Wescot

[Furbinka]

Hello everyone and thanks for your help in advance.

so here goes, I had overdraft from HSBC and Barclay credit card, both of these were defaulted in mid 2018. In 2019 I was contacted by Wescot and set up small affordable payments towards these accounts, £15 a month each.
I’m planning on applying for a mortgage in 2-3 years, so would like to go back to paying my original creditors, so when I apply for mortgage, lenders not gonna see payments to Debt agency on my statements.

How do I go about this please?

[EnglandPi]

It doesn’t work like that, the default from the original creditors will remain until the account is paid in full. I doubt the debt collection agency are even entering your token payments on your credit file. If you need to apply for a mortgage you need to pay the debts in full.

[Furbinka]

Hiya, thanks for your help. I believe default will disappear from my credit file after 6 years, am I wrong?
I check my credit report and yes my balance is decreasing by the amount I’m paying them every month.

[EnglandPi]

No it wont disappear from your credit file after 6 years. The statute of limitations (statute barred) only works if no payments are made.

As you have made payments the clock resets everytime a payment is made.

[ostell]

No, it will disappear from your credit file, though not statute barred

[EnglandPi]

No, it will disappear from your credit file, though not statute barred

Please explain your reasoning.

[des8]

agree with ostell
https://debtcamel.co.uk/credit-recor...n't%20maki

[Guest]

No, it will disappear from your credit file, though not statute barred

Correct

[Matty B]

No it wont disappear from your credit file after 6 years. The statute of limitations (statute barred) only works if no payments are made.

As you have made payments the clock resets everytime a payment is made.

It will disappear from your credit file PROVIDED it has been defaulted - if it is only marked down as an arrangement to pay it will stay there for a lot longer.

I am also afraid that a default or two on your credit file may make getting a mortgage more difficult or more expensive.

[EnglandPi]

Thanks all, for the education.

[Furbinka]

Thanks for your help. Yes it is marked as defaulted, I will wait with mortgage application after it leaves my credit report, 6 years after default.

my question is, how can I start paying my original creditors instead of Wescot please?

[Karen74]

I doubt that you can, other than by settling the debt in full, either they issued default and sold the debt or Wescot are their preferred method of managing.

[MIKE770]

if you have access to originator site go to make payment, I do and have done for years and the likes of debt collectors have extra records to keep as these originators pass it on more work for their system, i did not know this happened until a couple months ago told them no payment direct to them only existing method - thats ok they stated.

[Matty B]

I doubt that you can, other than by settling the debt in full, either they issued default and sold the debt or Wescot are their preferred method of managing.

They will not have sold the debt to weskit because weskit are a debt collection agency and not a debt purchaser .