I am new to this and I hope someone can help me as I am worried about the possible outcomes to this. On the 10/09/2013 I received a letter of assignment from lloyds notifying me that they had sold the debt of my current account/overdraft to Lowell Portfolio Ltd. On the 08/09/2013 I received a letter from Lowell financial telling me that they had purchased the debt and to contact them. I have received a further three letters from them. After going on various forums and reading numerous horror stories the general consensus was do not contact them. So to date I have not but I am concerned that I maybe making the situation worse and also on discovering your site and reading various posts including cases where they actively push for bankruptcy, something that would have a catastrophic effect on me as I am self employed in the construction industry. I need to know what is my best course of action to take.
A BRIEF HISTORY ABOUT THE DEBT
The debt is regarding my current account with lloyds/tsb. The last communication with Loyds Tsb bank was when I visited bank and asked to close my account as they take very big charges. My account was -£5 than increase to -£40 and than increase to –£90 in one week. I said them that I am not gonna pay this amount and asked to close account. In couple month time I moved to another address since I didn’t get any correspondence from them. Gone 6 years after that when I receive a letter from Loyds Tsb and Lowell group that I owe £2000. I check my credit report where I found that I have default in 2009 from Lloyds tsb bank. This amount is so huge to pay back for £5 overdraft.
I am planning to get mortgage very soon but this mark on my credit report change all. Please help with advise. Thank you.