Lloyds TSB Personal Loan from 2004

john-5-2

First post so go easy on me 😁.

In 2004 i stupidly took out a Personal loan with Lloyds TSB together with ppi for 25k.
I paid £350ish a month.

We bought our first home in 2005 & within 6 months of moving in i was made redundant, Also my Girlfriend (now wife) a few months after that. So within less than 12 months we both had lost our jobs. We paid the due amount on the loan for as long as we could but this is where the loan starts to become a problem & was passed over to a debt collection agency. Which we agreed a reduced monthly payment in late 2006.
The collection agency company was Lowell until 2012, Then Moorcroft group for around 11 years, Until March 2023.

I have always paid the agreed sum to Lowell & Moorcroft,  More if we could afford it.
 
During these unpredictable times we have had to take a serious pay reduction in a new job & have been forced to stop paying Moorcroft in March 2023 our agreed sum.

 We got in contact straight away & explained the situation to Moorcroft(who were very helpful, i might add)
Now 3 months on they have passed me back to Lowell, Who ive gone through a budget planner with & left it at that, As our income is -£300 a month so they cant take any money off me.
I have asked Lowell to produce the original CCA (which they cant). So i am just wondering what to do next.
Im not trying to get out of paying the owed amount, I just need some advice on what to do next

Thanks

Ryan_Holden

Morning, welcome to the forum.

I can't give you any advice on that but, have you checked to see with your income being so low, whether or not you qualify for government assistance, universal credit and the rest?

Fighter1986

I would definitely not worry about the loan which Lowell have confirmed they do not wish to take payment for at present.

By all means if your income increases feel free to tell them, or not, or feel free to reply to them stating you consider the loan to be unenforceable and invite them to send evidence to the contrary.

But mainly, look at ways you can increase your income. 

Are there any certifications or qualifications you could get to make you worth more?
Any better work out there?
Perhaps some more lucrative contracting for a while?
Maybe even a move to a more lucrative part of the country?

I grew up in Exeter and always suffered with extreme poverty until I moved to Bristol a couple years ago and honestly it was like stepping out of the stone age into a futuristic utopia.

I've gone from not being able to afford my own water bill to being in the top 9% of household incomes in the UK.

Just from moving 70 miles east. 

sourcrates

Lowell only buy debts, they do not manage them, so they are the owners of your debt, Moorcroft were instructed by Lowell to collect/manage the account on their behalf.

The loan, I assume, is unsecured, so no possibility of issues there.

Lowell cannot enforce their rights in this matter, as they do not possess the legal paperwork to do so.

They are currently not being paid due to your lack of affordability, I would say allow that to continue.

Eventually, given enough time, Lowell will take a commercial view of the matter, and make the decision to most likely write the balance off, thus clearing the decks.

sourcrates

john-5-2 said:

Thanks for the replies.

My biggest worry is that Lowell may put a charging order on my house or give me a CCJ. I have never had a CCJ on this loan, So could they maybe enforce one now.......After 19 years?

Thanks for taking the time to read & reply

Read my previous post -

"Lowell cannot enforce their rights in this matter, as they do not possess the legal paperwork to do so".

An involuntary charging order can only be obtained by order of the court, after a judgement is granted in your creditors favour.

In order to obtain a judgement, the creditor would have to provide evidence of your liability to the court, they can`t just rock up at court and expect it to be a forgone conclusion.

Evidence would be in the form of a compliant credit agreement for the debt in question, a document your creditor is unable to produce, so no evidence equals no judgement, equals no charging order.