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HI

 

I have 3 outstanding accounts with Lowell. Totaling approx £3000. They are quite old accounts but not statue barred.

 

I called today and offered to repay 40% of the total amount in order to help repair my credit file and clear these off. It would be on a repayment plan over 15 months.

 

They agreed to this but advised that the debt will be marked as partially satisfied on my credit file and this doesn't look good on a credit file. I imagine there is some element of truth to this but obviously not as bad as unpaid!

 

Is partially satisfied a bad indicator for potential new credit lenders i may use in the future?

 

Thanks

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Discount means unenforceable debt.

 

Basically theyre saying "we know we could never enforce this if you are smart, but we hope you arent, so we're calling your bluff"

 

I mean come on. They agree to settle at a discount on a debt you likely never have to pay, but they still want to place negative markers on your file?

 

Also NEVER call a DCA. Youve been here for years, so should know what not to do by now. Why on earth are you negotiating repayments with a DCA anyway? Have you sent a CCA request to them to check if they even have the correct paperwork?

 

Lowell are bottom feeders.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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wherever did you get the insane idea to ring a DCA?

you've been on CAG 10yrs and don't know they are totally powerless and NOT BAILIFFS???

 

so they have sent you the signed agreements for these accounts that legally gives them the right to even write to you??


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Doh! how do you even know they are enforceable? What are the debts?


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sorry for the late reply. The reason is that i want to clean up my credit file.. im trying to apply for a morgage and lowell are destroying my credit file. at least if i start a payment back it will start to repair my credit. that is the only reason im negotiating with them

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not sure where you are getting the idea paying anything will improve your credit score

if a debt is defaulted

its there for 6yrs paid or not paying or not. and the whole account will vanish on the defaults 6th birthday regardless.

 

that is the ONLY way your score will even improve.

 

so what are the defaulted dates please on all 3?


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sorry for the late reply. The reason is that i want to clean up my credit file.. im trying to apply for a morgage and lowell are destroying my credit file. at least if i start a payment back it will start to repair my credit. that is the only reason im negotiating with them

 

As dx said. No idea where you heard that, because it is 100% not correct.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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It will still show on credit files as a default, and Lowell might sell the remainder of the debt on to another bottom feeder


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sorry for the late reply. The reason is that i want to clean up my credit file.. im trying to apply for a morgage and lowell are destroying my credit file. at least if i start a payment back it will start to repair my credit. that is the only reason im negotiating with them

 

Find a good mortgage broker, you will need to show them your credit file as part of the application process, it will shatter all your preconceptions of what does and doesn't affect a mortgage application.

 

I can tell you 100% from experience, some crappy 4 year old default from Lowell, has zero bearing on any mortgage offer you might receive, and that offering to pay them is literally chucking money away that you would be better off using for a deposit on a house.

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For a prime mortgage youd be wrong, unless you can show proof the default is paid, or is being paid at a rate acceptable to the mortgager.

They want YEARS of clean and consistent credit history in order to lend.

 

Infact, many major lenders wont even tell you why you have been refused a mortgage application now.

They say its to combat fraud and attempts to circumvent their lending criteria and systems.

Edited by dx100uk
quote

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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in short, your actions will make things worse rather than better

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For a prime mortgage youd be wrong, unless you can show proof the default is paid, or is being paid at a rate acceptable to the mortgager. They want YEARS of clean and consistent credit history in order to lend.

 

Infact, many major lenders wont even tell you why you have been refused a mortgage application now. They say its to combat fraud and attempts to circumvent their lending criteria and systems.

 

Agreed,

 

That's why, at least in my circumstances, I was better off paying 150 a month more for a sub prime mortgage, as it was still way less than the amount I was flushing down the bog in rent. Plus I will own the house outright in 20 years whatever happens, and not need to pay rent in retirement.

 

In a few years when all my defaults are statute barred and off my credit file, (depending on house prices) perhaps i can remortgage at a better rate, but at least I have got onto the property ladder now.

 

Also bear in mind, any payment the OP makes to an old default is restarting the Statute barred clock, he's better off making sure they all have his current address details, just in case a claim form comes through, ignoring until then.

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sorry for the late reply.

 

Appreciate all your input.

 

I was under the impression that if i started to pay these back, that my credit score would increase, therefore have a better chance of getting accepted.

I will take your advise and continue to ignore them.

I've started receiving alot of letters from them again, albeit because i made contact!

Edited by dx100uk
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The only way it will increase is when the defaults vanish after 6 years of being on your file.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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