Lowell DCA and F&F settlement.

loubie_lou

I have £600 left on a old debt that was sold onto lowell a while ago. I have been paying them back for about 6 months now.

The payments started off small but have gradually got bigger as I have sorted out my budget.

My question is do you think they will let me do a full and final settlement of this account say £500?. Any one have any experience of this with Lowell or any other DCA?

Thanks

seeya23

most will as long as the debt is over £100

InDeepDebt

I'd offer less than £500 though.

Someone reckoned about 40% is what most creditors agree to - I'd maybe start at about 25 - 30% and take it from there.

nottoolate

how old was the debt when you started paying it back?

Deep_In_Debt

Yeah, start low. DCA's buy debts for pennies in the £ so probably even £100 would be a good profit for them.

As above, start at 25% and take it from there. Make sure you do all your negotiations in writing and make sure that they update your credit file to reflect that the debt was settled and that they confirm that neither they, any associate or third party will chase you for the remainder in the future and that you are released from any liability. This is important otherwise they will sell on the remainder of the debt and you will get chased for that in the future.

Good luck.