Lowell / EPF threatening bankruptcy

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

docs attached.

there does not appear to be a formal credit agreement signed by me when the loan was converted from secured to unsecured, only a letter signed by me confirming I would take financial ownership of the loan.

should there be some formal document in place to make enforcing the debt legal?

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

ive also recently checked all 3 CRA's and there is no listing of this account or default on any of them. very strange.

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

Hi all

is anyone able to provide me with some advice for the info I have recently posted.

thanks in advance

SYS2R

[jon1965]

Re: Lowell / EPF threatening bankruptcy

I am afraid that on this I am out of my depth . Weekends are quiet so hopefully tomorrow will see someone who has more experience.

It might not be important but why did you stop paying?

[Amethyst]

Re: Lowell / EPF threatening bankruptcy

Well Lowells seem to have gone to town with supplying you with the documents relating to the debt.

What is your position with the debt now ? If they were to take court action against you would you want to defend (ie do you dispute the claim?) or make an offer to pay by installments ?

What's your position regarding having a CCJ against you ? (ie do you want to avoid it going on your credit file / would a CCJ affect employment ? etc)

[Guest]

Re: Lowell / EPF threatening bankruptcy

Hi

Just to clarify, was the original loan a second charge and over 25K.

Was the subsequent arrangement covered by a separate agreement ?

[Guest]

Re: Lowell / EPF threatening bankruptcy

I do have a good reason for asking, if this was a second mortgage the subsequent agreement would have been a modifying agreement and should have been regulated(signed, prescribed terms etc) you can insist on a copy of this under section 77, if they cannot comply it is game over.

However if this was a first mortgage and thus exempt under section 16c they don't, so it is quite important.

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

Hi guys thanks for your responses and time.

I made some bad choices a few years ago after I split up with my ex. I lost my head and then buried it in the sand. At this point I stopped paying the loan. Bad move, i know.

I have received no communication from the lender at all regarding the debt until very recently. I do not have the funds to pay the loan all in one go, but they previously wrote to me and confirmed that I could pay £45 a month until the debt is clear. I would like to avoid getting a CCJ or being declared bankrupt as this would mean that I could lose my job, and I was hoping to be able to buy a house later this year with my current partner.

The loan itself was secured against a property me and my ex owned. This property has since been sold. It was for an amount over £25k. The loan was not via the mortgage provider and had a separate agreement.

What do you think is the best course of action as the debt becomes statue barred in June.

Thanks

SYS2R

[jon1965]

Re: Lowell / EPF threatening bankruptcy

I am sure the others will help on the technicalities.
The £45 a month, was that their offer or did you make it and they accept it?

Whatever the SB limit and written acknowledgement resets the clock

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

Hi Jon

The £45 a month was Lowells offer.I have not gone back to them about this and the no agreement has been made as yet regarding the debt.

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

I've just noticed the letter I received on Friday was dated 2/3, and they have requested that I respond within 14 days. This leaves me with another 6 days. Any help would be gratefully received

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

Hi guys

Could I have some further help with my query.

Thanks

SYS2R

[Guest]

Re: Lowell / EPF threatening bankruptcy

HI
In response to your PM, I post this on here as a suggestion so that others may comment or contribute.

Dear Sirs
Re account number
Your ref
Thank you for responding to my request for information regarding the above terminated account.

It was suggested in the letter accompanying the terminated agreement that the alleged post termination balance could be repaid under a new “unsecured loan”.

Any new agreement would need to be executed as prescribed by either section 61 of the act or section 7 of the agreement regulations (1983 1553).

An “executed agreement ” means a document, signed by or on behalf of the parties, embodying the terms of a regulated agreement, or such of them as have been reduced to writing and include all terms prescribed under the regulations and signed by both parties in order to represent a properly executed agreement and be therefore enforceable.(section 189)

No such agreement was ever “made” and would therefore be unenforceable in law.

However, subject to assurance that there will not be any negative markers placed on my credit file and that any other recovery action would be curtailed I am prepared to make the following without prejudice offer to settle the outstanding sum.

I will pay £xx per month commencing on until the debt is discharged, please confirm that this offer is acceptable.

[jon1965]

Re: Lowell / EPF threatening bankruptcy

Morning
I do not wish to interfere when I may not know all the details (but that has never stopped me before)
I appreciate that the OP does not want a CCJ or adverse mark on their credit file for a variety of reasons which I fully respect and understand.

If the debt is unenforceable in my understanding of the word would it be possible to maybe make either a low full n final lump sum or say a 50% offer over a period of time.

I can however see the benefit of just getting this put to bed

[SYS2R]

Re: Lowell / EPF threatening bankruptcy

I want to get this knocked on the head, but is it worth trying to negotiate for less than the full amount, as I'm sure the debt was not purchased for the full amount. If they say no, then i've lost nothing?

Is it a case of you don't ask, you don't get?