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Lowell Finance Buy Lloyds Debt


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Hi

My wife and I had a joint account which was active up until about 2005(ish) which had a large overdraft that didn't get cleared. The same account had been hit with severe bank charges over a 18 month period which, when worked out by a very good friend who helped me enormously in the past, equated to about £6,000 Lloyds would have owed us.

 

 

Lloyds tried to get this overdraft back and we tried to claim the charges. Kind of a stand off. We put the account into dispute so they sent the account to several debt collectors who all got told the account was in dispute. They asked why and we responded with, "ask your client, the bank, we are not clients of yours and we have no obligation to tell you anything." They basically left us alone after a little poking and prodding and realising they couldn't really act on a disputed account.

 

 

So now we have Lowell Financial, whoever they are as we've never ever dealt with them before.

They post 3 letters to my wife only, not to both of us as it was a joint account.

 

The first letter says

 

"Lowell Portfolio I Ltd wrote recently to let you know they have bought the outstanding balance you had with Lloyds. You have not yet cleared the outstanding balance or entered into a repayment plan, so they have asked us to get in touch"

They then waffle on a bit about options.

 

Now surely if Lowell bought the debt Lloyds can't have "asked us{Lowell} to get in touch."

 

We have had 2 letters since and I want to respond correctly I'm just not sure how to. I've read the topics on Lowells and none of them directly link to this case.

 

Part of me wants to write a simple letter stating I don't recognise any debt with their company and have never had any dealings with them before.

 

Another feels like mentioning the supposed debt is disputed and that's their daft fault for buying a disputed account debt. But surely Lloyds can't sell a disputed account debt as it is a disputed account.

 

So please someone put me right on my thoughts and feelings and advise me what my next steps should be

 

many many thanks

 

djwshort74

Edited by citizenB
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Hi Welcome to CAG,

 

Since the OFT lost the landmark test case on bank charges on current accounts/ODs they are not realistically reclaimable.

 

Lowell are debt purchasers and will have bought the debt/account from the bank and are now the beneficial owners.

 

Lowell has debt purchase arms e.g. Lowell Portfolio 1, etc., and debt collections arms to manage and collect debts, plus Red Debt Collection and Hamptons Legal in house litigation department.

 

LLoyds as the creditor is free to consider that at any point no dispute is relevant/has ben answered.

 

This will have arisen because of the bar on reclaiming charges.

 

Now Lowell are much inclined to issue statutory demands for payment on debts of £750.00 + so care is needed.

 

Have you checked credit files yet? If not do so asap.

 

Do you know when this account was defaulted and or when the last transaction or written acknowledgment took place.

 

Write nothing at present it could cause major problems, the info requested above is most important.

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Thank you for such a prompt reply

 

"Have you checked credit files yet? If not do so asap."

I am not sure what or which files you talk of. I'm swimming in totally unknown territory and only go off advice given a few years ago.

 

Do you know when this account was defaulted and or when the last transaction or written acknowledgement took place.

 

I really can't remember when this account was last used, it's been dormant and frozen for years, at a guess 2005/6. The last time anything written was posted between ourselves and Lloyds was probably between 2005/6 and 2007/8.We spent about 1 and a half years trying to claim the charges back. Lloyds wrote to us saying that there was going to be a court case with the OFT, that was the last letter. It's been debt collectors since then and they've not acted on it after I advised them of the dispute, not the actual reason of the dispute, just that their is a dispute.

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Ok you need to check credit reference files , Equifax, Experian ( Credit Expert as seen on TV), Call Credit which has a free offshoot called Noddle but it's not always up to date.

 

Experian and Equifax have free 30 day trials on line.

 

You need to check the default date, date last delinquent payment (if shown) and the amount shown a outstanding.

 

The OFT lost the test case hence no more disputed account.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Yes, you need to establish the last transaction on the account then we can advise further.

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In may take a couple of days but my wife and I will try and find what you ask.

My wife did a credit check about 6 months ago and it came back clean.

I was advised not to do a credit check as after some folk who did a credit check then suddenly started getting letters about past debt that had lost them.

I was taken to court this year by Lloyds over a personal loan I defaulted on as I'd lost my job so that will be on.

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Checking you own CRA files is ONLY SEEN BY YOU!!!!!!

 

She needs an up to date file now.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Can I just say thank you for contributions thus far

 

Rodger, Understand

I will do this and am looking for the bank statements

Noddle is the recommended free one as cash is in extreme short supply

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