Statutory Legal Audit Plan (Debt solutions)

in_need_of_direction

If the family loan is cleared, wouldn’t you be able to cover all payments and outgoings? 

michaelyallop

Grumpelstiltskin said:

Yes ignore this and wait until you get a letter from some debt collection agency, then come back.

Right. So today I have received my first letter from a debt collection agency called Lowell. They have asked me to log on to their system and start making payments to them. Is this my next step? 

Thanks in advance. 

sourcrates

michaelyallop said:

Grumpelstiltskin said:

Yes ignore this and wait until you get a letter from some debt collection agency, then come back.

Right. So today I have received my first letter from a debt collection agency called Lowell. They have asked me to log on to their system and start making payments to them. Is this my next step? 

Thanks in advance. 

Lowell are not a debt collection agency, they are a debt purchasing company, and only chase their own accounts.

So Lowell will have bought your debt, so yes, that is your next step.

michaelyallop

Grumpelstiltskin said:

Yes ignore this and wait until you get a letter from some debt collection agency, then come back.

Now that the debt agency have asked me to pay them. What’s my next step? 

sourcrates

michaelyallop said:

Grumpelstiltskin said:

Yes ignore this and wait until you get a letter from some debt collection agency, then come back.

Now that the debt agency have asked me to pay them. What’s my next step? 

^^^^^^^ @michaelyallop See my post above^^^^^^^^

michaelyallop

sourcrates said:

michaelyallop said:

Grumpelstiltskin said:

Yes ignore this and wait until you get a letter from some debt collection agency, then come back.

Now that the debt agency have asked me to pay them. What’s my next step? 

^^^^^^^ @michaelyallop See my post above^^^^^^^^

Thanks and apologies for my ignorance and confusion, but could you explain to me the benefit of defaulting and paying the debt collections agency over paying the creditors and getting a default? 

Thank you for the advice. 

sourcrates

None of that now matters as your old lender has sold the debt to Lowell.

They have purchased your debt, they are now the new creditor and your account will already have been defaulted.

Lowell will have written an introduction letter to you explaining all of this, did you not receive it?

Ignoring Lowell could lead to legal action being taken against you in the long run.

ManyWays

A debt purchaser is (a) less likely to be able to produce the CCA agreement for the debt and (b) more likely to accept a lower settlement offer than the original lender. 

michaelyallop

ManyWays said:

A debt purchaser is (a) less likely to be able to produce the CCA agreement for the debt and (b) more likely to accept a lower settlement offer than the original lender. 

ManyWays said:

A debt purchaser is (a) less likely to be able to produce the CCA agreement for the debt and (b) more likely to accept a lower settlement offer than the original lender. 

Ok. Thanks. So what get in touch. And follow their guidance? And state that I cannot fully pay off the debt? 

michaelyallop

sourcrates said:

None of that now matters as your old lender has sold the debt to Lowell.

They have purchased your debt, they are now the new creditor and your account will already have been defaulted.

Lowell will have written an introduction letter to you explaining all of this, did you not receive it?

Ignoring Lowell could lead to legal action being taken against you in the long run.

Thanks. I understand that. I did receive the letter and have read it.  But my question is what do I do with Lowell? Continue as they state? As I am still unable to repay the loan…