Can Lowell buy all my debts?

chlo3309

So I have quite a few debts, with various people now… 2 with Lowell, 2 with moorcroft, 1 with westcotts. I’ve set up payment plans with Lowell, which surprisingly was easy enough to do. So I was wondering if I maintain no contact with any other debt companies, will Lowell eventually buy all my debts? Considering I’ve only set up payment plan with Lowell so far… will they see that as success and continue to buy my other debts? Hope this makes sense 

sourcrates

No, it doesn't work in that way.

Debts are sold in bulk, many 1000`s of accounts in batches, at any one time, companies have their preference who they may sell these too, or they may just take the highest bid.

Debt purchasing companies do occasionally sell between themselves but whoever owns your accounts currently, its likely to stay that way.

DisabledDan

chlo3309 said:

So I have quite a few debts, with various people now… 2 with Lowell, 2 with moorcroft, 1 with westcotts. I’ve set up payment plans with Lowell, which surprisingly was easy enough to do. So I was wondering if I maintain no contact with any other debt companies, will Lowell eventually buy all my debts? Considering I’ve only set up payment plan with Lowell so far… will they see that as success and continue to buy my other debts? Hope this makes sense 

It sounds as if you do not recognise the forest you are in or what the best way out is.

For a start go read the comments from people on the Debt Camel Lowell page, you have to press button at the bottom to see first page of comments.

Lowell operates as a debt collector, it sometimes buys debt that others have given up on, for example they bought Hoist which was Robinson Way and I think Arrow before that.  Judging by every debt website I have seen they routinely deceive customers on the ability to enforce statute barred debt.   They lie about payments made, often alleging micro payments have been made and they lie to debtors alleging that a CCJ was obtained and fail to provide evidence of either of these.

The first thing you need to figure out is where you are with each debt, i.e. have they all defaulted or are some lenders still chasing you directly.  Once it defaults no more interest is added and for most they sell the debt on, you will get a letter saying the debt has been assigned to XYZ.  

Once your debt has been sold the XYZ company will give Debt Collectors a chance to harass and abuse you with a series of automated letters designd to mess with you.  When you are in the forest these can feel scary, but if you look at them years later when the debt is statute barred and sorted into sections for each agreement, you see the pattern.  So they might start with Moorcroft, Westcot and a plethora of others, each have 3 to 6 months.  When their time is close to up and the debt is about to be passed back to XYZ they will come up with 60% offers, I never engaged with any of mine because to acknowledge a debt resets the 6 years of no contact or payment to make it Statute Barred.  For two of my debts that were with Hoist an offer to settle at 90% off was made just prior to Hoist being sold to Lowell.  Before that the debt was moved offshore and onshore between different Hoist named companies, I assume for tax reasons.

Lowell like low hanging fruit, people that will engage and be scared of them, especially if they make payments.

I think you should speak to one of the debt charities so you can understand what options are open to you to deal with your debt. It seems to me from your comments that you can afford to pay off or service your debt but there may be cheaper options out there.  Which you take depends on whether you value a credit record.  Personally I don't, I will never buy another house, never buy a car on credit, nor a mobile phone. 

If you step back and ask yourself "what is credit for" you might decide you never want it again, or you might see it as a necessary way to buy a home, but for most it is for living beyond their means or coping with bumps in the road.  The Lenders have a different objective to you, they want you to borrow as much as you can service until they can get you to a place where you can't tart it at zero percent to a new lender as you are over extended.  At that point they can set whatever rate they like, if you miss payments and start to struggle they will make things even harder and move you from say 24% to 39.9%. I think for them this is their acceptance that they are going to lose you so they might as well screw you for every cent they can make while they still can.  

At that point your credit record will be shot, but if you have a bank of mum & dad and manage to bring your debt to say 30% of your credit limit they will change their tone within 6 months.  Now if you do get into deep kaka and you come across a YouTube video or 10 about fractional reserve lending you might become quite resentful and your whole attitude to your debt will change.  I think it was on this site that I first heard about that, but it does not matter, you are where you are.  You now know the landscape of the forest if you want to find the easiest way out you need to speak to the guys with a helicopter, the debt charities, look in the footer of the Sourcrates message above and checkout those companies.  However, before you do get real about your future path, will you ever be able to afford a mortgage, are you better off changing career, does it make send to move to a place like Hull or Stoke on Trent to reduce your overheads.

So forget Lowell being anything other than a leeching blood sucker, they are not your friend or your adviser, they are the enemy.