When Lowell Pays YOU!!

[fkofilee]

So I raised a complaint regarding a Cap One Account i paid in full for back in 2014. They promised to update it to Satisfied and failed to do so.

 

I kicked off with their Execs Team and they ended up paying £50 in compo and agreed to correct it.

 

Just remember - DCAs are not FOOLPROOF and YOU CAN get your own back...

[Guest]

they shld mark it as satisfied if paid in full!

an obligatory 50.

[ericsbrother]

lucky for them you accepted the £50. Im sure Richard Durkin wouldnt have

[unclebulgaria67]

Lowell paid me more than £50, when i never had any debt with them. They wrote to my address relating to a relative abroad and even though i kept telling them, they kept writing and passing the debt on for other DCA's to chase. They ended up paying me compensation and writing the debt off.

 

Had i not been a third party in this, i would have pursued further with regulators. I found the whole debt chasing process to be very suspicious or totally flawed. The debt amount shown in letters was increased for no apparent reason. They keep churning out simple demand letters without ever providing details of how a debt had been calculated. If interest and chages were being applied, no information was ever provided. When a debt increases over a few years from £800 to £2400 after several transfers between DCA's and when they get pulled up on it, they reduce it back to £800 and it gets written off, then something has gone wrong.

 

At some point DCA's are going to be under more of a spotlight and if they don't get their act together, they will get into major trouble, with much more regulation applied.

[brassnecked]

Lowell paid me more than £50, when i never had any debt with them. They wrote to my address relating to a relative abroad and even though i kept telling them, they kept writing and passing the debt on for other DCA's to chase. They ended up paying me compensation and writing the debt off.

 

Had i not been a third party in this, i would have pursued further with regulators. I found the whole debt chasing process to be very suspicious or totally flawed. The debt amount shown in letters was increased for no apparent reason. They keep churning out simple demand letters without ever providing details of how a debt had been calculated. If interest and chages were being applied, no information was ever provided. When a debt increases over a few years from £800 to £2400 after several transfers between DCA's and when they get pulled up on it, they reduce it back to £800 and it gets written off, then something has gone wrong.

 

At some point DCA's are going to be under more of a spotlight and if they don't get their act together, they will get into major trouble, with much more regulation applied.

Hopefully May 2018 with GDPR and the necessity to only process and pass data with EXPRESS consent of the data subject might neuter their business model somewhat.

[unclebulgaria67]

Hopefully May 2018 with GDPR and the necessity to only process and pass data with EXPRESS consent of the data subject might neuter their business model somewhat.

 

In addition i have a gut feeling about some of the tax minimisation measures companies use, that at some point might get HMRC interested. A lot of these debt buyers hold the debts offshore and i just wonder about their accounting. No doubt these debts they collect find there way back to these offshore accounts and onto investors, with any tax subject to mitigation of other debts written off their books.

 

Many of the DCA's use accounts held in IOM or Channel Islands. Wonder why ?

[brassnecked]

In addition i have a gut feeling about some of the tax minimisation measures companies use, that at some point might get HMRC interested. A lot of these debt buyers hold the debts offshore and i just wonder about their accounting. No doubt these debts they collect find there way back to these offshore accounts and onto investors, with any tax subject to mitigation of other debts written off their books.

 

Many of the DCA's use accounts held in IOM or Channel Islands. Wonder why ?

Even there they cannot escape GDPR, the USA cannot if it wishes to trade in the EU or UK. As to HMRC, if they can find evidence of these debts used repeatedly by DCA's for tax minimisation surely they will take an interest soon.