Lowell Financial - help needed

bdsimbec

Hi
My daughter has been contacted by Lowell over old debts when she got divorced (£11,000). She has decided to pay up via direct debit of £125/month so that she will be able to get a mortgage in the future.


Is it worth contacting these people and asking for a settlement amount. Do you think they would be willing to take less - say half of the £11,000?


I think I am correct in saying that even when a debt is statute barred you still owe the money.


She just wants to be eventually debt free and not have to keep looking over her shoulder constantly.

rizla_king

You still owe it but if you tell them to go away as you are not paying then any FCA regulated firm is obliged to stop demanding payment.

cc321

I have an old debt balance at Lowell of about 4300 and in December they sent me an offer letter for 40% reduction. I couldn't deal with it all then and ignored it.
2 weeks ago I sent the CCA letter and I am still waiting to hear back from them and what my next steps will be.

[Deleted User]

If it's statute barred, then she does not need to pay; paying off a debt will not necessarily make her more credit worthy in the medium term since the default will be on her credit file for 6 years, regardless of whether the debt has been paid or not.

rizla_king

Statute barred or invalid/nonexistant CCA are both quite likely with Lowells.

Neil_948

They allowed me to settle a debt 2 months ago for 75% of the debt worth so just send them an F&F letter they will the write back to you giving you options to pay monthly and a one off payment.

happy_bunny_2

If there are statute barred but she still wants to pay, send full and finals for a stupid low figure, stating that or nothing. 10%.

Cancel the £125 payment immediately.

If the payment is more than they can get selling it on to another DCA they will likely accept eventually.

Make sure you tell them you know its SB and that you know what that means.

sourcrates

She will likely already have a default if the debt is more than 6 years old, then again it may of dropped off her file already, if its SB then to be honest, unless she feels compelled to line the pockets of Lowell portfolio 1 ltd, she should send the statute barred letter to them, and knowing Lowell, they will vanish in a puff of smoke !!!!