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LOWELL Discount
Brandon889
Posts: 3 Newbie
in Loans
Hi I got a latter from Lowell for my debt of £15,263.45 they have offered me a 50% reduction which is £7,631.72 I have never made any payments on this debt ever and I've had it for about 6 years I've never responded to any letters or calls. Is it as straightforward as me now paying the 7k and not having any problems in the future.
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It does sound like that. However you could always clarify, the them, that the payment of 7k will mean the end of your liabilities in respect of the debt to Lowell
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If it's reaching the 6 year mark and you have never acknowledged it, they may be trying for a last Hail Mary of a payment before it is statute barred. The question will be when the 6 year mark is from when you last acknowledged or paid the debt. Did they take out a CCJ on you?
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I never acknowledged the debt to any of the collectors I don't have a CCJ. The debt is from the natwest group plc. And is over the 6 year markNasqueron said:If it's reaching the 6 year mark and you have never acknowledged it, they may be trying for a last Hail Mary of a payment before it is statute barred. The question will be when the 6 year mark is from when you last acknowledged or paid the debt. Did they take out a CCJ on you?0 -
It does state "by providing this discount were letting you pay less then is due under your original agreement. your payment plan is a non-contractual waiver of your rights and doesn't change the terms of your original agreement."Mark_d said:It does sound like that. However you could always clarify, the them, that the payment of 7k will mean the end of your liabilities in respect of the debt to Lowell0 -
Nasqueron said:If it's reaching the 6 year mark and you have never acknowledged it, they may be trying for a last Hail Mary of a payment before it is statute barred. The question will be when the 6 year mark is from when you last acknowledged or paid the debt. Did they take out a CCJ on you?
Good spot about it being statute barred.
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https://www.stepchange.org/debt-info/can-i-write-off-debt/statute-barred-debt.aspxBrandon889 said:
I never acknowledged the debt to any of the collectors I don't have a CCJ. The debt is from the natwest group plc. And is over the 6 year markNasqueron said:If it's reaching the 6 year mark and you have never acknowledged it, they may be trying for a last Hail Mary of a payment before it is statute barred. The question will be when the 6 year mark is from when you last acknowledged or paid the debt. Did they take out a CCJ on you?
"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
You need to be clear here - not to the debt collectors, when was the last time you acknowledged the debt in general? If it is over 6 years since you last acknowledged it and they have no CCJ then your debt is statute barred and cannot be enforced, so send them the statute barred letter.Brandon889 said:
I never acknowledged the debt to any of the collectors I don't have a CCJ. The debt is from the natwest group plc. And is over the 6 year markNasqueron said:If it's reaching the 6 year mark and you have never acknowledged it, they may be trying for a last Hail Mary of a payment before it is statute barred. The question will be when the 6 year mark is from when you last acknowledged or paid the debt. Did they take out a CCJ on you?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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It sounds like they are offering a hefty discount because they know it's unenforceable and effectively worthless.
If you want to make a contribution to Lowell then go ahead but there are more worthwhile charities out there0 -
The limitation act allows creditors 6 years to collect simple contract debts such as this, the clock would have started ticking from the date the account defaulted, and as long as you have not made payment or acknowledged the debt in writing within the last 6 years, and no legal action was taken, the debt will be statute barred, and you will not have to pay it.
When creditors/collectors make such massive discount offers, there is always good reason why, in this case the debt is worthless, as it cannot be enforced, so they are hoping you are unaware of the law surrounding this type of thing.
As others have said, you should respond with the statute barred letter in order to deal with this correctly.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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