Lowell 70% discount but selling remainder to another agency?

[jake3103]

Hi my sister`s ex partner built up debt using her store card about 3 / 4 years ago, that she is unable to pay and it went to Lowell

They are offering a 70% discount that looks attractive at first but as with anything the wording leaves a lot of room for potential trickery.

"Once you pay x (30%) you`ll be debt free with Lowell in x"

Notice they use the word "Lowell", So what stops them selling the remainder 70% on to another debt collection agency? They bought the debt so presumably can sell it on again for another company to chase the balance?

Has anyone experienced this from Lowell thinking they have seen the end of it only for it to re-surface under another company?

[echat11]

Hi Jake

Welcome to LB

Make a counter settlement offer, see if you can get a bigger discount (state cost of living crisis etc) the offer letter will state that it's a Full & Final Settlement, so that will be the end of the matter. Make sure you get Proof of Postage.

https://moneynerd.co.uk/full-and-fin...lement-letter/

Remember they bought the account for pennies.

[jake3103]

Thanks for the reply, however just a thought if its in the default stage and 4 years old how long will it remain on file if she makes a partial payment?

Does the clock start again for another 6 years?

Does it remain at the partially settled stage on file indefinitely if its never pursued further to CCJ?

[echat11]

Thanks for the reply, however just a thought if its in the default stage and 4 years old how long will it remain on file if she makes a partial payment?

Does the clock start again for another 6 years?

Does it remain at the partially settled stage on file indefinitely if its never pursued further to CCJ?

a) Does the clock start again for another 6 years?

No

b) Does it remain at the partially settled stage on file indefinitely if its never pursued further to CCJ?

No