Zinc Group & Lowell

Jon81

Hi people,


I have a debt on my DMP which was originally with Argos as a store card, shortly after setting up my DMP and argos adding on their last bit of interest, they sold the debt to a company called Zinc Group, they both wrote to me at the time to inform me and shortly after a default added.


In the last month, this debt is now showing as Lowell, in so much as last month the Argos/Zinc entry has disappeared completely and the same balance now showing as Lowell, albeit with the original default date.


Now, I suspect the debt has been sold / moved on, but I was never informed that this was happening should I query this or just let it roll seeing as the balance and default date haven't been affected?

sourcrates

Hi,

Yes, Lowell are a specialist debt purchaser, so it looks like they now own your debt.

Normally they will write, introducing themselves to you, and listing all the different methods of payment they accept, telling you how they "want to work with you", and find a "mutually beneficial arrangement" to repay the debt.

Also how there "trained advisers" can help you achieve this goal.

I`m sure they will be in touch, but your payments will still be made on your behalf by stepchange anyway.

Lowell are nothing to worry about, in your case.

Jon81

sourcrates wrote: »

Hi,

Yes, Lowell are a specialist debt purchaser, so it looks like they now own your debt.

Normally they will write, introducing themselves to you, and listing all the different methods of payment they accept, telling you how they "want to work with you", and find a "mutually beneficial arrangement" to repay the debt.

Also how there "trained advisers" can help you achieve this goal.

I`m sure they will be in touch, but your payments will still be made on your behalf by stepchange anyway.

Lowell are nothing to worry about, in your case.

Thanks sourcrates, seeing as it's been sold twice now, should I have means to settle do you know if they are particularly open and agreeable to reduced settlements?

sourcrates

Jon81 wrote: »

Thanks sourcrates, seeing as it's been sold twice now, should I have means to settle do you know if they are particularly open and agreeable to reduced settlements?

Actually they can be yes.

I have seen letters from Lowell offering 60% off the outstanding balance, plus you could pay the reduced balance in monthly installments if you wished.

DCA`s are like any other business, they need to generate profit, they pay very little for these accounts at source, so even a 60% discount makes them money, it also depends on the time of year, coming towards the end of the tax year sometimes sees the best discounts.

fatbelly

I've seen letters offering 90% off, which gives you some idea of what they buy accounts for, and how low they will go if desperate.