can guarantee that as it's a "government backed loan" as opposed to a normal loan and therefore my credit history will not be affected as I default on payments to Co-op Or even when they pass on my debt to Wescot and then even if I miss the agreed payments with Wescot. Seems too good to be true?? My question is, can anyone confirm that this is in fact true for career development loans not effecting credit histories upon defaulted payments with the bank and Wescot? So lost and a bit anxious in defaulting without any written confirmation from the bank on this. ..Any advice would be much appreciated! Many thanks in advance!
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