We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Welcome finance/lowells debt

2»

Comments

  • Marley80
    Marley80 Posts: 12 Forumite
    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
    sourcrates Posts: 31,828 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Lowell are a specialist debt purchaser, so its likely they now own your debt, and not welcome.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Marley80
    Marley80 Posts: 12 Forumite
    edited 13 August 2016 at 3:26PM
    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
    sourcrates Posts: 31,828 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 13 August 2016 at 3:34PM
    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 !!!
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Marley80
    Marley80 Posts: 12 Forumite
    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!
  • 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
    -taff Posts: 15,388 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    Non me fac calcitrare tuum culi
  • 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
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    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
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • 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
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.