Can I pay off my debt at a discount?

Kirstyra

Good afternoon 
My husband and I have lived out of the country for 4 years and have now come back to some debts with Lowell’s that we would like to pay off. 

Are we able to get a discount of 50/60% as I keep see this maybe possible. 

Our debts are 5 years old, my husband has some from 2011 but he had set up a payment plan so they still acknowledge this debt.
We would happily pay the lot if they would except a discount.

TIA

[Deleted User]

You can ask them for a settlement figure.  It will depend on the status and age of the debt.

mcpitman

Kirstyra said:

We would happily pay the lot if they would except a discount.

TIA

Why not just pay it all off as you acknowledge the debt is valid and yours?

stehouk

Lowell's will have bought the debts in bulk along with many other peoples debts at a fraction of the outstanding amount in the knowledge that at least some of the debtors will repay some of the debts off, as a rule of thumb if you offer around the 50-60% mark they will probably accept the offer, alternatively if some of the debt has not been acknowledge by you as owing it and it is 5 years old you could wait another year and they will be statute barred and unenforceable in court, so it all depends on your'e conscience.
Off course they can still chase you for the debt but not able to enforce it.

MallyGirl

if you partially settle then that will show as such on your credit history.

sourcrates

Lowell are a major player in the debt purchasing business, they buy portfolios of bad debts in bulk, for next to nothing, then attempt to get the full balance out of you.

Once debts get to companies such as Lowell, the original loans have long since been settled/repaid by tax right offs, bought for pennies, or even written off, the only resemblance to the original debt is the amount owed on paper, these accounts are bought in bulk, as stated above, this means no legal paperwork ever changes hands, they don`t know what they are buying, on average a quarter of it will be unenforceable due to problems with no paperwork, or other such legalities.

So best advice is, always ask for proof you owe the debt, as no proof equals no liability, and they cannot force you to pay through the courts.
Do everything in writing, no phone calls.

If they can prove the debt is yours, make an offer to settle, start at about 30/40% of what is owed, do this in writing so you have legal protection if the balance ever gets chased again.

Settled accounts only show until the entry falls off your credit file, so you may as well get the best deal you can, Lowell are usually open to discounting heavily on there accounts, depending on their age and enforcability, so be cheeky, and see what happens, remember, this is more of a marathon than a sprint, negotiations can take some time, but it will be worth it.