Goodbye and hello to Lowell !

[Ruby]

Hi all, I just received in the post this morning a letter from M & S Money to say they have now assigned all of the respective rights, title and interest to Lowells for the loan I had with them. Attached was a letter from Lowells introducing themselves and asking me to settle the debt by phoning and making a card payment.

The history is that I had a loan with M & S which I defaulted on due to not being able to maintain full contractual payments.I have been paying regularly £2.00 per month for the last couple of years. They did freeze the interest so the total outstanding to date was £4200.

In the correspondence I have just received the debt has now risen to almost £8500 (I guess that is all interest!)

I am unemployed and a full time carer for my autistic son.

Before I jump straight in, I would much appreciate some advice on the best way forward with dealing with this matter.

Many thanks

[winner12]

Re: Goodbye and hello to Lowell !

Lowells are very good at sending hello goodbye letters claiming its legit I would not trust them at all ask M & S for copy of assignment to Lowells
how do you pay M&S you could still pay them your £2.00 direct

[mr.ton]

Re: Goodbye and hello to Lowell !

Ignore.
They have no legal power to any money off you only a county court does.
Stay off the phone to them and refuse to answer security questions if they phone you.
Anyone who is unemployed should be paying only £1 per month if necessary and even that's too much in my view for someone not working.
Report Lowells to the OFT & trading standards if they keep pestering you.

[Ruby]

Re: Goodbye and hello to Lowell !

thanks for advice, much appreciated! Unfortunately M & S always sent a monthly giro slip so I could pay. That I asume will stop. Should I write and tell Lowell of my current situation or just keep quiet and do nothing for the time being?

[mr.ton]

Re: Goodbye and hello to Lowell !

Do nothing & ignore these clowns, nothing they can or will do anyway.
You may hear from "Red" or "Hampton legal" in future - so just be weary of that.

[bluebottle]

Re: Goodbye and hello to Lowell !

Firstly, write to M & S Money and ask them to explain, in writing, how the debt has doubled. Do not let them explain over the phone and make it clear, if they do phone, that you will only accept a written explanation. This way, M & S Money can be held to account (no pun intended). In your letter, ask them for a Statement of Assignment, as recommended by winner12.

Secondly, as I always advise people having problems with DCAs, go to the OFT website and download an up to date copy of their Debt Collection Guidelines. These are very useful for countering any bull DCAs come out with and sets out clearly what DCAs are allowed to do and, more importantly, what they are not allowed to do. Quote from them if necessary.

It would appear that Lowells have been drinking in the Last Chance Saloon for heaven knows how long and I am somewhat surprised the OFT's Consumer Credit Licensing Department have not taken enforcement action against them before. Don't be bullied by them. Stand firm and be firm in any dealings with them.

[Angry Cat]

Re: Goodbye and hello to Lowell !

The history is that I had a loan with M & S which I defaulted on due to not being able to maintain full contractual payments.I have been paying regularly £2.00 per month for the last couple of years. They did freeze the interest so the total outstanding to date was £4200.

In the correspondence I have just received the debt has now risen to almost £8500 (I guess that is all interest!)

I am unemployed and a full time carer for my autistic son.

Before I jump straight in, I would much appreciate some advice on the best way forward with dealing with this matter.

Many thanks

You state that the interest was frozen.
Do you have proof in the form of a letter stating same?

[Ruby]

Re: Goodbye and hello to Lowell !

Can't remember whether a letter was sent confirming the interest would be frozen. Last letter I have from them dated beginning of December stated my outstanding balance of £4200 - HUGE jump to £8500 considering the interest rate was originally 6.6% apr.

I have now decided not to do anything for the time being. I'm not usually ruffled by DCA's. Have done more research on internet regarding this company today. I really am surprised the are still allowed to trade. My only concern is they may put a default on my credit file and I was hoping to get a newer car this year. Have requested my credit file on a 30 day free trial. Can't wait to find out .......

[Angry Cat]

Re: Goodbye and hello to Lowell !

I would suggest that you gain information by making a Subject Access request (SAR) to M & S Money;
cost £10.

Write on the Postal order:
SAR statutory fee only;
send by recorded delivery and; keep copies of both letter + PO.