Lowell debt, should there be a settlement figure!

husemin

Hi all,
My wife ran up a debt with loydds bank account and this was passed over to Lowell, my wife ran away from the repayments etc etc, we have been paying £70 a month now for 2 years and have £1200 left to pay, which is fine.

I called them and asked if there is a settlement figure and they said no, they said the debt is just passed on to us and the figure is what you owe.

My question is, Is the above correct, there is no settlement figure, and i take it that means there was no extra % added?

Thanks all for looking at this.

H

bottleofred

Hi husemin,

I'm not sure they have to give you a settlement figure, but I'll bump this up and hopefully someone with more knowledge than me can tell you. If you do eventually get a settlement figure, don't pay anything until you have it in writing the amount agreed is as a full and final settlement.

barbiedoll

You need to find out if Lowells actually own the debt or are just acting on behalf of Lloyds. If they do own it, your wife should have received a "letter of assignment" which will state that Lowells now own the debt and that she should pay them. If they do own it, they are usually far more accommodating about settlement figures as they have usually paid a much smaller amount to buy the debt, than it was originally worth. Have a look through any letters that you have received and if you still have no idea, write to them and ask who the debt actually belongs to. If it is still with Lloyds, you could always write to them offering a settlement figure, they can only say no, but bear in mind that the original owner of the debt will usually only settle for between 80%-90% of the original figure. You may be better off waiting until it is sold on to a DCA.

FTW

Have Lowell substantiated that they even have legal right to collect on this account.

Also, is this a normal account, or a loan/credit card? The type of 'debt' it is does make a difference.

WRINKLES

You should send a prove it letter ,stop paying , then wait for the reply , ignore the threats that you will then get. post back here with any reply you get.

husemin

Hi, Thanks fot the replys, We do have a letter saying the debt is now with Lowell, we have a direct debit setup with them to take out £70 a month.
...and the answer to the other question is, this is a bank overdraft debt. If I write to Lowell I'm affraid they will take what ever monies they want from my back!
Should I go ahead and send a letter asking fior proof?

H