Lowell - Debt Purchase Companies - Do I owe them?

ThomasStandage

Hello, 
I own Lowell Debt company £1099.91 

I have been reading that Lowell pays the original creditor for the debt and purchase it off them. From what I was reading when companies pay for the Debt I will owe Lowell. However, it said I would actually only owe them how much they payed for the debt, not what I owned the original creditor. Is there any truth to this? 

Willing2Learn

Just wait for them to send you a letter in the post.  Before that, there would be no need to act...


And welcome to the forum 

ThomasStandage

I have received letters about how much I owe but I might not owe that if they bought it for a less amount,

Willing2Learn

If they keep writing to you, then you should send them a letter back.  You should be asking them for the evidence (as a 'proveit' letter).  That should keep them busy for a while.

Galloglass

However, it said I would actually only owe them how much they paid for the debt, not what I owned the original creditor. Is there any truth to this? 

Who informed you of that. The debt you had is the amount you owe (proof permitting**). What the creditor sold it on for is of no concern. 

** Why the debt is sold on at a discount, is there is a risk that a) you can't pay b) the paperwork is dodgy (the main reason) c) you never will be able to pay etc.... There are numerous reasons why debt is never collectable so these companies just buy in bulk and look for those that can pay, hopefully covering the cost of their purchase price.

As W2L says send the proveit letter and don't get into side issues like the price of purchased debt.

Here is the price Lowell pay for the money they use to purchase the debt.
https://www.lowell.com/investors/bond-information/

sourcrates

Its rubbish, you owe the defaulted amount, no more, no less, what Lowell paid for the debt is a closely gurarded private buisness matter, and is irrelivant, it makes no difference whatsoever to you, as Lowell inherit all rights and privilidges of the original creditor.

Make sure when you seek information about your debts, and in particular matters of a legal nature, that the source you obtain said information, is a legitimate one.

Sites such as this forum, Debt camel, National Debtline, Stepchange all fall into that catagory.

There are no magic paths to debt freedom, liability rests soley on the creditor being able to prove you owe the money, or not.