Welcome finance/lowells debt

Marley80

I'm not sure we have any solicitors that would do that here, I live in a very small town. There is a cab office though so I'll get in touch with them and see if they can look or at least refer me.

I'll also do a request to lowells just to see what they hold on me and if it differs from what welcome already sent.

Do lowells actually own the debt now or di they just act n behalf of welcome? E.g would it be worth writing to welcome to ask for a settlement figure or am I not a client of theirs anymore?

sourcrates

Lowell are a specialist debt purchaser, so its likely they now own your debt, and not welcome.

Marley80

Ok thanks. What happens if they can't provide a cca? would they then settle for a lower amount?

I've just looked at the info welcome sent me all those years ago and there is a credit agreement there, is it pointless asking lowells for this surely they will have this passed over from welcome?

sourcrates

Marley80 wrote: »

Ok thanks. What happens if they can't provide a cca? would they then settle for a lower amount?

Ok, let's say, hypothetically speaking, they were unable to produce a legible copy of a credit agreement, you would then have 3 choices.

(1) you could choose not to pay, apply to the court or land registry to have the charge removed.
Or
(2) make an offer to settle, which may or may not be accepted.
Or
(3) continue as you are.

Paperwork almost never gets included in a debt sale, that's why new debt purchasers have to refer back to the original creditor all the time.

Welcome may of had it 6 years ago, but do they still have it now ?

At best, they may not be able to find it, at worst, it will keep Lowell off your back for a couple of months for the sake of a quid !!!

Marley80

Thanks sourcrates. I will definitely do a caa request, it can't do any harm.

I will keep paying my monthly payment to them in the meantime, I dint want to default on my already defaulted loan.

It'll be interesting if they can't produce a copy yet I have a copy. It has been passed between several dca's so I guess there is a chance it's got lost along the way.

Thanks for all this, at least I have a starting point and I'll keep you posted on what they come up with!

Marley80

Hi everyone,

So I did a CCA request to Lowells and lo and behold yesterday it appeared through my door, baring in mind i still have my original copy from ten years ago and it is the exact same copy. I'm really confused now as if they have this why arent they enforcing payment or even making me pay a bigger monthly payment?

They also sent me a statement and the interest has definitely been frozen.

I'm really at a loss at what to do next, my property is just a one bedroom flat and i have a son so i really need to remortgage (to release some funds to turn basement into a second bedroom) or sell to move to a bigger house but no mortgage company will take me on with this "bad debt" charge on my property.

Any ideas what i can do next? I'm worried now that they will just send me a letter demanding it all back at once now!

Thanks in advance.

-taff

If you had PPI on it you can complain about it....Head to the PPI board for advice or ask here
If you did have it, it would have been single premium ten years ago and a fairly easy win.

Marley80

Hi Taff,

thanks for the response, no PPI on it, I already checked this out years ago when I first heard about mis-sold PPI, thanks though.

National_Debtline

Marley80 wrote: »

I'm really at a loss at what to do next, my property is just a one bedroom flat and i have a son so i really need to remortgage (to release some funds to turn basement into a second bedroom) or sell to move to a bigger house but no mortgage company will take me on with this "bad debt" charge on my property.

Hi

Have you actually tried applying for a mortgage or are you assuming? It’s worth speaking to a mortgage broker if you haven’t already as some specialise in helping people with a poor credit history get a deal. There’s also a specific mortgage section of the forum where I believe some brokers post, so it might be worth asking for suggestions there.

James
@natdebtline

Marley80

Hi James,

Yes, i applied just a few months ago using my local mortgage adviser and it fell through. Thing is i don't actually have a bad credit rating, my credit rate is above average as i don't have any other debt and this loan doesn't appear anywhere on my credit report despite being secured and constantly in arrears.

Thanks