Kenny91's Debt Diary

[Kenny91]

Happy NY everyone.

Another discount letter from Lowell arrived last week, this time they are offering 60% off the combined total of alleged Debts No 4, 6 and 7.

If I remove alleged Debt 6 from the equation (see earlier posts), then discount is around 45% off the two remaining balances.

I'd expect a slightly better offer as we get towards financial year end in early April, but let's see.

I'm now convinced they don't have the correct paperwork for any of the trio, as seems Lowell rarely offer such high % discounts if everything is in order.

I did laugh at a whopping grammatical mistake in their correspondence; replacing one word with a completely different one in a sensitive part of the settlement conditions.

Nothing to report on the other diary entries, not far off the T-minus two year mark to SB.

K91

[Kenny91]

Slightly interesting development with the 3 x alleged Lowell Debts (4, 6 and 7 in my earlier Diary posts) as have had an email out of the blue offering a 40% discount off the combined total.

Now, Debt 6 they have already tried and failed to secure the paperwork so I'm in a good position there, but slightly surprised by Debt 4 given I assumed the original creditor would have all the correct paperwork, perhaps they don't....

I recall getting an M&S cheque a couple years back for some reason that was never explained, but maybe they failed on a regulatory level and Lowell are now aware and chancing their arm with this offer?

Reading posts here and elsewhere on the web, such offers don't seem to be made willy nilly by this particular DCA, so feel reassured by its arrival, albeit am not interested in the settlement so will sit on hands.

All quiet on the other alleged debts which is just the way I like it.

K91

They're obviously after funds for the Xmas party as discount for the aforementioned trio now upped to 50%. Letter filed.

K91

[Dottir]

I would just keep quiet for now. That’s what I would do.

[Kenny91]

Slightly interesting development with the 3 x alleged Lowell Debts (4, 6 and 7 in my earlier Diary posts) as have had an email out of the blue offering a 40% discount off the combined total.

Now, Debt 6 they have already tried and failed to secure the paperwork so I'm in a good position there, but slightly surprised by Debt 4 given I assumed the original creditor would have all the correct paperwork, perhaps they don't....

I recall getting an M&S cheque a couple years back for some reason that was never explained, but maybe they failed on a regulatory level and Lowell are now aware and chancing their arm with this offer?

Reading posts here and elsewhere on the web, such offers don't seem to be made willy nilly by this particular DCA, so feel reassured by its arrival, albeit am not interested in the settlement so will sit on hands.

All quiet on the other alleged debts which is just the way I like it.

K91

[Kenny91]

Many thanks for the reassuring replies. I agree that offsetting doesn't appear possible/legal in this scenario, but wanted to cover all angles just in case.

Am about half-way through my SB journey now and trying to keep as low a profile as possible, but will update as and when things crop up.

For now, it's a no news is good news approach.

Cheers,

K91

[Still Waving]

Offsetting could only apply if there was money on deposit.


This is from the formal announcement of possible offer:-

"Integration: Nationwide would seek to integrate Virgin Money gradually over multiple years into the Nationwide group, prioritising good customer outcomes following the completion of comprehensive planning and engagement with relevant stakeholders. In the medium term, Virgin Money would continue to operate as a separate legal entity within the Nationwide group, with a separate board of directors and a separate banking licence. Nationwide intends that the combined group would retain the “Virgin Money” brand in the medium term, but has agreed with Virgin Enterprises Limited (“Virgin Enterprises”) that it would cease doing so over a six-year period from completion of the Potential Acquisition, by which point Nationwide would intend to have re-branded the Virgin Money business."


Also, the Nationwide chairman says -
"Whilst this would mark another exciting chapter in our history, there is more work to be done and there is no guarantee that we will make a firm offer, nor that it would be accepted by Virgin Money’s shareholders."

[Dottir]

In my opinion they can not add a debt to a credit card to pay off another debt. It would be different if you had money in a virgin money account . However I am not sure if the day to day banking is being sold.

[Kenny91]

Hi all,

Glad to say it has been a quiet few months bar the odd Lowell letter for the alleged M&S debt.

Quick question, given the news this morning about Nationwide looking to acquire Virgin Money, should I look to clear the balance on my Virgin CC and close the account sooner rather than later?

I don't wish to risk offsetting given NW are still the owners of two of my alleged debts.

Google tells me offsetting is usually when monies are taken from a bank account and used to pay down debts, but am curious if NW could use a similar tactic on my Virgin credit card. Anyone any idea if that is feasible/legal?

Thanks,

K91

[The Tech Clerk]

keep all postings amicable

[Roger]

Oh for Pete's sake Roger give it a rest

This is Kenny91 Diary

Type: M&S Credit Card
Date Commenced: November 2007
Current Balance: £2,000
Default Date: July 2010
Last Paid: March 2021
6 June 2021 - CCA sent to Niddy for checking.
9 June 2021 - Niddy deems M&S CCA unenforceable for now, but issue could be resolved.
April 2023 - Debt has been sold to Lowell.

[Ballister]

Oh for Pete's sake Roger give it a rest

[Roger]

Didn’t think I was speculating about anything. The problem is many of these ‘known’ problems you allude to are often quite old and as a result less relevant or common today. After all the charge to credit card scandal goes back 10+ years - Santander v Mayhew. Each case that is lost makes the bankers tighten up the processes and each case that is won adds to the ‘persuasive’ arguments.
Not sure if a fire in Argentina is particularly relevant to UK data storage.

Yes tactics have changed as has the advice given on this forum!
All the more reason for a GOOD DIARY!!!
Can wait to see Pat Diary that we can all learn from!

[Pat]

Didn’t think I was speculating about anything. The problem is many of these ‘known’ problems you allude to are often quite old and as a result less relevant or common today. After all the charge to credit card scandal goes back 10+ years - Santander v Mayhew. Each case that is lost makes the bankers tighten up the processes and each case that is won adds to the ‘persuasive’ arguments.
Not sure if a fire in Argentina is particularly relevant to UK data storage.

[Roger]

IRON MOUNTAIN FIRES around the world have suffered at certain times there was one in April this year!
There are known issues with M&S. As well of course with Lowell Portfolio 1 Ltd.
Last payment March 2021 Assigned April 2023 that is some 2 years after Payments stopped. My thinking is the Statute Bar started from March 2021.
".. I'm expecting a LBC in the not too distant future so am readying myself for that battle which is likely to involve me contacting JCS .."
Kenny91 is approaching this sensibly!

Pat never seen your diary so can't comment.
Best not to speculate don't you think!

[Pat]

Maybe Iron Mountain becomes less and less relevant as time goes on, what was it 25 years ago?

yes of course HSBC provide the licence behind the M&S card, used to cover JL as well until they got a better offer from New Day.

I’m not sure what you mean by the banking crisis forcing these companies together. But anyway mine had defaulted before all that.

No idea why Santander still send me an annual statement. It defaulted in 2012.

I think we all know that accounts are sold on for a pittance . I saw one Deed that said after 6 months the OC would not provide anything further to the debt purchaser.