Repaying debts with Lowell Financial

Willing2Learn

To anyone reading this thread, we obviously do not recommend lying about your disposable income. It could result in a CCJ, and being required to submit your financial statements under oath in a court. And you definitely don't want to be lying to a court...

To sum up, always tell the truth to your creditors and negotiate your repayment plan, using the official guidance and applicable legislation to guide you.

[Deleted User]

Even when they drop off your file you do realise you still need pay them as they won’t be statute barred?

HonmaDP

Yes. Less of a priority to address.

[Deleted User]

All debts should be a priority whether they are on your file still or not

PixelPound

HonmaDP wrote: »

My Mrs says I always come up smelling of roses. Once they fall off my file in a couple of years I couldn’t care less. Until then it’s £1 a month each.

And do you then stop paying? They can still apply for a CCJ even if it's not on your credit file.

8i6daddy

Willing2Learn wrote: »

To anyone reading this thread, we obviously do not recommend lying about your disposable income. It could result in a CCJ, and being required to submit your financial statements under oath in a court. And you definitely don't want to be lying to a court...

To sum up, always tell the truth to your creditors and negotiate your repayment plan, using the official guidance and applicable legislation to guide you.

True advice!

I had a similar issue a while back. I was paying back an old CC debt at £7.50 a week to a company called Nolans Solicitors. After around 11 months or so I received a letter stating that because I had not completed a recent incomings/outgoings form they had sent me that they were taking me to court. I had never received the form or else id have happily filled it in. No matter how hard I tried to plead my case with them It ended up at the local Sheriff court, so now im the owner of a CCJ thanks to them, for the exact same amount of £7.50 a week, with the added benefit of court costs, and interest added to the total!

The best advice I can give is do what you can to clear ALL debt as quickly as possible or else you'll find yourself in a situation that takes years to resolve with very little you can do about it

EssexHebridean

!!! wrote: »

All debts should be a priority whether they are on your file still or not

Honma doesn't see things this way. Their view seems to be that debts are for other people to pay, but they are above actually paying their dues. Their other posts will help to clarify. I'm not entirely convinced that it's roses that we're smelling here, either.

PixelPound

EssexHebridean wrote: »

Honma doesn't see things this way. Their view seems to be that debts are for other people to pay, but they are above actually paying their dues. Their other posts will help to clarify. I'm not entirely convinced that it's roses that we're smelling here, either.

The majority of people who get into debt with defaults often will want to pay if off, to have a better life in future. Maybe Honma thinks he is "getting one over on the man" by running up small debts letting them default, double or treble in size due to interest and admin charges etc, then pay them off at £1 a month. The problem with that is eternal bad credit, no chance of getting on with bigger things in life that many want that requires better credit for.

HonmaDP

In a couple of years the last few things currently sat at about £4K drop off my file. My mortgage is up to date and paid on time.

How will my credit file be eternally ruined?

HonmaDP

Sorry £3.1K

£2200 Mobile contract off mid 2021
£600 cc April 2020
£300 cc May 2021

Nothing else on my file.