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Lowell Finance and the next step


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Guest c0rnland

Well if i'm going to lose my forum cherry this is probably the best place to do it!

I have recently been contacted about an outstanding debt with a current high street bank which has now been defaulted. Lowell have kindly taken this debt on and are now ready to take me for every penny i have!

My aim here is to hopefully help those who are contacted by Lowell in the future AND receive invaluable assistance myself while dealing with Lowell.

After constant badgering and threats of all manner (from taking me to court to reposession of goods) i decided to contact 'National Debtline' on 0808 808 4000 for advice. They were very helpful and sent out copies of letters and an infomation pack to assist me. 1 very important thing to remember is to deal with Lowell in writing only as the agents you contact by phone work on a comission structure and will do anything to take your money from you there and then!

From the pack provided i sent a letter (body below) on the 20th September along with £1 to gain a copy of the original agreement and a statement of the account. If they can not provide this, within 12 working days, then they can not take further action against you until they do so. If they do not reply within 1 month, they can be prosecuted.

Letter 1

Dear Lowell Finance,

With reference to the above agreement, I would be grateful if you would send me a copy of this credit agreement and a full breakdown of the account including any interest or charges applied. I understand that under the Consumer Credit Act 1974 (sections 77-79), I am entitled to receive my credit agreement and a statement of the account on request. I enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I understand that a copy of my credit agreement and a statement of the account should be supplied within 12 working days.

I understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I look forward to hearing from you.

Lowell replied on the 28th with a copy of my credit agreement, prompt but not everything i asked for, they await my proposal for payment within the next 7 days. I would like to check what the balance is made up of, interest and bank charges i'm sure play a big factor in the figure i have been sent and this is 1 thing i do not want to pay for. Reading through my pack I'm under the impression that this is something i shouldn't have to pay for but this is something i need a confirmed answer to, if anyone has that answer?

Anyway, i will send my second letter tomorrow.

Letter 2

I am in receipt of both your letter (dated 28th Sep 07) and a copy of the credit agreement as requested in my original letter (dated 20th Sep 07).

With reference to the above agreement, I would be grateful if you would send me a full breakdown of the account including any interest or charges applied as stated in my original letter. I understand that under the Consumer Credit Act 1974 (sections 77-79), I am entitled to receive my credit agreement and a statement of the account on request. I enclosed a payment of £1 which represented the fee payable under the Consumer Credit Act 1974 with my previous letter.

I understand that a statement of the account should be supplied within 12 working days.

I understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the statement of account under these sections of the Act.

This is pretty much letter 1 just a few words added and a few changed.

As i said, my first posting to a forum, hopefully this wil help others and hopefully i will get the assistance i require too. I'll keep you posted on further developements. Until then stay calm, don't fall for the threats and, if you need it, seek advice (not from me though - i'm in the same boat as you! :D

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