Lowells Agreed Settlement - Is this Genuine ****URGENT****

[simon71]

Please can you help.

 

I have done a deal with Lowells for a settlement at 30% of my debt and have agreed a repayment plan over three months. The only correspondence they will send me is confirmation of the payment agreement and allegedly will send me a zero balance statement on completion of the arrangement. They will send no bespoke email although they verbally say that the debt will be registered as partially satisfied with the credit reference agencies and therefore will not ever be chased again.

 

I am really worried that they will not outline their agreement to me. Should I be concerned or does anyone have any experience of this. I only have until tomorrow.

 

Thank you so much.

[padja]

Before agreeing to settle this debt did you check if it was Statute Barred? if not you should have done. I believe by acknowledging this debt you have set the SB clock again. Have you checked they had a valid CCA? If you have not done these then let others guide you as to if you should be paying Lowells anything at all let alone 30% of debt.

[BRIGADIER2JCS]

You could withdraw your offer until they confirm the arrangement

in writting, mu guess is that they want to sell the balance on after

you settle if they can.

I would want the entry removed from credit files completely.

[Conniff]

30% and they are still making a fat profit from you, it just goes to show how much they buy these debts for.

 

Partial Settlement will be stated on your CRA file, that says to me that they (or someone else) can decide to chase for the unsettled part at any time they wan't.

 

If they are not prepared to say so in writing, then, as usual they can't be trusted and they obviously have other plans. If you can get them to say on the phone that it is a 'Full and Final' settlement, then do that but record the phone call for your security.

[simon71]

Thanks for the advice. I should have mentioned they have sent me CCA's on the accounts in question and are more than happy to cancel the arrangement than sending me a bespoke email.

[simon71]

They won't say it is in full and final settlement but they will say that the balance will be zero and the debt will never be chased again as it won't exist.

[ims21]

Hi

 

I agree with Conniff....are you sure they have not given in too easily?

 

And of course you would want written confirmation (or at least a recorded phone conversation) where they agree not to sell on the balance.

 

You haven't said what type of debt this is.....is it a loan, a credit card or something else?

 

Have you reclaimed everything you are entitled to like unlawful charges and PPI which should be done before any Full and Final is agreed.

 

Bit more information would be good I think.

 

ims

[simon71]

Sorry, I am inexperienced hence the lack of information. It is a culmination of three credit card debts. There was no CCI and am leaving the country in three months hence they agreement to the deal.

[Bazooka Boo]

Are you coming back to the UK?

 

Who amalgamated the three debts together?

 

This stinks, and I wouldn't touch it with a barge pole, your about to be fleeced of money you don't owe.

WHO is the original creditor, and how old are these alleged credit cards?

 

Don't do anything just yet.

[simon71]

The debts have not been amalgamated. They are three separate debts which are all with one agency. I could come back to the UK which is why i am proactively trying to do deals.

[Conniff]

You haven't responded to probably the most important point asked, how old are these debts??

[simon71]

When you ask the age of the debts they date back about 14 years but i have had copies off all the signed agreements

[BRIGADIER2JCS]

Have paid anything towards these debts?

Have you acknowledged liability in writting?

[daverules]

This is taken from another Bazooka Boo post but I think is most relevant,

answer the following:

 

Certainly more info needed please.

 

Who is the Original Creditor (OC)

When was this taken out?

When did you last pay anything toward it?

What is the amount owed?

Has it been terminated? (the agreement)

 

And regarding the "partial settlement"

I took a partial settlement with a DCA and sure enough the balance became zero, but that was only

zero to that particular DCA, the remaining monies were then chased by another DCA so unless it's

Full and Final in writing I would not trust them.

[dx100uk]

never ever pay a discounted debt - end of!

prob SB'ed or 90% PPI/Penalty charges

 

check your cra file as a matter of urgency too.

 

dx

[Conniff]

The OFT has issued the following to debt collection companies:

 

The debtor should be made aware that the debt still exists (where this is the case) and could be pursued

at a later date and that even if the creditor itself commits not to further pursue the debt, the debt could

still subsequently be purchased from the creditor by another business that may decide to pursue the debt.

 

Just make sure it is in writing or tell them to stuff it.

[Bazooka Boo]

14 YEARS!!

Regardless of the CCA's, when did you last pay anything toward these?

I don't think you owe anything now, and these chancers are about to fleece you blind.