Lowell and Barclaycard

[sillydog2]

Hello everybody, and thank you in advance!

I've just received two letters in the same envelope, one from Lowell Portfolio 1 Ltd, and the other appears to be from Barclaycard. The one that requires to be from Barclaycard features a blue and green logo, whilst the one on the site is blue on blue. It is signed "For and on behalf of Barclays Bank PLC" and states that my account was sold to Lowell's in the middle of 2010. Both letters are dated 4/12/2012. Are they both from Lowell's, or is one really from Barclaycard?

I understand that Lowell's purchased my account. Does this mean that I no longer owe Barclaycard any money, but have a debt with Lowell's instead? Or have they actually cleared my Barclaycard account on my behalf, which some of the other threads seem to suggest?

At a guess, about 75% of the original account is likely comprised of credit card charges, the current figure surprised me...

"If we don't hear from you or receive your payment shortly..."

How long is shortly? Is that one week, or considering this is first contact since account purchase, does that mean one year?

Will they force bankruptcy on me if I make a wrong move?

What's the best first step? Is it possible to find out how much they paid for the account?

edit.

I've now read quite a lot of forum posts, and have seen lots of conflicting information. I really don't understand exactly what rights Lowell have purchased, and exactly what I should do.

I've also just asked for an experian credit check. It said it would take 2 days to process. Is this normal?

[sillydog2]

Re: Lowell and Barclaycard

Ok. More information.

I had to leave the UK after graduation as it was impossible to find work here, whilst I'd secured work overseas, it was low pay and there's absolutely no connection between theirs and ours banking system. So I just paid off as much as I could on the credit card, tried to see if I　could freeze the debt somehow, I couldn't so I just had to leave it. When I left, I'm sure that the total was just around 200 pounds max.

I've come back, and have received a first letter from Lowell, which states that the account was sold to it by barclaycard in the middle of 2010, and they intend to recover what I owe. The sum is more than 3 times the original figure.

The letter headed barclaycard says:

We hereby give notice of the assignment of the debt due to us from you in respect of the balance of ...... outstanding on your Barclaycard account.

On...... your account was sold to Lowell Portfollio I Ltd.

etc etc.

Signed.... For and on behalf of Barclays Bank PLC.

The Lowell letter introduces Lowell, states again the sale of the account and encourages me to ring them to pay this money to them. If it means anything, the opening date on the statement of account on the back of the page is over 4 years ago. It's possible that I haven't touched the card in several years, as I've spent most of the past decade in a foreign banking culture.

I hope that this makes the situation clearer.

Thanks.

[Mr Kangaroo]

Re: Lowell and Barclaycard

Hi Sillydog2,I suggest you check the link http://www.legalbeagles.info/forums/...lute+agreement (or do a search 'absolute assignment') where you'll get more info as to whether Bcard still own the debt or not. The wording on the letters you've received will give you a clue.

[sillydog2]

Re: Lowell and Barclaycard

Hi Sillydog2,I suggest you check the link http://www.legalbeagles.info/forums/...lute+agreement (or do a search 'absolute assignment') where you'll get more info as to whether Bcard still own the debt or not. The wording on the letters you've received will give you a clue.

Hi Mr Kangaroo, and thanks for replying,

"Your outstanding account with Barclaycard was sold to us on....., and we will now be recovering what you owe."

I take it that absolute assignment is much worse than legal assignment?

[distressedcarer]

Re: Lowell and Barclaycard

Hi,
This is important. Lowells said I owed First Credit £930. After advice from Legal Beagles I asked for a copy of the original credit agreement. They, of course, could not find it because the debt had been sold on. Do the same, ask for a copy of the original credit agreement IN WRITING.

YOU MUST SEND ALL CORREPSONDENCE BY RECORDEDDELIVERY/registered post (THE CHEAPIE ONE FOR A QUID OR TWO WHICH REQUIRES A SIGNATURE). If you don't they'll pretend they haven't receive it.

Do not talk to them on the phone; do not let them frighten you into phoning them.

They wrote the debt off in my case, so ty this before you panic and before you do anything else.

