Lowell Financial

[philius]

Right, I've had a response to the CCA request.....

 

Basically, they've acknowleged my request and will get it to me as soon as possible but have asked me to appreciate the fact that they may not be able to get it to me in the 12 working days stated.....

 

Any advice on what to do next? Should I wait for the 12 days before I do anything else?

 

The 12 working days ends 11/06/07

 

Cheers

 

Philius

 

 

Any advice please guys?

 

Thanks

 

Philius

[Zimmie]

Regardless of how long they say it will take them to get the copy CCA...the fact remains they have 12 working days.

There isn't really anything you can do but sit and wait for the 11th June and see what, if anything, Lowells come up with.

[philius]

I got the CCA today, at least a photocopy of it anyway. So unless anybody can advise me otherwise, I guess they do own the debt and I'll have to pay it off.

 

So it's back to trying to negotiate a settlement figure. It seems, through previous negotiations, that when I make them an offer they then come back with their own offer of the original ammount minus 10%. When I say that I can't afford that and up my offer a little bit, they ignore me.

 

Any advice on how I can negotiate the ammount down would be really appreciated.

 

Cheers

 

Philius

[philius]

Looking back through my letters, in my CCA request I said....

A true signed copy of the credit agreement, together with any other documents mentioned in it, and a signed true copy of the deed of assignment (if applicable), should therefore be supplied to me within 12 working days from the receipt of this letter.

I only received a photocopy of my signed credit agreement which has further t's & c's, on the back (not provided), and a statement of the account. I have not received a deed of assignment.

Where do I go from here?

Cheers

Philius

 

 

[philius]

Ok, a more detailed explaination of what i received...

 

Letter 1.

 

We write in respect of the above debt, which, as previously notified in writing we have purchased from Co-operative Bank. We would advise that the nil balance shown on the statement relates to when Co-operative Bank removed this account from their system in preparation for the sale to us. This does not mean that there has been any payment received against the account or that your liability for payment has been removed.

We are now entitled to receive payment of the balance of £xxx from you and enclose a copy of your statement and letter of assignment as requested. Neither Co-operative Bank nor ourselves are aware of any reason for non-payment.

Please kindly make payment of the outstanding debt or contact us within 7 days..... blah blah

 

Enclosed with this letter was a statement, and another letter on Lowell Financial headed paper which said.....

 

I write to inbform you that your co-operative bank account, ref no xxxxxx, has been sold to Lowell Portfolio I Ltd on the 20/12/06. Lowell Financial Ltd have been appointed as duly authorised collection agents for recovery of the outstanding balance.

It is our aim to help you clear the indebtedness you currently have with ourselves by either agreeing a settlement or a repayment plan..... blah blah..

Letter 2

 

We enclose a copy of your original credit agreement with Co-operative Bank in response to your written request to us under Section 78 (1) of the Consumer Credit Act 1974.

We would also confirm the following information as required by the above act:-

Balance payable against your account: £xxxxxxx

Current state of your account: Defaulted

We look forward to your proposals for re-payment within the next 7 days.

Enclosed with this letter was a photocopy of a credit agreement which I had signed. The photocopy includes loan details, APR etc, but DOES NOT include all the T's and C's.

 

 

Please Help!!!

 

Cheers

 

Philius

[philius]

Any advice please guys?

 

Cheers

 

Philius

[philius]

Bump.

 

Can anyone help me please? I don't know whether they've actually fulfilled their obligations around the CCA request, and whether they have or not I don't know what the next step to take is.

 

Cheers

 

Philius

[Vampyra]

I'm not entirely sure which is why I am asking about my CapQuest one. However, I think they have to provide the terms and condition on the same page - let me find an older post which may help.

[Vampyra]

Here you go read this, it may help you

 

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/91594-lowell-back-phone-help.html

[philius]

Thanks, that helps, although I'm still not sure if they've tried to pull a fast one. Can a deed of assignment letter be printed on Lowell headed paper? Surely it should've come from the original creditor?

 

I'll try and get what they sent me scanned and posted tonight so people can let me know what they think.

 

If anyone has any ideas in the meantime please let me know.

 

Cheers

 

Philius

[evelyndarling]

watching your post, you may be interested in mine to see what your up against...

 

 

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/89434-evelyn-darling-lowell-financial.html

[philius]

Here's what I got sent when I requested my CCA....

 

 

Have they fulfiled their obligations under the credit act by sending this? What's the next step?

 

Cheers

 

Philius

[Vampyra]

I have to say, your CA looks pretty right but I can't read all the small print. It has signatures, loan amount, repayments, total charges and repayable and stuff.

 

Could you make it a bit bigger?

[philius]

I have to say, your CA looks pretty right but I can't read all the small print. It has signatures, loan amount, repayments, total charges and repayable and stuff.

 

Could you make it a bit bigger?

 

That's what I thought

 

Looks like I'll have to start negotiations for a full and final settlement all over again.....

[philius]

Can anybody help me with the wording of a FFS letter now that I've received the CCA?

 

Thanks

 

Philius

[stadium_arcadium]

Hi there Philius, will this do?

