Buying Back My Account - What to do?

sinbin_72

Hello Everyone

I have just received a letter that has been passed onto me by my Sister that has been delivered to her address. It was from a creditor I had around 10 years ago. I used to live with her and after moving I put the debt to the back of my mind as I was having many other problems at the time.

The letter is from Lowell Portfolio and states that I owe around £8,0000. It says I can bid on my account to buy back the debt. If I choose not to buy back the account then they will accept a token payment each month until the debt is paid - Minus a 25% discount.

I have 2 concerns:

1)If I do bid - because I have never stopped worrying about the debt and it hold me back - then would I be able to do so without disclosing my new address. I am fearful that if I bid with my home details then they will reject my bid and then send the bailiff round and clear my flat. I wouldn't be able to cope with that as I have some health problems at the moment.

2)How much should I bid? I can just about scrape together £1,200 from my overdraft and a few hundred from savings. However, I dont want to place the bid if this is clearly never going to be an acceptable bid. Is it possible that they would consider a bid of £1,200 on a £8,000 debt? I have had this hanging over me for so long that it would feel so great to be debt free but I dont want to open a hornets nest if I am wasting my time.

I hope you can help and understand where I am coming from.

Thankyou so much in advance. I got some fantastic advice for my friend last time I came here. Hope I can repay the favour to someone else someday.

gettingbetter

hi sinbin

is this not statute barred i may be wrong experts will be here soon

kas x

sinbin_72

Thanks for your time gettingbetter

I had considered this a few years ago but I wont know that until I make contact with them and I have been reluctant to do that until they contact me directly at my new address. That was until I received this buy back letter which seemed a way out.

I did search registry trust a few years back and it came back clear but I am suspicious. I think I remember hearing that info is only kept for 6 years anyway.

Deep_In_Debt

Hi
Yes, I believe the debt is statute barred as long as you've not acknowledged or paid anything into it within last 6 years.

Can't believe they are such jammy b*****s!

tigerfeet2006

If the debt is over 6 years old and you have not acknowledged it in writing or by paying towards it and there has been no CCJ issued ( if the CCJ was issued more than 6 years ago as well then they would have to apply for a new one and are unlikely to get it) then the debt is statute barred and all you have to do is write a letter to say that as such you will not pay anything to it..

This is the information on the NDL site. Use their template letter and/or give them a ring and have a chat they are open to 9pm.

Burlesque_Babe

sounds like it's statute barred. Lowell are infamous for scrabbling around trying to get people to pay for debts which are over 6 years old or just about to hit that mark.

Even if they were within their rights to approach you for a repayment plan (which it sounds like they aren't), they can't send bailiffs without a CCJ and unless they have the CCA they can't take it to court anyway (which they know) and they won't persue it.

piglet39

Hiya Sinbin!

Have to agree with every one else and say it sounds as if it's statute barred but I think it still stays on your record. Could a more knowledgeable one clarify this?

Sorry to hijack but I might be in the same situation!

Piglet39

p.s. hope you don't mind me asking but how did your friend get on with the bailiff. I hope it all went ok. x

sinbin_72

Thanks so much everyone

I guess my main worry is to know for sure whether a CCJ has ever been applied for. I wouldn't know if it was as I moved address and didnt tell them my forwarding one.

If I write to them then I will have to give them my address and without knowing for sure about the CCJ situation I am worried about doing that.

Still not sure what to do for the best.

sinbin_72

piglet39 wrote: »

Hiya Sinbin!


p.s. hope you don't mind me asking but how did your friend get on with the bailiff. I hope it all went ok. x

Hi Piglet

Thanks for asking after my friend.

He couldnt get knowhere with the bailiff so he called his Dad and he spoke to them. 30 minutes later they had agreed to send it back to the council and they are now taking the money directly out of his benefit.

However, he starts work in a few days so I am not sure what is going to happen then.

Thanks for your help on that one piglet.

sinbin_72

Sorry everyone. I would still ike to know if there is any way I can find out if they have this CCJ? I dont want to take risks by sending them letters if I dont know what they are armed with.

OberonSH

You will have to get a copy of your credit file (go via a cashback site!!) if there is one, it wil show on there.