Lowell chasing an account that defaulted 5yrs & 5mth ago

[Beakybodkin]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Thanks ODC and Amethyst.
Not disputing either amounts. Yes, this was from a capital one bank account.(£722) I have another letter, from Hamtons again, but this goes to my dad's address, (£218) then he passes it tom me.
I shall wait for other letters and then will be in touch. You're right, don't think it'll stretch out till August when the stat barred will take affect.
Thanks

[Beakybodkin]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Hamptons have sent another standard letter, one to each address. But nothing new to report for the moment.

[Beakybodkin]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Morning,

Next letter from them states the following:
Avoid Legal proceedings

The legal owner of this debt Lowell Portfolio I Ltd would like to mkae one final offer to resolve this matter.

• Pay 50% of the balance, which is £361.18 to settle the account
• Pay £40 a month until you paid off your balance, or,
• call us and agree a monthly instalment amount that is affordable for you

If i contact them within 10 days i can avoid my account being referred for legal action. We are not required to write to you again to make further offers of repayment or offer further discounts on the amount you owe.

The next correspondence you recieve will relate to action. This may be a CCJ.

Unfortunately, i dont have that amount of money at this time. I know it doesn't sound alot, but to me it is when i don't have credit facilities or credit cards etc.

Please advise.
thank you.

[Celestine]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Hang on a second. You say your credit file shows the account as Defaulted August 2008?

That would mean the last payment was probably some months before that and the issue of a default notice subsequently.

The credit file default date is therefore often much later than the actual default/last payment required to trigger the Limitation clock to start ticking.

Can you check old bank statements?

This account could already be time barred.

[FlamingParrot]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Morning,

Next letter from them states the following:
Avoid Legal proceedings

The legal owner of this debt Lowell Portfolio I Ltd would like to mkae one final offer to resolve this matter.

• Pay 50% of the balance, which is £361.18 to settle the account
• Pay £40 a month until you paid off your balance, or,
• call us and agree a monthly instalment amount that is affordable for you

If i contact them within 10 days i can avoid my account being referred for legal action. We are not required to write to you again to make further offers of repayment or offer further discounts on the amount you owe.

That's a common, template-based DCA letter and nothing special, nor are you obliged to comply. Given that this is on the edge of being SBd, :clock: it may be a last ditch attempt to get you to acknowledge the debt, as any offer or settlement or repayment would constitute acknowledgement, :scared: so BE VERY CAREFUL there.

As Cel says above, this could already be SBd, in which case, acknowledgment wouldn't make it un-barred, but you are not 100% sure so it's best to stay on the safe side and don't make any offers at this stage.:tinysmile_kiss_t4:

The next correspondence you recieve will relate to action. This may be a CCJ.

No, it won't be a CCJ! :nono:

That's extremely misleading! :mad2: :mad2: :mad2: CCJs don't just pop in with the post, they would have to issue a claim, which you would have the opportunity to defend. :thumb:

Unfortunately, i dont have that amount of money at this time. I know it doesn't sound alot, but to me it is when i don't have credit facilities or credit cards etc.

Even if you did, it wouldn't be wise to do as they ask, for the reasons above, if nothing else. Not to mention the fact that you could have better things to do with £361, I would!

[Beakybodkin]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Thanks people,
so, with this in mind, the best course of action to take at this stage is still just to sit tight and see from here? I was thinking of borrowing money from friends and paying the 50% reduction in order to save it being the full amount £722 later. But if your professional advice is to wait further, i will do that. I don't have any bank records i'm afriad, but i think i have a letter from the bank saying that they have passed the account to Lowell if that helps?

Thanks again.

[FlamingParrot]

Re: Lowell chasing an account that defaulted 5yrs & 5mth ago

Thanks people,
so, with this in mind, the best course of action to take at this stage is still just to sit tight and see from here? I was thinking of borrowing money from friends and paying the 50% reduction in order to save it being the full amount £722 later.

Given how close this is to SBd, I'd be inclined to agree with the idea of holding off to avoid acknowledging the debt. :thumb:

But if your professional advice is to wait further, i will do that.

It's not professional advice, just a suggested course of action based on experience.

I don't have any bank records i'm afriad, but i think i have a letter from the bank saying that they have passed the account to Lowell if that helps?

Thanks again.

That would be a notice of assignment, which wouldn't mean much in terms of establishing the date when this will be SBd, since the timing for debts to be sold after default varies wildly. In my case, one was sold just a few months later, while others defaulted over 4 years ago, haven't been sold. :noidea: