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Lowell full and final settlement

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  • Lowell full and final settlement

    Hi,
    I have about £26000 debt that includes 3 credit cards and a personal loan. They were all defaulted in 2015/16 and all of them were transferred to debt collection agencies. one of them was bought by Lowell (Halifax credit card amounting to £5500 and they added interest on it made it to £6500 and went to court and got a CCJ on it and that time, I was going through a severe depression due to a bad break up of marriage and I couldn't manage myself and my finances well and I lost my job and got evicted from the house as well. I lived with some relatives for sometime until I found a new job and moved back to London. During that period, I redirected my mails to a friend and didnít collect my post until the CCJ was already issued against me. I was not even aware that a monthly affordable instalment can be arranged with the lenders and finally ended up in defaults)
    It took around 6 years for me to come back to life again and moved on. One of my colleagues advised me that monthly affordable instalments can be arranged with the debt collectors too and I immediately called everyone and have gone through my income and expenses and arranged instalments accordingly.
    I got married again last year and we live as lodgers at present. Unfortunately, my landlord was diagnosed with cancer and after a few months in the hospital, they moved him to permanent care home and He wants to sell this house to pay his rental towards accommodation and nursing costs. We wonít be able to survive London rentals and even if we will be able to manage somehow, it will be difficult to pay the monthly instalments towards the debt.
    One of my friends has kindly offered to give me £5000, if I can manage to settle those debts in full and final settlements.
    I composed a letter to be sent to all the lenders explaining my situation and offering them full and final settlement amounts in pro-rota basis. I called Lowell to know my outstanding debt and it is about £6110 now and they refused to take any offer of full and final settlement as it has got CCJ on it and asked me to pay £10/ month even if it takes 600 months to pay it off (I very much doubt that I will live that longer as I am already 45) I even said, it is ok for me even if they mark CCJ as partially settled. But they were not ready for it and wants the full amount or continue paying £10/month.
    I am kind of stuck here and it is giving me sleepless nights and scared that I might slip into depression again. Can someone help me to resolve this with Lowell please?
    CCJ was issued in March 2016. Can they still enforce it even after 6 years after CCJ and get a fresh one against that debt and attach my property in future (If I were ever able to buy a house in the future)

    Many Thanks & Regards,
    Yash
    Tags: None

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