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Halifax overdraft sold to Lowell Portfolio 1


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Halifax have sold an old overdraft to Lowell Portfolio 1. I have been receiving and ignoring letters for a long time, but have now decided to get my head out of the sand and sort my finances out. The current account the debt refers to has been closed for several years. It was originally opened 02/11/94 and the default date on Equifax is 13/01/10. I have been offered increasingly large discounts from Lowell to settle the account. Most recently they sent me an offer of a 50% discount. Should I consider myself lucky and accept the discount or would it be possible to try for a larger one? I ask as I'm going back into full time education after losing my job and so don't have two pennies to rub together. Any thoughts / advice greatly appreciated.

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Thanks for the quick reply! Do you think there might be a problem with enforcing the debt as it refers to a 19 year old account? I'm guessing if they had the required paperwork they wouldn't offer such a big discount. Then again I think they probably bought the debt for next to nothing so it's maybe just a way to get a quick profit on it. I have a similar situation with a Halifax credit card where I've been offered a 70% discount.

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