Cap one old debt sold to Lowells

[Cerbera7]

Hi everyone could do with a bit of help here.

i have an old debt with cap one the was in dispute when I made the mistake of answering an advert to have my debt cancelled. This company was placing newspaper and radio adds stating that the credit card debt was unenforceable so I paid them £1500 to sort it for me. Anyway long story short, they stole millions and went bust. This then left the debt in a sort of limbo.

last sept I received a letter from Lowells to say they had now purchased the debt from cap one. I initially chose to ignore but the letters began to come every couple of weeks. I then asked them to prove it. I did not acknowledge the debt.
it took them weeks but they sent me through a list of payments on the account and then the other day a photo copy of the short application I filled in 2002. The quality of the photocopy is quite poor but you can see my signature, however there (Capital One) signature looks as though someone has just doodled with a sharpie.

now at the moment I am I debt management. I have been for five years and have been paying the debts I listed slowly but surely and have seen the total debt coming down. This capital one debt is not on the list. The debt management company (Stepchange) are aware of it but placed it on hold at my request due to the dispute that was happening at the time.
So why am I on here.......well the last payment on the debt was March 2009 which means the debt will be statute barred in two months.

is there anything I can do now, at this late stage. Any help will be gratefully received.
also sorry for rambling on but I wanted to give as much info as possible to the post.
thanks

[nemesis45]

Re: Cap one old debt sold to Lowells

Hi Welcome,
You say " Old Debt" when was the account opened?
What is the default date?
When did you last make a payment or written acknowledgment of the debt is this definitely March 2009?
Does the account still show on credit reference files?
What is Lowell doing at the moment?

The " short application" form is insufficient on it's own, it must have all the Ts & Cs relevant from inception to closure of the account, any material amendments to the Ts & Cs during the life of the account and importantly with the Short app form any
other documents mentioned in that document.

How did Lowell describe the document as " a copy of your agreement"/ a reconstituted copy?

[Cerbera7]

Re: Cap one old debt sold to Lowells

Wow, thank you for such a fast reply.
i'll try my best to answer (please realise I am a total newbie to all of this).

definitely the last date anything paid was March 2009. Nothing has been paid since.
when I said old debt I meant that there had been nothing acknowledged or paid since that date. Shortly after this time I went into debt management for the rest of the debts I had, but this debt was not happening. I mean nothing, no payments no letters (as far as I can recall) for Capital One.
what they have sent through is the back of the short application form (a photocopy of) plus photocopies of two sets of terms and conditions. None of which has any dates or signatures etc any where.
Lowells are stating that this is "a copy of my credit agreement with capital one" they have also stated this complies with the consumer credit act 1974 sections 77-79 and the FCA's rules relating to to provision of copy of credit agreements.

hope this helps and once again thanks for such a quick reply.

[nemesis45]

Re: Cap one old debt sold to Lowells

Signatures are not required as this is a recon agreement. and it possibly does comply with CCA '74.
What is the date on the application form?

[Cerbera7]

Re: Cap one old debt sold to Lowells

Feb 2002 is the date on the application. Question is there are only two months left on the six year statute do you think it's worth waiting it out to see how far Lowells get before March?

cheers

[Cerbera7]

Re: Cap one old debt sold to Lowells

Bump
Any advice on this .......... Any one?...

[Amethyst]

Re: Cap one old debt sold to Lowells

Are one set of the terms they have sent v 7# ( bottom left corner of the pages) ?

It does sound like they will be compliant ( signed short app form, terms from back and reconstructed leaflet terms) so really if there's no other major dispute on the debt you have a choice whether to try and negotiate with them now to make affordable monthly payments, or if you wing it until it's statute barred and hope they don't enter a court claim (although you know you are on their radar and they have sent the cca already) - if you wing it and they do enter a court claim then you can try and negotiate with them at that point on the basis of a consent order so it doesn't go to a CCJ - but that's riskier of course and may cost you more payments wise than a deal you could cut before they have to go to court stage.


Also - '' last date anything paid was March 2009.'' will mean your stat barred date is arguably going to be April or May as cause of action is when the contract was breached - which wouldn't be until you missed a payment., so you may be winging it a bit longer than you thought.

I know its a tough decision and really no way of knowing if you did the right thing if you negotiate and start making payments now.

[Amethyst]

Re: Cap one old debt sold to Lowells

Also, just because I'm nosey

i have an old debt with cap one the was in dispute when I made the mistake of answering an advert to have my debt cancelled. This company was placing newspaper and radio adds stating that the credit card debt was unenforceable so I paid them £1500 to sort it for me. Anyway long story short, they stole millions and went bust. This then left the debt in a sort of limbo.

what company was that with ?

[Cerbera7]

Re: Cap one old debt sold to Lowells

Are one set of the terms they have sent v 7# ( bottom left corner of the pages) ?

It does sound like they will be compliant ( signed short app form, terms from back and reconstructed leaflet terms) so really if there's no other major dispute on the debt you have a choice whether to try and negotiate with them now to make affordable monthly payments, or if you wing it until it's statute barred and hope they don't enter a court claim (although you know you are on their radar and they have sent the cca already) - if you wing it and they do enter a court claim then you can try and negotiate with them at that point on the basis of a consent order so it doesn't go to a CCJ - but that's riskier of course and may cost you more payments wise than a deal you could cut before they have to go to court stage.


Also - '' last date anything paid was March 2009.'' will mean your stat barred date is arguably going to be April or May as cause of action is when the contract was breached - which wouldn't be until you missed a payment., so you may be winging it a bit longer than you thought.

I know its a tough decision and really no way of knowing if you did the right thing if you negotiate and start making payments now.

Hi, cheers for the reply. None of the t&c's have v7#. One has v6# and the other has v14#. I'll look for the paperwork to tell you which company ripped me off.

once again cheers.

[Amethyst]

Re: Cap one old debt sold to Lowells

Okay v6# is probably early 2002 then so that'll probably be okay. If you can scan a copy of the v6# that would be helpful for me please.

[Amethyst]

Re: Cap one old debt sold to Lowells

V14# is 2009 http://www.legalbeagles.info/forums/...-T-amp-Cs-2009