Lowell Financial

[philius]

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...

 

I know, unfortunately it doesn't help my mission to get debt free though:mad:

 

Thanks for the advice, I'll get the letter off to them tomorrow (won't get to the post office in time to send it recorded now).

 

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

 

Cheers

 

Philius

[Goldlady]

Philius, if it was me in your situation, knowing what I know, Option 1 - I would write to them and say that your relative who offered to help you has found out from the internet or talking to work colleagues, or whatever, that Lowell will only have paid 5% of the value of the debt to purchase it and that they have now withdrawn their offer, or substantially reduced it. Option 2 - same letter but the relative now no longer has the money available as they have decided to go to the Bahamas instead. Option 3 - agree to a substantially reduced payment scheme (ensuring of course that any further interest is frozen), make the payments and wait for them to write to you offering to accept a settlement figure which is where I got my 25% letter from. If you are wanting to clear your name then Option 1 with an offer of around 15% which they will increase to around 25% sounds feasible.

 

Linda

[Goldlady]

Or if they are as inefficient as Powell says send them an offer for a lower amount and don't mention your previous letter at all.

[Rizzo]

Hi there,

 

Just wanted to offer some support - this is a firm of bully's who hounded my fella for months about a loan they'd allegedly bought from Lloyds. When they couldn't produce the loan agreement, I wrote and told them to put up or shut up, and they disapeared. He'd previously talked to them on the phone, even discussing an arrangement b4 I got him to tell them to put everything in writing and stop talking to them! Good luck.

[philius]

Philius, if it was me in your situation, knowing what I know, Option 1 - I would write to them and say that your relative who offered to help you has found out from the internet or talking to work colleagues, or whatever, that Lowell will only have paid 5% of the value of the debt to purchase it and that they have now withdrawn their offer, or substantially reduced it. Option 2 - same letter but the relative now no longer has the money available as they have decided to go to the Bahamas instead. Option 3 - agree to a substantially reduced payment scheme (ensuring of course that any further interest is frozen), make the payments and wait for them to write to you offering to accept a settlement figure which is where I got my 25% letter from. If you are wanting to clear your name then Option 1 with an offer of around 15% which they will increase to around 25% sounds feasible.

 

Linda

 

Interesting, thank you for that. I think I will re-write the letter.

[philius]

Ok, how does this look?....

 

I write with reference to your letter of 14/06/2007 referring to the money which you are claiming on the above account.

I can confirm that I am unable to repay the money I owe in full.

A relative is prepared to offer me money to get the account closed however, they are aware that you will have paid as little as 1% of the value of the debt to purchase it and therefore my relative has offered me £1500. I want to offer this sum as an ex-gratia payment, in full and final settlement of the account. The offer from my relative will not be available forever and my relative will not make the payment unless the offer is accepted.

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 persue this debt in any way whatsoever and that I will be released for any liability. I 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 14 days of receiving your written agreement of this offer and method of payment.

As previously stated in my numerous communications to Lowell Financial Ltd, I am only able to communicate in writing.

I look forward to receiving your reply.

Yours faithfully,

[championless]

Just subscribing.

 

Good luck with your letter.

 

I'm dealing with Lowell's myself at the moment so i'm looking forward to what they have to say.

[Goldlady]

Philius it is certainly worth a try. If they come back and ask for double you are still better off than before. Best of luck. And as they didn't accept your original offer you are perfectly entitled to withdraw it.

[philius]

Thanks guys, letter going off tonight - I'll let you know when i hear something

 

Cheers

 

Philius

[Goldlady]

Just had to say that when I first read about FFS letters I was a little confused - spent too much time in chatrooms .

[philius]

Just had to say that when I first read about FFS letters I was a little confused - spent too much time in chatrooms .

 

It sums it up though - "FFS I've got to write ANOTHER FFS letter to those idiots"

:D

[philius]

Ok, how does this look?....

 

I write with reference to your letter of 14/06/2007 referring to the money which you are claiming on the above account.

 

I can confirm that I am unable to repay the money I owe in full.

 

A relative is prepared to offer me money to get the account closed however, they are aware that you will have paid as little as 1% of the value of the debt to purchase it and therefore my relative has offered me £1500. I want to offer this sum as an ex-gratia payment, in full and final settlement of the account. The offer from my relative will not be available forever and my relative will not make the payment unless the offer is accepted.

 

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 persue this debt in any way whatsoever and that I will be released for any liability. I 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 14 days of receiving your written agreement of this offer and method of payment.

 

As previously stated in my numerous communications to Lowell Financial Ltd, I am only able to communicate in writing.

 

I look forward to receiving your reply.

 

Yours faithfully,

 

2 weeks later, I've had a response...... They've offered my a FFS figure of £3500 - quite a climbdown from their original 90% offer.

[Goldlady]

I feel a counter-offer coming on! You are now in the position you started at so i would try and get it down a bit more. You offered £1500, they offered to accept £3500 but I suspect they will still accept less. I have just re-read the thread and whilst they appear to have supplied a valid cca are there any charges on the loan which are unlawful which you should reclaim? If there are then perhaps you need to work out how much before going back to them.

[philius]

I feel a counter-offer coming on! You are now in the position you started at so i would try and get it down a bit more. You offered £1500, they offered to accept £3500 but I suspect they will still accept less. I have just re-read the thread and whilst they appear to have supplied a valid cca are there any charges on the loan which are unlawful which you should reclaim? If there are then perhaps you need to work out how much before going back to them.

 

No charges, all seems to be above board to be honest. I just want to finally get rid of this millstone that's been hanging round my neck for so long....

 

What is the best method of paying them? They've said in their letter that they must receive cleared funds by July 15th (Sunday??). Is it best to call and pay over the phone, or keep all communication written? How can I make sure that they do what I asked in my FFS letter ie they make an entry on a credit ref agency file that states the account is satisfied in full?

 

Cheers for all the help - nearly there!!!

 

Philius

[philius]

Just had a chat with my relative - it turns out that their money is in a building society, and a building society cheque takes 3 working days to clear......

Scrap the postal order idea - they only go up to £250 and for each one it'll be a £8.75 fee :o

 

Starting to look like it's gonna have to be a phonecall..... Can anyone advise on what/what not to say? Should I call or should my relative etc...

 

Cheers

 

Philius