Who are Wescot Credit Services?

Wescot Credit Services, also known as Wescot Debt Collection is a debt collection agency who collect unpaid debts on behalf of creditors. They have offices in England and Scotland with a head office based in Kingston upon Hull.

Wescot Credit Services chase up unpaid debts through phone calls, letters and home visits, and is authorised and regulated by the Financial Conduct Authority.

Why is Wescot Credit Services contacting me?

If you have received contact from Wescot Debt Collection in the form of either a letter or call, it is likely that your creditors have passed over your outstanding debts or have employed Wescot to recover the debt on their behalf.

Companies like Wescot buy unpaid debts or debts that have defaulted from creditors at a discounted price and chase the outstanding amount from original debtors on their behalf.

They can seek the outstanding amount through various forms of contact and will continue, often at an increased volume, and can eventually result in legal action and possible court orders if you continue to ignore requests for payment.

Is contact from Wescot Debt Collection serious?

Contact from Wescot Debt Collection is serious and will likely continue if you decline to repay the amount owed. This contact will likely start in the form of letters and phone calls and escalate in frequency and pressure from there.

Wescot are authorised by the FCA and their contact is within the remit of legal debt recovery practice. This means that they are working within their right to continue this contact.

Their correspondence should be taken seriously and, if it is possible, you should make efforts to repay the debts owed before their contact escalates. If you are unable to make payments or cannot pay the amount owed, you may need to consider debt management.

We would recommend contacting us to find out if a debt management solution is the right option for you.

Can a debt management plan stop Wescot Debt Collection contact?

If you are unable to repay your outstanding debts, a debt management plan may be the right option for you. By contacting a debt advice service like MoneyPlus, you can receive debt advice and work out a debt management solution that works around your current financial situation.

A Debt Management Plan will allow you to repay your debts in a one off, affordable monthly plan. A Debt Management Plan also gives you legal protection from creditors meaning companies like Wescot can no longer contact you for payments.

There’s also the option of an Individual Voluntary Arrangement, commonly known as an IVA, which is a more formal solution. All contact is handled by your Insolvency Practitioner (IP) meaning you won’t have to deal with creditors directly.

Wescot Debt Collection are sending debt collectors to my house, what should I do?

Do not let debt collectors into your home. It’s very important to remember that debt collectors cannot legally enter your home or cease your property without prior court appointment or legal due process.

Debt collectors can be known to use intimidation or threats in pursuit of payments but it’s remembering your legal protections can protect you from being taken advantage of by creditors.

Though it is important to keep in mind the difference between debt collector and bailiff visits. Bailiffs are court ordered recovery agents and are lawfully appointed to extract and cease property through a charging order.

If your credit arrears have reached the point of legal action taken against you, creditors are within their rights to cease your property in order to recover payment. It’s important seek debt advice before your debts reach the point of legal action.

Will Wescot Debt Recovery repossess my home?

It is very unlikely that you will lose your home to Wescot Debt Collection, though it can happen if your debts are secured against your home.

With unsecured debts, such as credit card and payday loans a creditor cannot make attempts to take your home. In cases where you are unable to raise the funds to repay your debts, you may be asked to remortgage your home to release equity to pay towards your debts.

What debt plans can help stop Wescot Debt Collection from contacting me further?

There are many debt management solutions that can protect you from creditors and recovery agents such as Wescot Debt Collection.  When signing up to most debt management solutions, you become legally protected from creditor contact and all payments and interaction with creditors is handled by your advisor at MoneyPlus Advice.

There are several Debt Management solutions that can help you more manageably repay your debts, these include:

Individual Voluntary Arrangement (IVA)

An Individual Voluntary arrangement is a form of insolvency that allows you to write off up to 80% of your debt as an alternative to bankruptcy.
Once entered, creditors can no longer contact you directly as all contact goes through your debt management company (us!)
After making repayments over a set time, any remaining debt is officially written off.

Debt Management Plan (DMP)

A debt management plan is an informal agreement between you and your creditors to payback your debts, put in place between you or a third party to help reduce your monthly repayments to creditors.

Unlike some other debt solutions, a DMP is not legally binding. Through a breakdown of your income and monthly spend, a monthly payment amount of proposed based on what you can more manageably afford, usually over an extended period.

What if I can’t afford to pay Wescot Debt Collection?

If you have the means to repay your debts now, it’s best to repay them before contact escalates and to avoid addition charges and fees.

If you are unable to make payments, debt management with MoneyPlus may be the best option. Through a debt plan your outstanding debts can be broken down into an affordable monthly payment and you only pay back what you can afford.

An IVA with MoneyPlus Advice could cut your monthly repayments down by £239 a month and at the end of your debt plan all remaining outstanding debt is written off.

How do I stop contact from Wescot Credit Services?

Wescot Credit Services will continue to contact you regarding your debts until a repayment or legal action is eventually taken. As Wescot are an FCA authorised debt collection agency they can legally continue to contact you through correspondence, phone calls and home visits as long as this contact is within a reasonable time.

The definition of what is a reasonable time is, unfortunately, broad, with early morning and late evening visits likely to be expected. Though debt collection agents cannot call you before 8am and 9pm under current regulation.

The only ways to stop Wescot Credit Services contact is either through a full and final payment of your outstanding debts or through a debt management service. A debt repayment plan will give you legal protection from your creditors, including Wescot, as well as handling future contact. With a debt plan with MoneyPlus Advice you can stop contact from Wescot Credit Services and create a payment plan that allows you to manageably pay off your debts.

How do I get help with Wescot Credit Services?

If you have been contacted by Wescot Credit Services you should get in touch with MoneyPlus Advice today. We can help you deal with debt recovery agents and tell you if a debt management solution is the right option for you. The sooner you get ahead of your debts, the easier the solution, so get in touch today.