Barclays Passing Charge To Westcot! Help

[HAIRD2010]

Hi all, im new so hopefully in the right place ! my company sadly seized trading after 10 years in october, at the point of the last trading day my overdraft with barclays was apx £14k, they sent me a letter issuing formal demand late october, and have now sent me a "outstanding guarentee liability" letter for £50,000. In 2001 i think i did sign a guarentee, but since then i never ever signed the overdraft security letter the bank manager sent me ! it did come, but was never returned, i do not own any assets either. The letter also states the case is being transferred to wescot credit services who will contact me, my question is do they have to go to court for a CCJ first before bailiffs will be instructed assuming i have a guarentee liability with them? has anyone experience of dealing with wescot ? im not in a position to pay, and just need to know where i stand and how to buy time to get me through until March when i will go bankrupt , many thanks in advance .. reading back i sound terrible, im not a conman, but was, hence my demise.

 

[dingbat]

You're not a conman but you once were? :|

If I'm not mistaken Westcot are a company that buy mailing lists of debts and send out threatening letters to whoever and wherever in the hope that someone might cough up. But legally they don't have a leg to stand on.

 

[avantime]

Westcot probably have not bought the debt - they have just been asked to try to collect the money. I have dealt with them - paying them what I can reasonably afford.

They would have to get a CCJ before bailiffs can call - but it would probably be only if you defaulted on any arrangement made in court.

 

[DavidAshdown]

Did you take independent legal advice before you signed the guarantee ? If not, were you advised to ?

 

[EICIC]

You need to check a copy of the guarantee first.

10 year old guarantee may be unenforcable.

Dispute the debt until you have checked.

Consumer action group website has lots of info and templates for writing to the banks, requesting info and dealing with debt cos.

To reassure you , If it turns out to be enforceable having no assets puts you in a good position to strike an informal or formal arrangement to pay it off.


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[EICIC]

Just read the last line about bankrupcy its.hard on.the.mobile.

2 questions

1 Why are you going bankrupt?

2 Why are you waiting til march?



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