Lowell, defaults with no copy of credit agreement.

[flippedsereni]

Hi, we have two debts with Lowell which have resulted in defaults, after sending letter to them requesting credit agreements for both accounts this is the reply ive got back concerning both:

We refer to your recent copy of original credit agreement for this account.

After liasing with our client in effort to obtain this document we have been advised it is no longer available due to length of time since account was opened with you.

WE ARE CLOSING YOUR ACCOUNT
At this time we have closed our file and will not make any further contact with you concerning payment against this account unless the copy of the agreement is received at some point in the future.

Now, yes we do owe the money, but if through some loop hole about these unproduceable agreements we can get away without paying and have defaults removed....to be totally honest that would be great.

I need advice on what you can do when no credit agreement can be produced. They say they have closed account so does that mean the default can be removed.

Just to let you know we are in the process of clearing our debt and have used F&F on a few and been succsessful.

[swanfan]

Re: Lowell, defaults with no copy of credit agreement.

I need advice on what you can do when no credit agreement can be produced. They say they have closed account so does that mean the default can be removed.

Hi & welcome.

No the default cannot be removed because of no CCA being available, so it'll be a case of sitting the 6 years out til the default drops off.

Who was the original creditor for the lowell accounts?

[flippedsereni]

Re: Lowell, defaults with no copy of credit agreement.

Hi & welcome.

No the default cannot be removed because of no CCA being available, so it'll be a case of sitting the 6 years out til the default drops off.

Who was the original creditor for the lowell accounts?

Thank you, one is Barclaycard the other Shopdirect.

[Never-In-Doubt]

Re: Lowell, defaults with no copy of credit agreement.

Excellent, that means these are finished and as a wee brucie bonus, Lowell *usually* remove defaults the month after closing accounts so check next month as you may get lucky with this.

Nice though to get such a result - well done

[Never-In-Doubt]

Re: Lowell, defaults with no copy of credit agreement.

No the default cannot be removed because of no CCA being available, so it'll be a case of sitting the 6 years out til the default drops off.

Mate remember this is Lowell, they usually do remove the DN from CRA's if they close an account which seems the case here, lets wait and see but I would sit this out and do nothing and see what happens.

[swanfan]

Re: Lowell, defaults with no copy of credit agreement.

Mate remember this is Lowell, they usually do remove the DN from CRA's if they close an account which seems the case here, lets wait and see but I would sit this out and do nothing and see what happens.

Ok mate, no worries.

[flippedsereni]

Re: Lowell, defaults with no copy of credit agreement.

Hi & welcome.

No the default cannot be removed because of no CCA being available, so it'll be a case of sitting the 6 years out til the default drops off.

Who was the original creditor for the lowell accounts?

I thought maybe we could get it to show on credit file as unsubstantiated.

[flippedsereni]

Re: Lowell, defaults with no copy of credit agreement.

Excellent, that means these are finished and as a wee brucie bonus, Lowell *usually* remove defaults the month after closing accounts so check next month as you may get lucky with this.

Nice though to get such a result - well done

Will do....that will be ab fab if they do

[Never-In-Doubt]

Re: Lowell, defaults with no copy of credit agreement.

I thought maybe we could get it to show on credit file as unsubstantiated.

nope - it's substantiated as they can still prove you had credit. McGuffick v RBS stopped all claims for default removal.

It's fine, see what they do - do not contact them at all. Just sit tight and keep US updated, we'll keep you right

[Never-In-Doubt]

Re: Lowell, defaults with no copy of credit agreement.

Will do....that will be ab fab if they do

They usually do.

I'll explain, when a DCA buys an account it usually means that it had defaulted, defaulted in the sense the customer is at least 1 payment late (if not, why would they sell it to a dca?). Ergo most (99.99999%) of DCA's auto-register defaults with the CRA's upon receipt of a new account, in time (usually after a few weeks) things sort themselves out and the duplicate and/or incorrect data will get fixed to reflect the original default date but the new creditor (ie not the bank but now the dca).

So when that dca decided to return the account to the OC it would mean they 'exit' their CRA entry as they no longer maintain the account, per se. This would mean all trace vanishes as the OC had already amended their entry at the time of sale.

Now, the confusion kicks in when an account gets returned to the OC as they usually re-add the DN with the CRA's then resell the account.

Lowell, however BUY (in totality with full assignee rights) cheap toxic debts meaning they write a lot off and rarely recourse the debt back to the OC. So assuming they had updated your credit file at the start - when they 'close' the account the DN entry will fall off as the account is technically 'finished'.

Does that make more sense?

[flippedsereni]

Re: Lowell, defaults with no copy of credit agreement.

They usually do.

I'll explain, when a DCA buys an account it usually means that it had defaulted, defaulted in the sense the customer is at least 1 payment late (if not, why would they sell it to a dca?). Ergo most (99.99999%) of DCA's auto-register defaults with the CRA's upon receipt of a new account, in time (usually after a few weeks) things sort themselves out and the duplicate and/or incorrect data will get fixed to reflect the original default date but the new creditor (ie not the bank but now the dca).

So when that dca decided to return the account to the OC it would mean they 'exit' their CRA entry as they no longer maintain the account, per se. This would mean all trace vanishes as the OC had already amended their entry at the time of sale.

Now, the confusion kicks in when an account gets returned to the OC as they usually re-add the DN with the CRA's then resell the account.

Lowell, however BUY (in totality with full assignee rights) cheap toxic debts meaning they write a lot off and rarely recourse the debt back to the OC. So assuming they had updated your credit file at the start - when they 'close' the account the DN entry will fall off as the account is technically 'finished'.

Does that make more sense?

Thank you all for advice i will keep you updated. Hopefull will be good outcome

[oscar]

Re: Lowell, defaults with no copy of credit agreement.

Just for confirmation, my Marbles account went to Lowell. Had pretty much the same confirmation as you had and a month letter, the default had dropped off.

Just check on the reverse of your letter, in the top left corner .... it actually told me on my letter that this would happen.

[JudgeDreddy]

Re: Lowell, defaults with no copy of credit agreement.

its the way i like to do things, yes i owe money to "x" can you prove i owe it to you? No? Then...