Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By edgarasbajarunas
#446473 Hi All,
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.
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.
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By TalbotWoods
#446563 Hi and welcome

Please think back, when was the last time you PAID anything towards this debt/account and when was the last time you acknowledged that this was your debt in WRITING.

You will need to deal with this as Lowells are notorious for going to extremes (including bankrupting people) who do not deal with them!

Once you have answered the above questions we will be able to advice you accordingly, but it looks as if this can be put to bed fairly quickly, if both answers are OVER 6 years ago.