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Statutory Legal Audit Plan (Debt solutions)
Comments
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When you say you are "unable to repay the loan… " what do you mean by that, you are unable to afford monthly payments or the full balance or both?michaelyallop said: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…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 -
Sorry. I should have clarified, I am unable to afford the full amount I was paying to my original lender. Hence me attempting to reduce all of my debts.sourcrates said:
When you say you are "unable to repay the loan… " what do you mean by that, you are unable to afford monthly payments or the full balance or both?michaelyallop said: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…0 -
Just had a further look at the letter. It’s an introductory letter. Is it something I need to engage with now?
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Yes, its the basic premise of debt management, you pay what you can afford, not what was demanded of you.
Lowell will accept whatever you can afford, if you can`t pay anything, tell them so, affordability is king.
If you ignore them for any length of time, you risk legal action as they can be quite litigious if they think you can pay, but aren`t doing so.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-letter1
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