Old Loan Caught up With Me

[Deleted User]

Really bad advice being given on here.

The debt isn't statute barred and would seem enforceable, so why are you trying to avoid paying it? Your credit record is going to be torn to shreds and they will get the money from you one way or the other. And if they don't, they'll make sure you can never get credit for a decent while.

Sorry to be blunt, but I have no sympathy for someone who walked away from their debt. It's not 'honourable' to think about paying it now: it's too late.

If you don't mind that, then just don't pay it. That will buy you time. But if you own your property, they might apply for a charging order against it. The irony is that in trying to ensure you keep a roof over your head, you may be giving the lender greater ammunition to remove that roof (not that this would happen).

aldredd

Hi I currently rent (privately) so hopefully no roof to be taken off me.

I've actually been having a closer look at the dates - as there is something fishy going on.

I took out the loan in 2003, and it was transferred to Lowell in 2004. I do recall having some initial dealings with them, but my credit profile shows it defaulting with Lowell in 2007 - it also shows the balance only moving by about £600 between 2004 and 2007, so suspect that actually my account has been inactive for longer than they would appear to claim - is the 6 years from your last contact / payment, or from when they mark it as defaulted?
Thanks again for the advice

magpiecottage

never-in-doubt wrote: »

you'd be better just sending any further mail back as unknown (at this stage)....

Not if you want to timebar it you won't - if they can prove you deceived them then the clock will be put on hold.

marmitedog

aldredd wrote: »

but that's not to say I don't admit to being 'responsible' (although I might define responsible as providing for my kid, but that's not the point!).

I'd say being responsible was not starting a family when you've got so much debt and so little disposable income but there you go.

marmitedog

And whilst I'm on my high horse remember...

Whatever Lowells get from this debt (and others like it) determines how much they pay for other tertiary debt. That eventually feeds back into banks/company balance sheets. Which in turn improves share prices, which in turn improves future pensions.

Just because someone dodging their debts seems miniscule in the whole, doen't mean its irrelevant.

aldredd

marmitedog wrote: »

I'd say being responsible was not starting a family when you've got so much debt and so little disposable income but there you go.

A Fair comment I guess.

But the reason I have little disposable income is because I'm starting a family - ie my partner can no longer work so now have 1 income to support 3 people. (All without any state benefits etc) Try finding someone who is starting a family and does have plenty of disposable income - would like to meet them.
With the exception of the prospect of having to make these re-payments, my finances balance out quite well - enough to get by and all that, but there isn't room for the several hundred a month they're likely to want - again, I don't know many people who can just find that sort of money in their monthly budget.

About £200 a month goes on paying off other debts (about £150 'min payments' and an extra £50 to try and speed things up), and once cleared, I can then fit in these others debts, but they wont care about any of that.

marmitedog

aldredd wrote: »

A Fair comment I guess.

But the reason I have little disposable income is because I'm starting a family - ie my partner can no longer work so now have 1 income to support 3 people. (All without any state benefits etc) Try finding someone who is starting a family and does have plenty of disposable income - would like to meet them.
With the exception of the prospect of having to make these re-payments, my finances balance out quite well - enough to get by and all that, but there isn't room for the several hundred a month they're likely to want - again, I don't know many people who can just find that sort of money in their monthly budget.

About £200 a month goes on paying off other debts (about £150 'min payments' and an extra £50 to try and speed things up), and once cleared, I can then fit in these others debts, but they wont care about any of that.

If it helps, they will have paid peanuts for this debt (between 2% - 15% of the original amount, dependent on how much it has been "worked" previously. If you say you can pay £5 pm and let them haggle you up to a tenner, then you'll probably have a deal.

Then you can set up a DD and forget about it. Better than worrying whos at the door.

kingdonkey

#1 Bailiffs regularly act illegally to obtain persons address. Forget the voters register and all that, they buy information from low paid workers in benefit offices. They are crooks that would be dealing drugs if not buying debts

#2 Do you have a loan agreement with the Bailiff? No. They have bought your debt so have paid it on your behalf.

I wish they taught LAW in schools. People really need it

Chris

bo_drinker

One thing for sure, while you are pondering how to deal with it ityf it will be increasing as soon as they have an idea you are about.

leveller2911

Quote: A loan that I've 'dodged', I guess you could say, for a few years, has caught up with me. I've recently moved back into the UK after living overseas for a few years, and about 8 weeks later got a letter from ours best friends; Lowell Group. I'm surprised the letter found me really, as it's a brand new house, and they didn't include the postcode, but it did find me.
I'm not here to try and get out of what I owe, just trying to buy myself some time really.

Can you 'get away' with returning to sender if it's been opened? In fact, think I checked the envelope as well, (may still be in the bin though). Silly of me to open it really - I knew the letter was going to arrive as they'd been mooching around my credit profile a couple of weeks before :-(

But the reason I have little disposable income is because I'm starting a family

I wrote:Chancer,,,,,Stand up and grow up..........Pay your dues and don't take advice from Knobs on here advising you how to not pay up......If in 6 yrs time your circumstances change , your settled,working and earning a wage and wanting to buy a house,or car etc Your F*cked...................Don't come back in 6 yrs time whinging about your credit score......

This site seems to attract Chancers .....Any ideas why NID????:rolleyes: