Lowell

ryan008

Hello…I have many around 7 different accounts with Lowell all on low payment plans whilst I continue to increase my funds. 

However on one of my debts they’ve offered me £771 discount and to pay £85 over 3 months to clear it and it will be partially settled. 

I have already had the default for nearly 3 years am I thinking it’s best to accept this offer? As it’ll deduct some debt from my name?

ryan008

Or do I carry on paying £2 a month am I correct after 6 years default drops off plus the amount I owe on my credit?

RAS

Not sure what you mean by the latter comment?

If the debt is recorded as a default, then your credit record will be cleared after 6 years. The remaining debt still exists and is enforceable.

Since you are making payments, you have checked that none of the debts is being marked as Arrangement to Pay?

And you have asked Lowell for the CCA if the debt's cover by the Consumer Credit Act and they've provided it?

ryan008

Sorry was confused between the two the default drops off but debt still stays. I’ve checked they all defaulted back with the various companies and updated with Lowell since 2022 and the debt in question they did provide this yes. Just seems quite a good deal to be honest to clear a chunk of debt. 

sourcrates

Are all the debts enforceable?

Have you CCA`d Lowell for the copy credit agreements?

Discounts are common, but such large percentages usually mean there is an issue with the account, and they want rid.