Lowell and discount

cynicalgit_2

DCAs are all crooks,respond appropriately,don't show your hand until you've seen theirs.
It's a game of poker,keep your cards close to your chest.
They're never your friend and have no concept of helping you.

Kolokial

Well, looking over the CCA properly I noticed that for one debt, the original amount borrowed was £400, and the amount to be paid back was £1500.

Yet the interest is quoted as being £700.

I'm not amazing at maths but this seems absolutely extortionate. They've probably bought this for pennies to the pound too. I'm going to compose a letter, and post it here. Would anyone mind giving it a once over once I have?

I owe so many people on this forum a pint!

dancingfairy

Well firstly do you have/can you get any funds to make full and final settlements? How much can you get?
There's a factsheet on the National Debtline's website on making settlement offers which might be worth a read as well.
Basically it will come down to how long you've had the debt, what payments you've made (or not made), and how your payments stack up over the longer term, and how much they actually paid for the debt.
if you have missed payments or are paying a very small amount off each month then they will be more likely to accept a settlement offer. Start small and see if you get an offer you like. You used to be able to settle for 30-50% of the debt although I'm not sure what success people have had recently with offers. If not successful then carry on paying what you're paying now and review again in 6 months time.
It's a bit like chess, you need to think tactically.
df

Kolokial

Thanks DancingFairy, I've spoken to a few family members who are able to help us out, and I've spoken to NDL who advised I just start putting offers forward, work low and see what they come back with.

It's a debt of about 3 years now, and I think very little has been paid towards it. My mum was changing DMC very often because each advised her that the other was a cowboy, so in effect, more money went to the DMC than the actual debt!

Heres a draft that I'm going to send soon.

Dear Lowell,

Account No : 0000000

Thank you once again for remaining patient.

Upon receiving the CCA for the account 00000000, I notice that the original amount borrowed was in fact £400, and that the total amount payable is £1500, while charges added amount to £700. In light of this information I would like to put forward a new offer for the account 0000000. I propose a full and final settlement offer of £500, this offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be released from any liability.

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as having been paid and the account closed. Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.

We look forward to receiving your reply.

Your faithfully,

Kolokial

Kolokial

Right, they came back and advised they had declined my offer of £400, so I put forward another offer of £450 to which they said 'Your offer of £400 has been declined'. Obviously not reading my emails.

Though, can someone point me in the right direction regarding reconstituted CCAs? As the CCA they have sent me doesn't have an account number that matches the original creditors account number.

sourcrates

Hi,
This is the Law as it currently stands, in order for a creditor to obtain a CCJ on a defaulted loan/creditcard account, they must produce as evidence, in court, the original credit agreement, or if it cant be found, there lawyer has to be able to convince a judge that the agreement did infact once exist. A copy is sufficient for the purpose of satisfying sec 78, but not for use in court, they have to produce the original, if Lowell cant produce the original they will know they cant win at court, and are just trying to stare you down, if you ignore them, eventually they will accept your original offer, personally I would ignore em and watch them squirm, advise them of the above, once they know, you know, they cant win, they will cave in, at that point offer them £20 :rotfl:

Kolokial

Oh Sourcrates you diamond you!

Did a little hunting based on what you said, and I found this little gem below.

We don't want to get out of paying the debt, but I feel the total amount is ludicrous given the amount borrowed in the first place. Not to mention Lowell have paid pennys for it.

This is a formal request under the Consumer Protection From Unfair Trading Regulations (CPUTR) 2008. I require your organisation to provide written confirmation that states clearly whether you currently hold an original signed Consumer Credit Agreement, or whether you do not hold an original signed Consumer Credit Agreement pertaining to myself. For the avoidance of doubt, an original signed Consumer Credit Agreement is just that; not an application for credit and not a reconstructed or microfiched document from other sources but indeed the original signed document purporting to be signed by myself. Please note that until such times as a legally enforceable, original Consumer Credit Agreement can be produced and a copy sent to me by return, then this letter is not an acknowledgement of debt and this account will remain in an unenforceable state protected in line with s.127 (CCA1974). Please also note that failure to provide a direct answer to this request will be brought before the court, should you decide to defy the content of this letter and instruct solicitors to pursue enforcement action regardless.

Courtesy of :!!!!!!!!!!!!!!!! dot org.

For some reason I cannot post a link to the site I found, but the legislation is below.

http://www.legislation.gov.uk/ukdsi/2008/9780110811574/contents

Guessing I'll send this with my original offer, and see what they say!

sourcrates

Kolokial wrote: »

Oh Sourcrates you diamond you!

Did a little hunting based on what you said, and I found this little gem below.

We don't want to get out of paying the debt, but I feel the total amount is ludicrous given the amount borrowed in the first place. Not to mention Lowell have paid pennys for it.



Courtesy of : http://www.!!!!!!!!!!!!!!!!.org/forum/viewtopic.php?f=5&t=54942

http://www.legislation.gov.uk/ukdsi/2008/9780110811574/contents

Guessing I'll send this with my original offer, and see what they say!

Lowell are notorious for not obtaining the correct paperwork, I`ll be very interested in the reply you get, please:xmastree: share with us !!!!

rizla_king

this account will remain in an unenforceable state protected in line with s.127 (CCA1974).

If this loan was taken out in 2010 then that does not apply. Those parts of s127 were repealed from 6th April 2007 onwards.

Lowell will know this and will laugh at your letter.

Kolokial

Hmm, dang. Though I have read others having success with this, hopefully Lowell wont know...If not, back to the drawing board. Thanks for heads up Rizla King though!

Edit : Even if they don't know, they still need to comply with the original request. So maybe all is not lost.