Lowell discount offer letter

[mrneedshelp]

So I received a discount letter from Lowell for a default I'm currently paying £10 a month for. It's an old credit card debt £2000 outstanding and the letter is offering a 90 percent discount payable over 3 months.

Should I take this offer never had anything like this before.

Thanks

[echat11]

You could consider making a counter offer.

[mrneedshelp]

Ok thanks never even thought of that. It asks for me to call them on the letter, should I do that or write them?

I only have about a week for the offer to be valid.

[PallasAthena]

A 90% discount? So they will accept £200, payable within 90 days, to write off a £2,000 debt? If you've got the cash it sounds like a good deal. If.....

Even so, if you can negotiate it down even lower as echat11 suggests even better.

[echat11]

A 90% discount? So they will accept £200, payable within 90 days, to write off a £2,000 debt? If you've got the cash it sounds like a good deal. If.....

Even so, if you can negotiate it down even lower as echat11 suggests even better.

But make sure it's a Full and Final Settlement, no loose ends.

[DE DOGS]

Seams quite a decent deal. I gave a family member one of my cards to help, the debt was run up to +£5000, never paid any payments,I received an offer, negotiated with the debt purchaser settled the debt for £600. Lesson learnt.

[Tinyviolet]

Hi,
I've just had one of these letters through and something I noticed was that it states " Accepting the discount may effect your credit file. The account will show as 'partially satisfied' for up to 6 years after you have paid the discounted balance in full. This can affect your credit rating and may affect your ability to get credit in the future."

I'm 2 years into my default so by accepting this discount it will be 6 years from my settlement and it will only show as partially satisfied. It's a big discount and I'm weighing up which is worth more to me.
Any advice would be welcome

[echat11]

Hi,
I've just had one of these letters through and something I noticed was that it states " Accepting the discount may effect your credit file. The account will show as 'partially satisfied' for up to 6 years after you have paid the discounted balance in full. This can affect your credit rating and may affect your ability to get credit in the future."

I'm 2 years into my default so by accepting this discount it will be 6 years from my settlement and it will only show as partially satisfied. It's a big discount and I'm weighing up which is worth more to me.
Any advice would be welcome

Please start your own thread.

[Themoneyshot]

You say you’ve been paying a small amount and it's an old debt. Have you considered whether this debt is actually enforceable? The large discount suggests Lowell may not consider it enforceable and a cca request could end it more satisfyingly.

[DE DOGS]

As advised, this seems a good settlement offer to me, a one-off payment with no more stress, but as advised by ECHAT, make sure you have a confirmation letter that the debt is finally paid, that is most important.

[DE DOGS]

As advised, this seems a good settlement offer to me, a one-off payment with no more stress, but as advised by ECHAT, make sure you have a confirmation letter that the debt is finally paid, that is most important.

We have a family member with debt, and the debt buyers, will not entertain any offer of a settlement.