Please help with advice on old debts

tw1960

Hello folks,

Previously I built up some debts on credit cards, a car and kitchen refurb.
I moved from my previous address about 4 years ago and have only a few weeks ago opened a new bank account at this current address. I was hoping to build up some decent credit history with a view to obtaining a joint mortgage in about 4 years from now.

Now just received a letter at my current address from Lowell Portfolio who have bought a credit card debt from the provider and are chasing payment of arrears and fees.

I could probably pay this debt off over 6 payments but was wondering if it will lead to other debt recovery firms chasing me at the new address. If that happens I would have no alternative but to apply for bankruptcy due to the amount involved.

If anyone can help with suggestions I would be grateful, obviously my main concern is with being able to obtain a mortgage when I do apply in 4 years time.

Thanks

FOURCANDLES_2

Well scooby you seem to have failed or been unable to read and understand the question he asked so your answer is irrelevant ? .
The issue here is tw they have it seems found you at this your new address if they have, many other will too. I suggest if you can afford to pay it try and do a deal with them and pay it , if the others come in some may, some may not, do the same with them if you can. What is the total amount of debt? if it is that bad further down the line then your best option may be to go bankrupt.But you do nothing until the fat lady sings, this and one other debt may be the only ones that land on your mat so do not rush in to anything.

tw1960

Thanks for your helpful reply Fourcandles,

I heard that these debt recovery firms do buy a debt for the fraction of the amount owing, is there a good chance that they will each reduce the size of the debt if I make an offer to follow a payment plan?

downnotout

tw yo uwould get more chance of a Full and Final settlement if you payed off a chunk (between say 35% and 70% of the debt) rather than a payment plan. If you agree to a payment plan they will think "well he can pay £x a month for x amount of time, he can pay it all".

fermi

When did you first take out this card?

May be worth seeing if Lowells can produce the correct paperwork/copy agreement.

If they can't then it may give you extra bargaining power for a settlement.

inneedofmoney

fermi wrote: »

When did you first take out this card?

May be worth seeing if Lowells can produce the correct paperwork/copy agreement.

If they can't then it may give you extra bargaining power for a settlement.

Hi, i am in a similar situation. Have received a postcard from Iqor a couple of days ago stating final notice etc etc, my husband is on income based ESA and I am due to give birth in 3 weeks, what should be our next move (we would only be able to afford to repay a couple of pounds a month and the balance is nearly 5000pounds.

TIA

fermi

inneedofmoney wrote: »

Hi, i am in a similar situation. Have received a postcard from Iqor a couple of days ago stating final notice etc etc, my husband is on income based ESA and I am due to give birth in 3 weeks, what should be our next move (we would only be able to afford to repay a couple of pounds a month and the balance is nearly 5000pounds.

TIA

Hi.

You would be best off posting your own thread, with more details on what the debt was for, when it was from etc..

tw1960

Hi fermi,

I took the card out about 6 or 7 years ago but cannot remember the exact date, I will write to Lowell regarding what you mentioned.

thanks

fermi

There is a letter to send here:

http://forums.moneysavingexpert.com/showpost.php?p=42727144&postcount=58

tw1960

Thanks again fermi,

I will write to them and see what their reply is. You have been a great help

Cheers:beer:

DVardysShadow

inneedofmoney wrote: »

Hi, i am in a similar situation. ....

fermi wrote: »

Hi.

You would be best off posting your own thread, with more details on what the debt was for, when it was from etc..

https://forums.moneysavingexpert.com/discussion/comment/42727966#Comment_42727966