Help with Lowell

Fishandchips1

Hi

I am seeking some advice regarding my situation outlined below.

I am 26. Whildt st Uni and in the year after i defaulted on a HSBC overdraft & student loan. They chased for a bit but didn't hear anything until this morning when a letter from Lowell came through the doors skiing for £3465

The original total was racked up through OD & a £1k loan, but at least £1.2k of the debt was racked up through bank charges. I was chased by HSBC but circumstances meant I couldn't keep up and then buried head in the sand as moving between rented flats etc. A default was registered, I believe just under 3 years ago..

Current situation is that I have received a letter after Lowell have tracked me down to current address.

My circumstances aren't horrific as I have a few years on me and a decent job. Currently renting, I take home £1,400 pm with c£800 day to day expenditure (rent, bills etc). I have Lowell chasing me for 2 other debts (1x£125 and 1x£400). Apart from this, no other debt and about £800 in savings.

Plans for the next 3-4 years hopefully are to get married, buy a house and start a family. I certainly also don't want this to interfere with my job. As you can probably tell, I want to get this debt sorted, but without paying over the odds and I don't have the cash to cover the full amount or even a 50% full & final offer!

The questions I have include , how should I deal with Lowell? I have read about a cca request, is this appropriate? I don't want to make it easy for these boys - ie what are the general process of letters to be sent to them asking them to prove the debt etc.

They have offered a 20% discount, Does the end game feel like a f&f is appropriate? ( I'd rather pay £1500 now somehow than £100 a month for 3 years!).

Other worries would be that I don't want any ccj's or bailiffs, but have heard that Lowell can be quite aggressive!

Any help, tips or guidance would be greatly appreciated.

Many thanks

HappyMJ

Fishandchips1 wrote: »

Hi

I am seeking some advice regarding my situation outlined below.

I am 26. Whildt st Uni and in the year after i defaulted on a HSBC overdraft & student loan. They chased for a bit but didn't hear anything until this morning when a letter from Lowell came through the doors skiing for £3465

The original total was racked up through OD & a £1k loan, but at least £1.2k of the debt was racked up through bank charges. I was chased by HSBC but circumstances meant I couldn't keep up and then buried head in the sand as moving between rented flats etc. A default was registered, I believe just under 3 years ago..

Current situation is that I have received a letter after Lowell have tracked me down to current address.

My circumstances aren't horrific as I have a few years on me and a decent job. Currently renting, I take home £1,400 pm with c£800 day to day expenditure (rent, bills etc). I have Lowell chasing me for 2 other debts (1x£125 and 1x£400). Apart from this, no other debt and about £800 in savings.

Plans for the next 3-4 years hopefully are to get married, buy a house and start a family. I certainly also don't want this to interfere with my job. As you can probably tell, I want to get this debt sorted, but without paying over the odds and I don't have the cash to cover the full amount or even a 50% full & final offer!

The questions I have include , how should I deal with Lowell? I have read about a cca request, is this appropriate? I don't want to make it easy for these boys - ie what are the general process of letters to be sent to them asking them to prove the debt etc.

They have offered a 20% discount, Does the end game feel like a f&f is appropriate? ( I'd rather pay £1500 now somehow than £100 a month for 3 years!).

Other worries would be that I don't want any ccj's or bailiffs, but have heard that Lowell can be quite aggressive!

Any help, tips or guidance would be greatly appreciated.

Many thanks

Personally I would ignore it for the next 3 years. Lowell has paid off the loan and overdraft you had with the bank HSBC so the debt has been written off (with HSBC). Lowell are now going to try and intimidate you into paying them some money so they can make a profit on their investment which was probably only 10% of the amount they are chasing. They will not take you to court. They won't do it. They won't have the credit agreements and HSBC no longer care about the debt as it is not on their books any more. The only amount they can really chase is the original amount borrowed plus some interest less your repayments. As they are asking for a lot of unenforceable charges they cannot take you to court for the same amount.

The 20% is a first offer and a measly one at that. The minimum offer should be 50% with very little prompting. If you have £800 then offer £800 in full and final settlement of the debt if you want (I wouldn't)

Fishandchips1

Thanks happymj

You say they won't have the credit agreements, is that not the idea behind the cca request? To see what they do, and if they don't have them then tell them to do one?

I don't have any issues with ignoring debt collectors, it's just the impact on the other half if somebody turns up that wold be the problem!!

chanz4

Take it you havent seen this thread then.... https://forums.moneysavingexpert.com/discussion/3588493

femi posted this today Follow on thread here, where Lowells have now made the OP bankrupt. :eek:

http://forums.moneysavingexpert.com/....php?t=3939579

HappyMJ

chanz4 wrote: »

Take it you havent seen this thread then.... https://forums.moneysavingexpert.com/discussion/3588493

femi posted this today Follow on thread here, where Lowells have now made the OP bankrupt. :eek:

http://forums.moneysavingexpert.com/....php?t=3939579

That person had money in the form of a massive amount of equity. They could have paid the outstanding amount with a bit of rearranging or could have avoided the BR altogether. They will not make a non homeowner bankrupt as they will be wasting their money. Any creditor will choose their fights. The poster in that thread sent letters then buried their head in the sand and it wasn't Lowell that sent them bankrupt it was another company that the debt was resold onto.

OP fishandchips---no-one will turn up to your door and if they do you can tell them to do one without answering any if their questions. Your total net worth is £800 and that is all you have to lose. You don't have a house that they can go for so they will leave you alone.

Just editing to add yes you can send letters to get CCA's but that won't help you have admitted you know a about the debt you have your punishment and that is a default on your credit report for six years. Sending letters to get CCA's helps if you want those defaults removed. If you ignore them they tend not to take things much further. If you start writing letters then you are speeding up the process to a potential CCJ which needs to be paid within 28 days.