LOWELL Finance letters

[FFM]

Good Evening
I am wondering if anyone can help me I have recently received letters from Lowell chasing in a debt from Lloyds TSB from 11 years ago. They have offered me a 40% reduction. The debt isn't statue barred as approx 4 years ago I was on a debt management plan and made minimal payments. Can anybody advise the best way to deal with this creditor. I am worried about contacting them as unfortunately I am on a low income as a single parent with baby.
Thankyou

[warwick65]

Re: LOWELL Finance letters

Hi

So the debt is about 11 years old, opened in 2006 or so. It is quite important to know if it is pre April 2007 or post Apr 2007 as legislation changed then

However, for now, if this is the first letter I would be inclined not to respond

What type of account was this, O/D , credit card or loan? and approximately how much do you owe

You may read people on other forums who claim if they offer a discount they will never go near court or that there is something wrong with the debt- DO NOT BELIEVE THEM. I was offered several discounts by Lowell and some time later they issued proceedings - I have an expert helping me so its not a problem, you just need to be aware

[FFM]

Re: LOWELL Finance letters

The commitment is pre April 2007 and it was for a Lloyds TSB loan.

The letters I received were from the pre legal department. The first one was offering a 30 % discount the second two weeks later a 40% discount. The debt itself is for £6400 I am unsure how they have calculated this figure.

I have heard that you can request a copy of a CCA Agreement? Have you done this and do you think this would benefit the case?

I am am concerned about it going to court as my credit file damage has finally cleared.

Thanking you for your help QUOTE=warwick65;731264]Hi

So the debt is about 11 years old, opened in 2006 or so. It is quite important to know if it is pre April 2007 or post Apr 2007 as legislation changed then

However, for now, if this is the first letter I would be inclined not to respond

What type of account was this, O/D , credit card or loan? and approximately how much do you owe

You may read people on other forums who claim if they offer a discount they will never go near court or that there is something wrong with the debt- DO NOT BELIEVE THEM. I was offered several discounts by Lowell and some time later they issued proceedings - I have an expert helping me so its not a problem, you just need to be aware[/QUOTE]

[MIKE770]

Re: LOWELL Finance letters

Lowells will in most cases go as far as they can, hoping you cave in, discontinue at the the last moment if you have a strong case, it is a game of who falls first???

[warwick65]

Re: LOWELL Finance letters

I did send CCA requests to all my creditors and for some it worked and others it didn't.

It is a bit of a gamble to be honest

Probably on balance i would send one and see what they come up with

[FFM]

Re: LOWELL Finance letters

Brill! I suppose it cannot do any damage. When they didn't respond to the agreement did you stop paying them then? Thanks for your help ��

[warwick65]

Re: LOWELL Finance letters

To be honest, what i did really isn't relevant as everyone's situation is different.

Anyway, who said they didn't respond, they all replied in one way or another - they have to, its the rules

Some people look at what they send and decide to use it as a bargaining tool to offer low settlements - as I said everyone's situation is different.

I will say this , Lowell do not roll over easily unlike some others but they have closed one account and returned another to the original creditor