Credit Resource Solutions on behalf of Lowell Financial

discojam

I have received a letter from CRS on behalf of Lowell Financial in regards to a debt with HBOS which was originally a Sainsburys loan.
I've just checked my credit report and on there it says:

Default Balance: £10,377 Current Balance: £5,840

Defaulted On: 30/04/2004 File Updated for the Period to: 02/08/2009
Last year I sent the letter asking for proof of the debt (is it CCA?) and tbh I didnt follow it up but none of my creditors actually came up with the original credit agreement. I've now decided that I need to get my debt sorted and start repairing my credit report.
I'm not too sure where to start with this one as CRS say they are acting on behalf of Lowell, are they part of the same company? On my credit report it says the debt is with Lowell Financial so would a good place to start be to send them a letter asking for a copy of the original credit agreement?
I do need to dig out my paperwork from last year (if I can find it!) and see if I actually got a response from them.

My other question is that I also have a default on my account from Natwest which was an overdraft I had with them which currently says:
Default Balance: £1,781 Current Balance: £1,205

Defaulted On: 05/08/2006 File Updated for the Period to: 01/02/2009
I havnt had any communication from them for a long time, whats the best course of action for this one?

I have been ignoring this for quite a while, just for a bit of background, I originally had 8 creditors with a total debt of around £16,000 it now stands at £7,045 with these two creditors:(
Still pretty bad and my credit ratings shot to pieces so I really need to get my finger out of my bum and start remedying this!

I have just recently negotiatied a full and final settlement with another creditor which was £800 for a £3,000 debt, I dont have any money to do this with these two so is it worth saving up and contacting Natwest to try and do this with them but I havnt had any contact from them in about a year I think.

Neither of those accounts have had payments made to them for just over a year I *think* (ostrich head and sand springs to mind)

Any advice would be much appreciated!

beenthereanddoneit

If you want to clear the debts and try to repair your credit rating then yes, a good place to start would be to check whether you have had a reply from last year.

You could then send the 'prove it' debt letter again if you wanted. Also, see whether there is an original credit agreement (CCA) for HBOS/Sainsbury. I'm sure you are aware anyway though, not having the original agreement only means that the creditor/DCA will find it difficult to enforce the debt through the courts. The debt will still exist (as a figure on your credit report) unless they are unable to prove that it is yours through other means.

Not sure what I'd do with Natwest. Again, sorting one out and leaving the other is going to affect your credit rating regardless.

discojam

beenthereanddoneit wrote: »

If you want to clear the debts and try to repair your credit rating then yes, a good place to start would be to check whether you have had a reply from last year.

You could then send the 'prove it' debt letter again if you wanted. Also, see whether there is an original credit agreement (CCA) for HBOS/Sainsbury. I'm sure you are aware anyway though, not having the original agreement only means that the creditor/DCA will find it difficult to enforce the debt through the courts. The debt will still exist (as a figure on your credit report) unless they are unable to prove that it is yours through other means.

Not sure what I'd do with Natwest. Again, sorting one out and leaving the other is going to affect your credit rating regardless.

Thanks for your reply beenthereanddoneit, yes thats the thing if I want my credit rating to improve at some point in my life then I will have to sort out that Natwest one as well, am thinking maybe save up the money to pay them back contact them and pay it back in one go might be the best way forward.
With the HBOS one if they dont supply the original credit agreement can I eventually get them to remove the debt from my credit report or will it stay on there forever regardless? In which case I will have to make monthly repayments to pay it off or see if I can arrange a full and final settlement (although having no money to do this is a difficulty....:o)

carol01

hi discojam
what you need to weigh up is
can you afford to pay these debts
will it take you longer than 6 years to pay them back
have you already got defaults on your credit rating
if you have answered yes then maybe it might be better looking into the unenforcable debt thread as after 6 years of the debt not being enforced it goes to status barred and taken of your credit report and start fresh sending the cca letters there is a great thead posted by never in doubt and i think this will help you decide what to do but also if this is the route you do take you wil have a default notice put onto your credit report hope this helps

discojam

carol01 wrote: »

hi discojam
what you need to weigh up is
can you afford to pay these debts
will it take you longer than 6 years to pay them back
have you already got defaults on your credit rating
if you have answered yes then maybe it might be better looking into the unenforcable debt thread as after 6 years of the debt not being enforced it goes to status barred and taken of your credit report and start fresh sending the cca letters there is a great thead posted by never in doubt and i think this will help you decide what to do but also if this is the route you do take you wil have a default notice put onto your credit report hope this helps

Hi there carol thanks for your reply I seem to currently have 6 defaults on my credit report, 3 of which Im unsure at the moment why theyre defaults as theyve been paid off but have posted that in another thread..so if they cant prove that its enforceable then you still have to have a default on your account for 6 years? thanks again!

discojam

PS will check out the thread

beenthereanddoneit

just popped out on this one. Going back to your HBOS comment. If you can afford to make a F&F Settlement then go for it. If it is unenforceable (i.e. no credit agreement) then you should be looking at offering perhaps a small percentage of the actual debt (e.g. 20%, although don't quote me on that). And, that needs to be on the condition that they mark the debt as satisifed and remove it when appropriate. Get it all in writing if you go down that route.

I'm off again now.

discojam

beenthereanddoneit wrote: »

just popped out on this one. Going back to your HBOS comment. If you can afford to make a F&F Settlement then go for it. If it is unenforceable (i.e. no credit agreement) then you should be looking at offering perhaps a small percentage of the actual debt (e.g. 20%, although don't quote me on that). And, that needs to be on the condition that they mark the debt as satisifed and remove it when appropriate. Get it all in writing if you go down that route.

I'm off again now.

cheers dude, I'll send off the CAA letter tomorrow using the template from the uneforcability thread, in the meantime should I be making token payments?

thanks again!

discojam

If I paid £800 to settle a £3000 debt what percentage is that? My brain is fried at the moment I should be able to work this out!!!

carol01

discojam wrote: »

cheers dude, I'll send off the CAA letter tomorrow using the template from the uneforcability thread, in the meantime should I be making token payments?

thanks again!

hi discojam
payments should still be made until they send you back your cca showing it is unenforcable, if it is enforcable you have still been making payments although they will prob reduce your credit limit as you pay off the debt

carol01

discojam wrote: »

If I paid £800 to settle a £3000 debt what percentage is that? My brain is fried at the moment I should be able to work this out!!!

hi discojam
its around 27% of the debt