Lowell has bought provident loan after 5 years?

mell77

I wonder if you can help, I got a loan from provident about 5 -6 years ago, I can't even remember what I borrowed but I know I paid what I lent back within a couple of months, but still had the interest to pay, I moved house and completely forgot about this loan, I have been in this house 5 years with no letters, my name changed as I got married nearly 5 years ago, until last week when a letter wrapped inside another one from provident saying its passed my debt over and the other from Lowell saying it bought my debt in sep 2014, but there asking for £1500 ?? There is no way I owe this much, help plzzz x

Tixy

Chances are interest has continued to be added for the last 5 years or so, and at the interest rates that provident charge that would soon add up.

The first step to a letter like this would be the prove it letter template.
Letter when you know nothing about about the debt - AKA "Prove it" letter

Can you be any more accurate with how long it would have been since you last made a payment towards the debt? It is possible the debt could soon be statute barred (meaning you can no longer be forced to pay) but to know that then you would need to know when you last paid.
Also, in terms of whether the debt is statute barred - are you in England/Wales or Scotland?

mjm3346

At their rates of interest and without making repayments you could reach £1500 very quickly even on quite a small loan.

However if it's over 6 years since you made a payment or acknowledged the debt it may be unenforcible.

mell77

I'm in england, I moved out in may 2010, and would of been a few months before not paying so 5 years near enough x, they still send me info on new loans to my new address in my new name, daft, some people say just ignore Lowell as they just buy years old debts for pennies, some suggest writing to see what I paid and what I borrowed, on these new advertising leaflets it says no late payment fees, I don't think 5 years counts though lol x

Tixy

If it is only just under 5years rather then they still have over a year to consider commencing court action against you.

I would start with the prove it letter and wait for them to provide proof that the money is owed and a breakdown of the balance.

If they do come back with proof then one option might then be to negotiate to make a reduced figure full & final settlement to pay off the debt.

mell77

So do I not ignore them, even though the letter posted has my name from 5 years ago? Or am I just making trouble for myself, what if the breakdown is sent and says I paid what I borrowed and the rest is interest plus whatever they add on, do you think they will lower the amount if I offer to pay? If not what do I do? Thanks for your help guys x

Tixy

It is a personal choice really. But the fact that it is is a previous name of yours doesn't alter whether you are liable.

You could ignore them unless they send court papers (if they do send court papers then definitely don't ignore those).

You could send a prove it letter and
-they may not have the correct paperwork
-they may have the paperwork and if so are likely to agree either a repayment plan or agree a reduce settlement for a lump sum payment
-the may have the paperwork and not be prepared to agree to a reduction (in which case they may then decide to commence court action).

forgotmyname

You could string them along and hope it passes the 6 year point before they decide to take you to court for it.

As mentioned whatever you do, Do not ignore that. Check its teh genuine court paperwork and dont ignore.

Whether they will take you to court will depend on their chances of getting the money back.

I had issues some years back and im sure they were watching me to see if i was working. Must have been boring because back then i rarely went out, Unless if was the docs or hospital appointment.

gazman100

forgotmyname wrote: »

You could string them along and hope it passes the 6 year point before they decide to take you to court for it.

If you do string them along, from what I understand it is very important not to acknowledge the debt. The 6 years is from making a payment or acknowledging the debt I believe (but I'm no expert).

Gaz83

mell77 wrote: »

So do I not ignore them, even though the letter posted has my name from 5 years ago? Or am I just making trouble for myself, what if the breakdown is sent and says I paid what I borrowed and the rest is interest plus whatever they add on, do you think they will lower the amount if I offer to pay? If not what do I do? Thanks for your help guys x

You started making trouble for yourself when you moved house without telling them despite still owing them money, to be honest.

Marktheshark

Selling of accounts is common with a debt becoming barred at six years.
After no written acknowledgement or payment for six years the debt becomes barred.
Many loan companies insure against default so after Statute barred period they can then sell on the file to a bargain basement budget debt collector.
You can stall them for time, request the signed loan agreement be presented.
Inform them you believe it to be statute barred see if they try the Default date is or invented payment trick.