What is Wescot ?
Wescot is one of the largest debt collection agencies in the UK, employing over 650 staff at three centres in Hull, Glasgow and Saltcoats, and servicing more than 5 million account holders each year.
Updated : 17.09.2016
Wescot is one of the largest debt collection agencies in the UK and mainly co-operate wth O2, Vodafone, Lloyds Bank, Sky, BT and many more. If you have received a phone call from Wescot and you are not sure who they are and what they do, there is nothing to worry about and I hope that this article will help you deal with Wescot smoothly and stress-free.
How to deal with Wescot
I’ve been dealing with Wescot two times, one case is already closed – paid off, and the second case is still open. I must admit that most of the reviews and feedback’s I’ve found on the web are completely opposite to my own experience. Obviously their job is to collect money from you, so they can pass money ( some percent ) – usually much less than you owed – to a Lender and make a profit themselves.
I mentioned earlier that I still have one more case open with Wescot and it was my choice to have my debt transferred over to Wescot! Maybe it sounds strange but I really wanted Wescot Credit Services to take that over.
I had over £1500 overdraft in one of my Lloyds bank personal accounts after I stopped gambling. It was extremely hard to deal with my bank as I couldn’t afford to pay off more than £30 a month. One day I decided to stop paying to Lloyds and wait until they decide not to deal with me anymore and pass my debt over to Debt Collector. After a couple of months this finally happened. I’ve been contacted by Wescot and received an offer from them to pay them£1100 instead of £1350 which will lead to closing my account. It sounds great because you save £250 from the start but this wasn’t what I was expecting. I knew that I could go for more and I told them that this isn’t the first time I’m dealing with debt collector and I know I can expect a better offer. For debt collector to make a good profit they won’t go any lower than %60 of your debt, and I told them what I know – expecting more less £900 offer.
£945 (70%) was their final offer – not accepted by me anyway – when you just quit gambling you don’t have spare £950 to spend towrds your debts.
Also,it’s important to remember that accepting a discounted offer from your lender, debt collector, bank will affect your credit rating. If you settle a debt that has been discounted and it is put in the system as ‘Partially Satisfied’ this will damage your credit score rating and put off potential mortgage lenders if you’re planning to buy a house or apply for a loan.
Thinking of getting a loan?
- Nothing quite compares to gocompare.
- No obligation quote.
- it doesn’t affect your credit score.
My general experience with Wescot is quite good and obviously I can’t say that I recommend them 🙂 but I think you can gain more than lose by dealing with them.
[i] icon-key[/i] Key point
Don’t let them intimidate you, if it did go to court it would work in your favour as most likely the court will accept the any £ per month
Read more about Wescot – free telephone numbers, reviews and much more
Wescot Credit Services Ltd
PO Box 137
45 Percy Street