Please help £75k debt!

sourcrates

It helps greatly to understand how companies such as Lowell operate.

When you set up an arrangement using one of their preferred methods, their system recognises this, and removes your account from the auto dial contact list.

Paying ad hoc or when you choose, fools the system into thinking no arrangement has been agreed, hence the automated contact.

All it takes is to contact a human, and tell them your plan, ask them to stop collection activity, that should be all you need to do.

Lighthouse81

Just want to say, 14 months in and I’m still on a good path, haven’t gambled in 14 months, I’m still chipping away monthly at the debts and the contact from the DCA’s is now minimal. My relationship with money is so much better, from doing a budget, talking to my partner and getting the advice from the helpful people here it’s definitely been a journey. Just wondered regarding offers, I am due to receive a bonus in June and would like to use the funds to clear a few of my debts, shall I contact them and make an offer to settle or do they usually contact me at some point and how long usually down the line do you receive these?

Just want to say for anyone researching about their situation but scared to commit through fear of what ifs , I promise just listen to the advice on here, talk to people you trust and go for it. The debt won’t change overnight but how you feel about the situation can if you take it into your own hands and deal with it.

Smudgeismydog

What a great post, and very well done

My instinct is to wait for offers a little further down the line, keep doing as you are

RAS

Keep meeting the reduced payments and within a year creditors should start making offers. You counter-offer lower. Particularly likely if the debt is sold on. Initial settlement offers likely to be 5-25% reduction.

Some creditors routinely offer very little discount but if they need cash or improved results in the EOY accounts, they'll suddenly offer 50%. Newish debts usually sell to new creditors around 70% discount. Aim for 30-50%.

Rob5342

Have you made CCA requests for the debts, if they can't produce the CCA the debt can't be enforced and you can just ignore it. You should always do that before making a settlement offer, and ideally not leave making them too long as that protection is likely to be removed next year.

13thlegion

Another vote for not rushing into making a settlement. Add it to your emergency fund in a high interest savings account and have interest working for you not against you.