 

 

Dear Sir/Madam

 

Re: 4563210025897412

 

We write with reference to the money which you are claming on the above account.

 

We can confirm that we are unable to offer to pay the money which we owe in full. However, I can raise £775 and I want to offer this as an ex−gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be released for any liability.

 

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

 

Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.

 

We look forward to receiving your reply.

 

Yours faithfully

Mr A N Other

__________________

 

I know this isn't good news for you, but it makes a change to see a proper CA on the forum, thanks for putting it up, it will help lots of other members.

Good luck with your FFS:)

[Brassed off]

Just a quickie Stadium!

 

Can you advise me on how I show a "quote" on my thread (with the background in grey). Not sure how to do it

 

Cheers!

[Goldlady]

Philius, can't really help with the letter BUT you must know that Lowell offered to settle for 25% of my former MBNA debt (2.5K - original debt 10K). Bearing in mind that they buy these debts for around 5% of their true value they would do very nicely with that. Unfortunately I didn't have 2.5K to hand at the time.

 

Linda

[stadium_arcadium]

Just a quickie Stadium!

 

Can you advise me on how I show a "quote" on my thread (with the background in grey). Not sure how to do it

 

Cheers!

Hi brassed off, highlight and copy what you want to quote, then just above the box you reply in will be what looks like a speech bubble (3rd from the right) click on that and it will bring up

boxes. Paste whatever you've copied between them. Or,if you are using the quick reply button you can just type it in manually... ie, [ quote ] (your quote here) [ / quote ] (but without the spaces)

Hope that makes sense:)

 

edit: just noticed the quote bubble is in quick reply too.

[Brassed off]

Nope! Quote bubble does not compute. Perhaps it is past my bedtime:D !!

[babybear39]

'Tis ok BO

 

I don't 'compute' half the time

 

BB

[philius]

Thanks for the replies guys, all very helpful.

 

Cheers

 

Philius

[philius]

Philius, can't really help with the letter BUT you must know that Lowell offered to settle for 25% of my former MBNA debt (2.5K - original debt 10K). Bearing in mind that they buy these debts for around 5% of their true value they would do very nicely with that. Unfortunately I didn't have 2.5K to hand at the time.

 

Linda

 

Very interesting... Thanks for that!

 

When I made my 1st FFS offer (£3500 for a £9000 debt) they refused it and came back with an offer of 90% of the original debt. I don't have anywhere near that sort of money, as it is a family member has offered me the money so I can get back on my feet. I upped the offer to £4000 (after begging my relative) and heard nothing from Lowell apart froma letter asking me to call them dispite stating that all communication was to be written.

I guess I write to them again offering the same ammount?

 

Cheers

 

Philius

[philius]

Very interesting... Thanks for that!

 

When I made my 1st FFS offer (£3500 for a £9000 debt) they refused it and came back with an offer of 90% of the original debt. I don't have anywhere near that sort of money, as it is a family member has offered me the money so I can get back on my feet. I upped the offer to £4000 (after begging my relative) and heard nothing from Lowell apart froma letter asking me to call them dispite stating that all communication was to be written.

I guess I write to them again offering the same ammount?

 

Cheers

 

Philius

 

 

Hi,

 

I did write to Lowell on 11/6/07, again offering a FFS. And today received a letter from Red Debt Collection Services on their headed paper. At the bootom of the page it states that Red Debt Collection Services are a trading style of Lowell Financial Ltd.

 

The letter said....

 

Dear .....

 

We have been appointed as the autorised debt collection agents by our client Lowell Portfolio I Ltd to recover an outstanding balance owed to them after they purchased your original debt from Co-operative bank.

 

We recognise that unforseen circumstances may sometimes affect people's ability to meet their financial obligations and understand that it may be difficult for some people to discuss these matters. However, our client has given you numerous opportunities to enter into a repayment plan that YOU COULD REALISTICALLY AFFORD.

 

We therefore can see no reason why your account remains in 'non-paying status' and therefore require payment immediately.

 

If you are not in a position to repay the full outstanding balance today you must call us and offer either

1 An ammount of money for our client to close your account

2 A monthly repayment ammount

 

Unless we hear from you within 7 days from the date of this letter we will assume you are unwilling to repay your debt and therefore we will have to look at other ways of how to recover the debt possibly by commencing legal action against you blah blah.......

 

Right, first of all I've been trying to offer an ammount to close the account for over 4 months, secondly why has this debt been transferred to yet another arm of Lowell Financial Ltd, and thirdly why have they not responded to the offer I have made?? I have given THEM numerous opportunities to close the account!

 

What do you suggest I do next? Should I write exactly the same offer letter to Red DC Services that I sent to Lowell Financial last week?

 

Cheers

 

Philius

[powelll]

What do you suggest I do next? Should I write exactly the same offer letter to Red DC Services that I sent to Lowell Financial last week?

 

Yes - keep a copy & send recorded delivery; there isn't much else you can do at this stage to be honest. It's not your fault that most DCAs are so poor at administration it's laughable...