Lowell repayment plan

[aidenkeidis]

Hi

This is my forst post here, however i have been reading other people experiences with interest. Anyway, down to business.

 

I had debts with several catalogues (all shop direct...littlewoods, very etc) that ended up in the hands of lowells due to defaulting. This means two accounts with lowells as shop direct refused to amalgamate the accounts.

 

After some aggresive bargaining on my part (basically telling them im quite prepared to go through court, defaul on ccj and just not let the bailiffs into my home) i managed to get them to agree to £2.50 per month on each account (£351 and £551) (I must admit feeling quite chuffed with myself for getting them to aggree to this ammount without disclosing anything about my financial situation. When they asked me why this was all I could afford I told them it wasn't all i could afford but all I was prepared to offer. I hope people will take note of this and realise that you don't have to be bullied by these people.)

 

Anyway, my question is does anyone have any advice on what I can do next to improve my situation. one account will take 11 years to clear and the other will take 18 years. According to experian default notices on my account will be removed after 6 years regardless of whether there is an outstanding balance or not. What does this mean for Lowells ability to reclaim the balance?

 

Would it be worth me offering a significantly reduced final settlement using the length of time as a bargaining chip? How much would they have bought the debts for anyway.

 

Any advice on this matter would be greatly appreciated and any money saved will mean a dobation to CAG.

[citizenB]

Have a read of the following and then perhaps telephone National Debtline, see what they can suggest

 

The following has recently been brought to my attention and could prove very useful. Especially now the OFT guidance specifically states it's an Unfair practice to ignore a cashflow budget!

If you are experiencing difficulty in repaying your debts, CASHflow is a way for you to negotiate affordable repayments with your creditors. Before you can use CASHflow, you must have spoken to one of the free advice agencies licensed to offer CASHflow to their clients. The advice agency will start by talking to you about all of the options available, and can help you to decide if CASHflow is the right one for you.

 

If you decide to use CASHflow, you will be provided with all of the tools you need to be able to complete your own financial statement and negotiate offers of repayment with creditors yourself. This will enable you to stay in control of your situation, but still have support from an adviser at any stage if you need it.

 

You can contact a local advice agency to check if they offer CASHflow. You can find a list of free advice agencies that are near to you by searching for a money adviser in England or Wales, Scotland, or Northern Ireland.

Alternatively, you can call National Debtline on 0808 808 4000

CASHflow: http://www.cashflow.uk.net/

National Debtline: http://www.nationaldebtline.co.uk/

https://www.mymoneysteps.org/

xx

 

[citizenB]

If you were to offer smaller F&Fs to any creditor, you need to ensure your offer is watertight with a written assurance from them that it IS a F&F and that they will then not pass on any balance to another DCA to pursue.

This happens time and time again, were people think the creditor has been reasonable, only to discover they have sold on the rest of the balance for peanuts and the balance is being pursued.

[aidenkeidis]

Thanks for, that. I am very careful with these people, thanks mostly to the threads Ive read on this and other websites. I didn't even aggree to my own arrangement with lowells until they sent emails regarding the £2.50 payments whilst i was on the phone. Do you have any advice on what happens when the account is still in default after 6 years with ammounts still owing? Experian state default accounts with balances still outstanding get removed after 6 years. But hwat does this mean in real terms?

[citizenB]

Thanks for, that. I am very careful with these people, thanks mostly to the threads Ive read on this and other websites. I didn't even aggree to my own arrangement with lowells until they sent emails regarding the £2.50 payments whilst i was on the phone. Do you have any advice on what happens when the account is still in default after 6 years with ammounts still owing? Experian state default accounts with balances still outstanding get removed after 6 years. But hwat does this mean in real terms?

 

I will flag this query for dx100uk.. he seems to understand the CRAs more fully.

[aidenkeidis]

Thanyou

[dx100uk]

if you are still paying and the owner updates the file, it wont fall off the cra or shouldn't

this is where things get interesting.

 

if the dca does not record you payments, them objectively, whats the point in paying?

it will drop off under sb rules or when the defauilt reaches its 6yth birthday which ever is the soonest.

 

this is why i alway feel these dca's are upto something by not reporting your payments to the cra's.

 

its as if the debt officially does not exist, but the dca wants to fleece you to make a profit

 

anyhow

changing tact here

 

i bet you cat debts are litterd with £12 fees for late/letter/over/debt management

 

get reclaiming!!

 

dx

[Jam_Buttie]

You will find that Lowells will write to you after 6 months offering you a "settlement" which will be about %35 of the total amount.

[Bazooka Boo]

It's a piddly cat debt, it has no significance or priority in the grand scheme of things so can receive the token payment of £1 a month if you wish, as DX points out are there any charges which you can reclaim?

[aidenkeidis]

It's a piddly cat debt, it has no significance or priority in the grand scheme of things so can receive the token payment of £1 a month if you wish, as DX points out are there any charges which you can reclaim?

 

Ill have to check with the catalogue company.

[Bazooka Boo]

Please DON'T RING, keep everything in writing.

 

£1 a month is ALL they are entitled to receive....

[Max71]

HI

I am really sorry to post here but I desperately need to post a thread re Littlewoods and I cannot find where the tab is to post a new thread. I also really need the advice from DX100uk please as you have helped so many. Pleae can someone tell me how I find the tab to post my own thread? Thanks so much!

[dx100uk]

just look in my sig below

dx

[Max71]

just look in my sig below

dx

 

 

Thanks very much dx - sorry for missing the obvious! - I have now posted a thread and I hope its in the right place so you can see it as I would really appreciate your advice.

 

Thanks very much

 

Max