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Hello!
Bit 'o Background first.
In Sep 2017 I lost my job as the contract expired. I couldn't find anything and the money I'd built up slowly dwindled away until I finally found a role in early Dec 2017 with a huge salary. As my bank was empty and the role involved a lot of travelling which I'd only be reimbursed for later, I asked the bank to overdraw by one month's salary and I would pay back over the coming 6 months of employment. They agreed. (If you need to know the bank happy to say but I don't think it's relevant any more).
I got the sack immediately after the christmas holiday with no real reason... I had worked 2 weeks and been on holiday for 2 weeks. They paid me an extra 2 weeks pay as an "apology" or "goodwill gesture". The next role I secured was earning about half the wage and lasted only 3 months - I sacked them as they treated me really badly. Upshot is, I was at no point able to repay the month's salary I had borrowed and the bank, although very understanding, closed my account and converted the ~~£3590 owing into a loan. Which I also couldn't pay. They didn't chase much, I told them my situation as time went on, and then over COVID etc they basically lapsed into the background. In the meantime I ended up in Council Tax debt, mortgage arrears, credit card debt, after losing my marriage also ended up in miscalculated maintenance debt... the list goes on.
I am now in the middle of selling the marital home, and will be able to pay off all debts... but I just got a letter from the bank they had sold my debt to Lowells; closely followed by a letter from Lowells saying the same and to contact them to discuss an arrangement. Way back when, you used to be able to negotiate with debt buyers because they paid a rockbottom price for the debt... is that still the case? Also, is there an angle to delay their chasing and make them produce relevant paperwork etc? Are there template letters I can use in this particular situation?
When the house completes, I will pay them the amount they require; however I don't want to tell them that as I don't want them placing legal liens against the sale. Also, I of course have a vested interest in paying as little as possible to discharge this matter, and while I would have paid the bank the full amount, I owe Lowells no such loyalty.
Can anyone please help me to navigate the right way through this? If my thinking is flawed or my musings above incorrect then please be gentle with me.
Thank you!
Bit 'o Background first.
In Sep 2017 I lost my job as the contract expired. I couldn't find anything and the money I'd built up slowly dwindled away until I finally found a role in early Dec 2017 with a huge salary. As my bank was empty and the role involved a lot of travelling which I'd only be reimbursed for later, I asked the bank to overdraw by one month's salary and I would pay back over the coming 6 months of employment. They agreed. (If you need to know the bank happy to say but I don't think it's relevant any more).
I got the sack immediately after the christmas holiday with no real reason... I had worked 2 weeks and been on holiday for 2 weeks. They paid me an extra 2 weeks pay as an "apology" or "goodwill gesture". The next role I secured was earning about half the wage and lasted only 3 months - I sacked them as they treated me really badly. Upshot is, I was at no point able to repay the month's salary I had borrowed and the bank, although very understanding, closed my account and converted the ~~£3590 owing into a loan. Which I also couldn't pay. They didn't chase much, I told them my situation as time went on, and then over COVID etc they basically lapsed into the background. In the meantime I ended up in Council Tax debt, mortgage arrears, credit card debt, after losing my marriage also ended up in miscalculated maintenance debt... the list goes on.
I am now in the middle of selling the marital home, and will be able to pay off all debts... but I just got a letter from the bank they had sold my debt to Lowells; closely followed by a letter from Lowells saying the same and to contact them to discuss an arrangement. Way back when, you used to be able to negotiate with debt buyers because they paid a rockbottom price for the debt... is that still the case? Also, is there an angle to delay their chasing and make them produce relevant paperwork etc? Are there template letters I can use in this particular situation?
When the house completes, I will pay them the amount they require; however I don't want to tell them that as I don't want them placing legal liens against the sale. Also, I of course have a vested interest in paying as little as possible to discharge this matter, and while I would have paid the bank the full amount, I owe Lowells no such loyalty.
Can anyone please help me to navigate the right way through this? If my thinking is flawed or my musings above incorrect then please be gentle with me.
Thank you!
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