There's A Good Chance You Might Not Need To Make A Payment To Wescot Credit Services Debt Collectors!
If you have been receiving constant phone calls, letters, text messages, or even visits to your home from a company called Wescot Credit Services Limited and aren't sure what to do, you've come to the right place! Filling in the form below can help you learn more about Wescot Credit Services and how you can stop them from constantly harassing you.
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Who is Wescot Credit Services Debt Collectors?
Wescot Credit Services is a debt collection agency based in the UK, and they are likely contacting you as they represent various companies in the UK to help them collect your payment. Many debt collectors buy debt from other companies, but Wescot Credit Services debt collectors help other companies collect your payment.
What companies does Wescot Credit Services buy debt from?
As Wescot Credit Services Limited helps other companies collect your debts, it may be hard for you to know what debt they are contacting you about.
Here are some of the organisations Wescot Credit Services Limited works with in the UK:
Is Wescot Credit Service Limited a legitimate company?
One of the first things people think when Wescot debt collection contacts them is whether or not they are a legitimate company. Wescot Credit Services Limited is a legitimate company as they are authorised and regulated by the Financial Conduct Authority (FCA). They are also registered with the Lending Standards Board.
Although they are a legitimate company, Wescot Credit Services still has to abide by the law and guidelines as follows:
If Wescot Credit Services has contacted you about your debt and they did not follow these guidelines, you can report them to The FCA.
Online Forums Are Full Of Posts From Worried People Trying To Cope With Persistent Debt Collectors:
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Do you really owe debts to Wescot Credit Services Limited?
One of the first things you should consider when you start receiving phone calls from Wescot Credit Services Limited is whether or not you actually owe the money. You can do this by reaching out to Wescot Credit Services via their 'contact us' form or by responding to their original phone calls or emails and asking for a copy of your original credit agreement.
If Wescot Credit Services debt collectors can not provide you with the agreement, you are not legally obligated to make any payment to Wescot debt collection. If the debt is yours, it will have likely received interest and other charges at this point, so it will be higher than what you originally expected.
So, if the debt with Wescot debt collection is yours, here are some of the things you can do next.
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What happens now?
As soon as Wescot Credit Services has contacted you about your debts, it would be best if you answered them. Ignoring Wescot debt collection can be tempting, especially since they will continuously reach out to you, but it won't make the problem go away. Blocking their number or ordering a cease and desist against them from contacting you further won't help either, so here's what will happen next.
If you continue to ignore their calls, letters, or emails, Westcot Credit Serviced debt collectors could come to your home. This is mostly an intimidation tactic as legally, you do not have to answer the door to them, and they cannot come inside. It can be scary, though, so answering their calls or emails before it comes to that may be a better option for you.
If Wescot Credit Services debt collectors have not heard from you and you have not made any payment agreements, they may register this failure to repay your debts with a credit reference agency. This can harm your credit history, thus making it harder to apply for a mortgage, new loans, or a credit card in the future.
If you still do not repay your debts to Wescot debt collection, they can take you to court to let them make a judgment on the case instead. In the case that the court rules in favour of Wescot Credit Services, a bailiff now has the legal right to come and enter your home to possess any of your assets to repay your debt. If you do not have enough assets or money, you would have to sell your home to pay off the debt.
So, although dealing with your debt can be stressful and scary if you don't know where to start, you can't ignore Wescot Credit Services without any consequences. Instead, here are some of the ways you can deal with your debt.
Create a budget
You cannot even begin to start thinking about paying off your debt until you know whether or not you have the funds to. To figure this out, you need to create a budget. Start by writing down your household income and subtracting your monthly essentials from it, such as your rent or mortgage, utilities, food, etc.
The money you have left after that is spending money, but in this case, it is how much money you can afford to put towards paying off your debts. Once you have that number, you can reach out to Wescot Credit Services to let them know what your budget is.
They should offer to set up a monthly repayment plan with you to ensure they get money, no matter how long it takes.
How do I pay Wescot Credit Services?
Once you have come up with your monthly budget and talked to the Wescot debt collectors, you can begin to repay your debt. You can pay your debt either online on Wescot's website, and they accept credit card or debit card payments. You can also pay your debt with credit or debit on the phone.
If you don't want to pay off your debt online or on the phone, you can also pay with direct debit or standing order, go to a PayPoint retailer to pay, or send a cheque or postal order.
What if I can't afford to pay off my debts?
If you realise you are unable to pay your debt after creating your budget, there are still options to clear it. As Wescot Credit Services and the organisations they represent will not make any money unless you pay, they may be willing to accept a lower payment of your debt if done in full. So, they may offer you a discounted rate on your debt.
If you receive this offer on the phone or in person, make sure you get it in writing before paying the agreed-upon portion of your debt. Once you pay it, you should be debt-free!
How else can I write off my debt?
If even with a discounted rate you cannot pay off your debt, you may have to get it written off. There are a few ways to write off debt, but they all come with their own repercussions.
The first way is to apply for an Individual Voluntary Arrangement with the government. This agreement means the government will write off up to 80% of your debt if you qualify and you need to pay off the rest of it. To qualify, your debts must be over £1,700.
The next way to write off your debt is to apply for a debt relief order. If you are approved, you will not need to make any repayments, and after a year, your debt will be completely written off. This sounds like an appealing deal, but if approved, it can negatively impact your credit history, making it harder to apply for a credit card, loan, or mortgage in the future. It will also stay on your credit file for up to six years, so it will be following you around for a while.
To qualify for a debt relief order, your debt must be less than £20,000, you cannot own a house, and you must have less than £50 each month after paying for your necessities.
If you do not qualify for these options, your last option may be to file for bankruptcy. Filing for bankruptcy will write off your debt, but it will also negatively impact your credit history for a long time. All of your assets that you don't need for work will be taken, and the bank will have control over your accounts as well, so it is quite a serious process.
To qualify for bankruptcy, your debt has to be at least £5,000, and you must pay an application fee of £680 to an Insolvency Service.
One of the best ways to get debt collectors off your back is to pay Wescot Credit Services. Since this isn't an option for everyone, Insolvency may be the way to go. If you need more information or help, feel free to contact us by filling out our form or reach out to Wescot Credit Services debt collectors directly. You're one step closer to being debt-free!
Frequently Asked Questions
Does Wescot Credit Services Limited buy debt?
Although most debt collectors buy existing debt from companies, Wescot does not anymore. They work with organisations to collect your debt, and they get a portion.
Can you be sent to jail over outstanding debt?
You can be taken to court for your outstanding debt, but will not go to jail for it.
Can a debt collector seize my assets?
A debt collector cannot seize your assets, but if they took you to court and won, a bailiff could come to seize your assets.
Can a debt be too old to collect?
A debt can be too old. Collectors have six years after your last payment to collect a debt, and after that, you cannot be chased for it anymore.
How can I contact Wescot Credit Services Limited?
You can contact Wescot Credit Services through their website's contact form, by post or by calling them at 01482 484673.
What methods does Wescot Credit Services Limited have to pay?
You can pay your debts to Wescot Credit Services with credit or debit cards on the phone or online. You can also pay at a PayPoint retailer, or you can send a cheque or postal order.
Was my payment successful?
If you have paid via one of the various methods and are wondering if it was successful, you should have received an authorisation code. If you did not, you need to reach out to Wescroft Credit Services directly so they can sort it out for you.
Can I work with a debt advisor to clear my debts?
Yes, an advisor will be able to work with your unique situation to help you clear your debts. They can also communicate with Wescot Credit Services directly to save you the stress of having to.