Peace and love and you are not alone dude
.
Jackie XXXX

[sillydog2]

Re: Lowell and Barclaycard

Thanks for your advice Jackie, I'm trying to rebuild my life, and paying at least an extra 500 quid in credit charges ain't gonna help...

I've just been able to access my credit report and it says this:

Credit cards

LENDER

STATUS

Lowell

Default

Does this mean that Lowell have absolute assignment?

[distressedcarer]

Re: Lowell and Barclaycard

Sorry Sillydog2, I know bugger-all and was trying to help based on my own experience, which is probably not a good idea as you probably know a lot more than I do. Do hope you get some help and sorry for poking my nose in - I meant well.

[sillydog2]

Re: Lowell and Barclaycard

Jackie, I was thanking you. Your suggestion was much appreciated. I'm just trying to work out 100% the best mode of attack!

[Mr Kangaroo]

Re: Lowell and Barclaycard

I understand that Lowell's purchased my account. Does this mean that I no longer owe Barclaycard any money, but have a debt with Lowell's instead? Or have they actually cleared my Barclaycard account on my behalf, which some of the other threads seem to suggest?

This what I would do personally but others may have different approach.

Firstly, I would give Lowell a call and ask them if the assignment was either of the below, then probably ask a copy of the letter as it's only 2 years ago then it should be straightforward. Once I've determined, I would ask for a breakdown of the charges which I believe they could tell you over the phone.

Types of Assignment

Agent - The DCA is acting purely as an agent for the OC and in this case has NO legal powers at all.

Legal (Equitable) Assignment - The DCA is sold the rights to collect the debt, but NOT the duties. In this case they can only take legal action with the OC's full compliance, although they often mislead people as to what this means. This can cause problems, especially with CCA requests, but isn't surmountable. This mechanism is often used for "sale or return" debts.

Absolute Assignment - The entire debt, rights and duties, is sold to the DCA under the Law of Property Act 1925 s136. In this case the DCA now has all the rights, duties and powers of the OC. For this to occur the DCA/OC must inform the debtor that the assignment has taken place in substantiated writing, basically a recorded delivery letter. As the DCA has now replaced the OC they are bound by CCA74 and all that entails.
*****************

Once you have all that info then you know where you stand. Because you are not disputing the debt then you can negotiate either a settlement figure or make a suitable arrangement to pay the sum owing.
As for bankruprty I very much doubt although I would check if they are considering a CCJ (but, I think that much depends on the type of assignment above, not so sure here somebody might want to contribute here).

Once, you have reached a settlement and cleared the debt then make sure Lowell/barclaycard update your Credit Files with CRAs (Experian, Equifax and CallCredit) from 'Default' to 'Satisfied'. Althought it would take 6years from the regd default date to disappear completely (either default or satisfied).

I would ask Lowell, under your circumstances (i.e being away and difficulties in communicating, etc.) if I could settle for 50% of the debt and see what they say.

As for how soon is shortly... I believe once you've got intouch and start the above enquiries and ask Lowell to put matters on hold while you are waiting for the information I believe they should be able to do so although I can not be certain on this but they ought to give you a breathing space.

PS.
Have you checked if you had PPI on your Credit Card? Because if you did and establish it was missold then that could help reduce your debt and perhaps pay nothing (and probably BARCLAYCARD could OWE you money instead!! ).

[Mr Kangaroo]

Re: Lowell and Barclaycard

Please read the link I'e provided above, very helpful especially when you want to know where you stand legally.

[Mr Kangaroo]

Re: Lowell and Barclaycard

Not sure why you have two letters with different marks on them but same date, it could well be a letter from Bcard notifying you of the assignment, but look for sentence(s) like "this letter is to give you notice of assignment of the debt" or "assigned" although somewhere it might also say "sold to". If you call Lowell ask them what type of assignment is it and they should be able to tell you.

[sillydog2]

Re: Lowell and Barclaycard

Thanks for your advice Mr. Kangaroo

The two letters came in the same envelope. One of them is definitely from Lowell, one of them claims to be from Barclaycard but seems to have been written by Lowell, and only gives contact details for Lowell, not Barclaycard, plus as I　mentioned earlier, the logo seems wrong.