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NatWest Loan being collected by Wescot DCA from 2013


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Hi,

 

Looking for some advice if possible

 

My partner and i recently went through the process of trying to get a mortgage. After providing all our financial details to the Mortgage advisor his view was we would only qualify for a Mortgage with a high risk lender such as Kensington which I will not entertain. Reasons are:

 

- My partner is in a debt management plan with Step Change, any reputable lender will be put off by this.

- All but one of the debts in the plan are over 6 years old so do not show on her credit file

- The only debt that is less than 6 years happens to be the largest a £7.8k balance from an old Nat West loan now owned by Wescot

- this debt is due to go over 6 years in January and then fall off my partners credit file.

 

The advisor suggested a couple of options. i) Pay the £7.8k balance off and stop paying Stepchange then reapply with 3 months clear bank statements not showing any payments to Stepchange. ii) pay nothing and wait until January, then reapply for a mortgage and deal with debt after the mortgage is in place.

 

Obviously paying the debt off impacts our deposit. My partner has written to Wescot for a reduced settlement and they rejected this.

She's resigned to paying the full amount, however i wanted to check on here if anyone has any advice on how we could reduce or prolong the process? There is no PPI on the original loan or anything. Just looking for some help!

 

thanks

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Wescot do not buy debts..they are acting on behalf of Natwest for collection purposes only.

 

What debts are you paying Stepchange for.?

 

List them here with amounts and who is acting/collecting on them...along with the age of the debts.

 

Andy

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Hi Andy,

 

thanks for the reply. i'm in the office at the moment but can get this info when i get home. My partner has stopped paying Step Change now and paid off the other debts as they were of very low value.

I did think that about Wescot, and she tried contacting Nat West directly to repay monthly as this would have been fine from a mortgage application perspective however she was advised to deal only with Wescot now.

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So Just the NW loan which I assume you intend to continue paying Wescot ?

 

Get all the details of this loan and I will move your thread to Nat West Forum.

 

Copy of the agreement/default notice etc.

 

How long you have been paying Step change and amounts etc

 

Have you been receiving annual statement of payments from NW ?

 

Regards

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

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No worries, i can get the details of what has been paid to Step Change and for how long when i get home this evening.

With regards to the agreement / default notice and annual statements i will probably need to request this. Is there a letter i should send to Nat West / Wescot?

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your Topic please PM me a link to your thread

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