12k Debt sold to Westcot... Can i get out of paying it?

[marty29]

I took out a loan with RBS for 12K in 2000 which I paid each month until I lost my job at the end of 2001. I didnt pay for over a year and the the Debt was passed on or Sold to Wescot Collection agency based in Hull. They chased me quite hard and eventually when I could afford to pay again I agreed a payment plan with them for �100 a month. I have paid this since 2003. They have often called me and offered me a reduced settlement but I have never been in a position to pay this. I have seen recently that they're may be ways to get out of paying them as they might not have a contract that I orginally signed or that it may have been written off. Does anybody have any sound advice about this as I'd love to clear this financial burden in these all ready difficult times.

[Ethel]

An unscrupulous company is currently advertising, saying that the debt may not be valid. Pay them to find out - 99.9% of the time the contract IS valid, you are out of pocket and they are quids in.

They are taking advantage of people's desperation. RBS is a huge company that employs teams of its own lawyers to draw up contracts. I guarantee the original contract will have been properly drawn up, signed and is legal in every way; as is the subsequent sale of the debt.

There is no way this debt has been written off.

[marty29]

Thanks Ethel for your answer. But what if. a. They dont have a copy of the original agreement and b. The Sold on debt is not legal?

[marty29]

Actually.. just thinking about it some more... Are you sure the debt hasnt been written off as its not on my credit record now and hasnt effected me getting prime credit recently.

[dot.hawkes]

I understood young ethel's reply meant they were all legal

[sir.prize]

marty - excuse my observation. But

Did you say you have recently obtained more credit? If so, I find that somewhat irresponsible.

As I said - merely an observation.

[marty29]

But how does she know this.... or is it just her opinion. Also how come there is a great deal of interest recently in the legality of loan agreements & the subsequent sales of debts to such companies?

[marty29]

Observe all you like....

[sir.prize]

marty -

You seek to clear a financial burden and yet take on more credit. Of course that is your business and not mine.

Although I do feel that your attitude is completely wrong. Please excuse me if I choose not to respond to you further.

[marty29]

Please choose not to respond... as your morality makes me feel sick and you not answering my question in any way shape or form.

[A.Guest]

The title of your post asks - Can I get out of paying it?

Then you continue with I didn't pay for over a year . . .

And then have the audacity to use the word morality

You asked for sound advice and because some of it is negative - you will not accept it.

Couldn't care less actions and attitudes like you explain, contribute to the difficulties we are all experiencing.

Sad..

[marty29]

Your dead right.... Thanks for that. You added complete value with your answer...

So, does anybody out there know how I can get of paying this?

People with morals need not answer!

[marty29]

Thats not funny.... Running up Debts and swerving them is better. Side splitting since 2003.

[redcrx]

and people wonder why this country is struggling.

people dont seem to want to pay for anything anymore!

you owe it, you pay it!

[Ethel]

People who take on debt, enjoy the benefit of it and choose not to pay are thieves, in my opinion.

'Prime credit'. What is that exactly?

[A.Guest]

There you are marty . . . . you have your answer.

[marty29]

This site is a amusing I must say. But please let me clarify some points.

I paid the loan for over a year when I took it out. I only couldnt afford to pay after I was made unemployed. As soon as i was back on my feet I began a payment plan with Westcot whom the debt had been passed/sold onto. I have paid ever since 2003... which is over 6k right upto today. Not missing a month. So, hardly a thief !

I understand that its most likely that RBS sold the debt to Westcot for buttons... Literally. I will pay it all in full if I have to but I'm no longer paying RBS I'm paying a debt collection agency that prob paid �1500 for the original debt. Who have at least recieved over 6k. The balance now on the 12k loan with interest stands at less than 3k. Still a thief am I?

My thought process is if there was a legal loop hole, I'd exploit it as the debt is with the collection agency and they've clearly made a profit. Its unfortunate that the RBS couldnt wait for me to get back on my feet. But thats just how it is, and has been since 2003.

I originally wandered if any of you might know of this. But clearly you don't and you have no answers just opinions which quite frankly suck.

(Oh and most of this was in the very 1st question posed... but clearly most of you cant read.)

[A.Guest]

Well I certainly read this bit

Running up debts and swerving them is better

which is full circle back to morality. Ah well!