Recent issues with Lowell - wanted some opinions

System

This discussion was created from comments split from: Lowell Debt - How to find the date? Without resetting the 6 year rule..

Webseo

I've had some recent issues with Lowell and I wanted some opinions on it. So back in 2008 I had a company which sadly failed leaving me and my business partner in debt with an overdraft of around £10k. As things happen we paid as much as we could after finding new jobs to support our mortgage payments etc and without notice, the bank sold the debt to Hoist Finance who chased us individually for £10k each! Anyway, I paid each month what i could afford for around 4 years (not much of the debt was cleared) and they stopped taking payments. I called a called and in the end gave up. Fast forward to 2020 I suffered a lack of income as we all did through the pandemic and filed for an IVA as things got too much. I added Hoist as a creditor even though i had not heard from them as it was the right thing to do and they acknowledged the debt. Then in October 2022 Hoist sent me a letter to say that they were writing off the debt and making it statute barred and wiping the outstanding balance. I sent a scan of the letter to my IVA company and they had it confirmed that the debt was truly cleared from Hoist. They in turn removed Hoist as creditor from my account adjusting the payments to the other creditors. Then in June 2023 Lowell send me a letter saying they have taken over Hoist and they are now collecting on the debt. I messaged them back with a scan of the letter and they said they'd look into it. They never got back and my IVA company said that the debt was not going to be added again to my creditors list. Last week my IVA company told me that they have had Lowell claim the debt and they have made large payments to them, I was livid. Why was i not consulted on this so i called Lowell who acknowledged the debt but had no knowledge of the letter from Hoist wiping the debt. I've asked my IVA company to look into this which they have sent a letter to Lowell asking them to investigate. I feel so helpless in this situation and wanted to get some advice on this. Sorry for the long explination.

MSE_ForumTeam5

We've split this into its own thread

sourcrates

IVA?? are you sure its an IVA ?

Its unclear (A) How much debt you had in total, and (B) How much the debt to Lowell/Hoist was.

IVA`s tend not to operate as you imply, are you sure you don`t have some kind of debt management plan?

Who is the IVA company you refer too, assuming it is an IVA, then it will complete as intended, if they have disbursed funds to Lowell, I doubt you`ll get them back.

Webseo

Hi, yes, it is an IVA with Debt Movement and the debt to Hoist that was written off was a fifth of my total debt owed.

Webseo

Sorry correction to the above, the Hoist debt was two fifths of the total amount due to the creditors.