Lowell Cap One debt

[Mattonlaptop]

Thanks for help with my cabot enquiry on that forum.

Second one is regarding Lowell.

I am trying to get mortgage ready so tackling defaults and want to get partial or full settlements as per broker advice. I want to make Lowell an offer, please advise. Default is around 2 years old.

No court claim issued. Debt is approx £1600.

No contact with them other than an email saying I have the debt which I checked in online portal.

Thanks,
Matt

[echat11]

What kind of debt is it?

If it's regulated under the CCA 1974, you could ask them for a copy of your agreement, or make low offers you feel will get the debt settled. Just in case they decide to start legal action, mark the offers to settle with 'Without Prejudice', make sure you get Proof of Postage.

Here's more info on settling debts -

https://nationaldebtline.org/fact-sh...ent-offers-ew/

https://nationaldebtline.org/sample-...tlement-offer/

[Mattonlaptop]

Thank you.

It is a capital one credit card debt.

[Mattonlaptop]

Lowell have agreed to £500 full and final settlement. A good result I believe. I have this on an email and they will update my credit report. Do I need an official letter or should email suffice?

[echat11]

Lowell have agreed to £500 full and final settlement. A good result I believe. I have this on an email and they will update my credit report. Do I need an official letter or should email suffice?

Well done, an email should be sufficient, but you need to make sure, they follow through on the promises they have made to you i.e. the debt has been fully paid and that your credit file is updated satisfactorily. You don't want to deal with this in a few years time again.

[Mattonlaptop]

Thank you so much for your help.

This is what they have agreed.

I couldn't get them to remove the default.

If your account is being reported to the credit reference agencies we will mark any default as partially satisfied, when paid, to show a discount was accepted.

[Mattonlaptop]

This is the email they sent.

We’re willing accept your discount offer/ on your account, which means you’d pay £500.00 to settle the account.


Please note: correspondence will still show the full account balance as the discount is applied when you make your final agreed payment. If your account is being reported to the credit reference agencies we will mark any default as partially satisfied, when paid, to show a discount was accepted.



Finally, in order to proceed and set up a one-off repayment arrangement of £500.00 in order to close the account at a balance of £0.00, please provide the following information:

[echat11]

That's fine.