Another Lowell case...

[stuey2010]

...I recently joined the forum but I have already noticed that Lowell have a rather poor reputation on here (and rightly so of course).

 

Anyway, I have been receiving letters from Lowell for years, for a Capital One CC account from late 2004, that was defaulted on in late 2005.

 

All the letters say much the same thing, offers to pay a one off amount for full settlement, threats of legal action and doorstep visits etc. As I say though, Ive been having these letters for quite some time, so I very much doubt if Lowell are able to carry out any of their threats.

 

So to the reason for my post on here, I have been looking into my credit file and credit history. And as things stand, I'm a bit middle of the road, with a "fair credit score". But I want to improve that. I havent missed a payment on anything - loans, phone contracts, credit cards etc in the last 3 or 4 years. But this default from Lowell/Capital One remains on my Credit file and is a massive blemish. And I want to get rid of it.

 

So, would you recommend making an agreement with Lowell to pay back the debt, or going down the CCA request route, not acknowledging the debt and fighting to have it removed from my credit file?

 

Apologies for the long post, thanks for reading.

[cerberusalert]

It drops off your file automatically six years from when you defaulted. Also if you haven't paid anything for a period of six years it will be Statute Barred.

[stuey2010]

Thanks for the reply.

 

Im aware of the 6 year rule, but Id have to wait until the end of 2011, about 18-20 months for that. To be honest I'd rather pay Lowell or fight them to have it removed.

 

The fact that they just continue to send me letters and don't follow up their threats makes me think that they don't actually own the debt and therefore don't have the power to enforce it. Is that possible?

[sam614]

the name of the game with lowlifes is to threat,then change tack to "we

 

are here to help you,wonderfull reduced f&f offers,then back to threats.

 

these cretins do not know their backside from elbow,and often get confused as to what they have already sent.

 

they have not had a response from you this is prob why they have held back,chances are they do own it.

 

what name is on the default?

 

you could try the cca route.and if they can't produce it,that will give you more bargaining power to try for a settlement on the condition that they remove.

 

don't know of any instance that they have gone for that though.

 

plus by contacting them,confirming address etc you may risk them turning the heat up IF they by some miracle obtain your cca, or even selling on if they can not.

 

 

could you not wait the 20 month to SB.

 

sam

[dx100uk]

TBH if you contact them you might open a can of worms.

when was your last financial transaction on the CC?

 

dx

[stuey2010]

they have not had a response from you this is prob why they have held back,chances are they do own it.

 

what name is on the default?

 

plus by contacting them,confirming address etc you may risk them turning the heat up IF they by some miracle obtain your cca, or even selling on if they can not.

 

could you not wait the 20 month to SB.

 

sam

 

Hi Sam, thanks for the info.

 

The name on the default is Lowell Portfolio, which Im assuming is proof that Lowell do indeed own the debt?

 

Its not out of the question that I could wait 20 months, but Id rather not. As having this one default on my credit file is/could make it difficult to obtain certain types of credit (CC, mortgage etc).

 

 

TBH if you contact them you might open a can of worms.

when was your last financial transaction on the CC?

 

dx

 

Hi dx, according to my credit report, the account was defaulted on 22/12/2005.

 

Generally speaking, Ive always had poor credit, but in the last few years Ive turned things around and paid every bill/debt etc on time or even early. As a result I have a good relationship with my bank, I can get the best mobile contract deals and I even have access to decent APR on loans.

 

But this default is hanging over me and spoiling an otherwise unblemished credit record. Its only for £693, and Lowell have offered me less than half that to settle.

 

You've both said that by contacting Lowell I could be making things difficult for me, in what way? Lowell seem to have my up to date address, as I only moved a short time ago.

 

If I were to come out of the woodwork (so to speak) and agreed to settle the debt in one of the ways they are offering and thus acknowledging the debt, could/would Lowell play silly buggers and start throwing more charges at me?

 

Thanks again

Stu

[cerberusalert]

They are not referred to as Lowlife for nothing. If you do negotiate a full and final offer it is important that you include the proviso that they remove all adverse information from your credit file, also it is very important that all negotiation is done in writing only. It has been alleged that some DCAs will agree to something verbally and then renege on the deal at a later date either by demanding further payments or selling the debt on.

 

If you do go down this route you should prepare and get as much ammunition as you can, this would mean requesting a CCA to determine whether the agreement is in fact enforceable & possibly send a SAR to the original creditor to see whether there are any PPIs or unfair charges which you could reclaim thus reducing the balance even further.

[dx100uk]

if lowlife are offering 50% off then they have no paperwork simple!

and as cerb says, it won't be the last of it, you'll do very well to get them to write the rest of the debt off even if they say they will...they dont.

you'll get partial settlement marker too.

 

id stick my head back in the sand for XXX months and await SB'ing and it falling off your CRA file.

 

i'd sar cap1 before doing anything rash.

 

dx

[247orbital]

I would SAR Capital One to see exactly when the account defaulted. Only the original Cap 1 default date is valid. DCA's often as if by magic invent there own default dates. Check this as it may be due to drop off your credit file quicker than you think.

I personally would be reluctant to enter into any negotiations with Lowells.