Who is Lowell Financial Ltd?

No one out there relishes the idea of owing someone else money. Debt can be an extremely stressful state to be in, especially when dealing with debt collectors like Lowell Financial, but it doesn’t have to be.

This is why IVA Helpline is committed to providing reliable debt solutions, but before we get into that, here’s everything you need to know about Lowell Financial and debt collection.

The Lowell Group is a debt company comprising Lowell Financial Limited, Lowell Portfolio, and Lowell Solicitors. Lowell Financial Debt Collectors are the ones who do the debt chasing, but all the companies within the group work together throughout the collection process.

Lowell Financial operates by purchasing the debt from other companies so that it legally becomes owed to them. They then start looking in the direction of the debtor to settle the debt.

How old is the debt that Lowell Financial Ltd collects?

In certain instances, a debt is passed to a collection agency, despite the debt no longer being active. This is a debt that is statute-barred or, in other words, has outlived the terms of its repayment. Debts typically become statute-barred when they are over 6 or 7 years old. If your debt is statute-barred, then be sure to get in contact with Lowell Financial, as soon as possible.

What to do when you receive a letter from Lowell Financial Ltd?

If you receive a letter from Lowell Financial, panicking is the last thing you should do. Like most debt collectors, there is very little that Lowell Financial can do initially. This is, of course, assuming that you haven’t ignored their communications for weeks on end.

Upon receiving the letter, you should immediately contact Lowell Financial to confirm the details in the letter. The key details you should confirm are the debtor’s name, the debt owed, and the original creditor’s name.

Confirming the accuracy of the information is important as sometimes these companies may contact the wrong person or accidentally put an extra zero at the end of the amount owed.

What are my options to deal with Lowell Financial Ltd?

Listed below are a few methods you can use to get Lowell Financial off your back:

• Get an IVA – This agreement can see you paying off all or a part of your debt. An IVA will give you more control over your assets than bankruptcy.
• Devise a Debt Management Plan – This will require collaboration with Lowell Financial but generally is favourable for both parties. You can arrange a payment plan with your creditors, which will more than likely mean making smaller monthly payments over a certain period.
• Administration Order – This is when you have a high or county court judgement against you and can’t pay. It involves you making monthly payments to your local court. This option is only viable for debts less than £5,000.

How can you tell if a collection agency is a legitimate company?

There are quite a few ways in which you can gauge the legitimacy of a debt collection agency. Many of the following points are linked to behavioural traits and are thus more telling signs.

If you encounter a debt collection agency that displays any of the following traits, don’t completely ignore their debt communications, as they may still be legitimate. Instead, exhaust your options in terms of confirming their legitimacy first.

Here are some things to look out for:

• FCA registration – In the UK, all debt collectors must be authorised and regulated by the Financial Conduct Authority. Every debt collection company should have a Firm Reference Number. You can cross-reference this number on the FCA website to verify their registration status.
• FCA registration is a must, so if a collection agency is not registered under the FCA, its practices cannot be considered legitimate.
• CSA membership – While it is not a legal requirement for a debt collector to be registered with the Credit Services Association, it is somewhat telling if they aren’t. The CSA is a non-profit organisation that offers members guidance regarding their practices and can enhance credibility.
  
  It effectively doesn’t hurt a debt collector to be part of the CSA, so if they aren’t, that does say something.
• Withholds information – If a debt collector is trustworthy, they’ll have no problem relaying information such as the name of the entity you owe money to, the amount you owe, and their contact details.
  
  If a debt collector doesn’t give you this information upon request or initial contact, they must follow up with a written notice within five days.
• Pressures you for payment – While debt collectors are well within their right to certain tactics that might be seen as robust, there is a limit. Legitimate debt collectors shouldn’t and won’t pressure you to make payments via money transfer or prepaid card.
  
  Scammers like to use these payment methods as they are untraceable and make it very hard to get your money back. Always be on the lookout for this.
• You don’t recognise the debt – If a supposed debt collector contacts you and tells you that you owe an amount you don’t recognise or to an entity you have not dealt with, then they have to send you a written notice to dispute the debt. You can also write to the debt collector to request more information.
  
  This is when scammers show their true colours, as they often won’t follow up on such requests or will follow up with a poorly written letter.
  
  If you’re unsure about the legitimacy of a debt letter or company, get in touch with IVA Helpline’s team of experts who can help you spot the difference and give you more information about how to apply for an IVA.
• Asks you for confidential financial information – If an agent from a debt collector asks you for sensitive information, such as your account number, then you should not provide them with it. Scammers can use even the simplest of information to commit identity theft.

What happens if I ignore contact from Lowell Financial?

Ignoring contact from Lowell Financial won’t do much to help your cause. It may even result in your debt increasing. Depending on how Lowell decides to approach the debt collection process, they could make a request from the court to send bailiffs to your home or take money from your wages.

Ignoring a debt collector may buy you some time to think but this is a very temporary solution to a long-term problem. There is also a slight chance that ignoring a debt collector may result in them giving up on the debt but this is extremely risky and rarely happens.

If you ignore Lowell Financial, they simply keep contacting you and reporting you to credit bureaus while your debt continues to grow. You could also be missing out on an opportunity to write off your debt as debt collection agencies occasionally offer favourable repayment options to debtors that are compliant.

Can an IVA stop Lowell Financial Ltd from chasing Me?

Setting up an IVA can be a viable solution in terms of curtailing Lowell Financial’s pursuits. If you fail to make payments, Lowell Financial may issue a County Court Judgement or Charging Order. Luckily, an IVA can protect you from this form of action.

An IVA, or Individual Voluntary Agreement, is a legally binding agreement between you and your creditor, to settle all or a portion of your debt. Once agreed, a creditor cannot contact you regarding your debt during this period and also cannot back out of an IVA.

It’s worth noting that if you fail to adhere to the agreed repayment plan, the IVA may fall away which could result in you owing more than the initial amount. You may also have spending restrictions and you’ll be added to the public Insolvency Register which affects your credit record for 6 years.

What is the Financial Ombudsman Service?

An ombudsman, ombudsperson, or ombud is an official typically appointed by the government to investigate complaints against a company or organisation.

The Financial Ombudsman Service (FOS) is thus merely a service that settles complaints between individuals and companies that provide financial services.

How it can help you

The FOS can investigate your case to determine whether an outcome is fair for a particular situation. They consider the relevant rules, laws, and best industry practices.

They typically hear the following cases:

• Instances in which people aren’t the ones who owe the debt.
• The debt owed is not the correct amount.
• People who feel they are being contacted too frequently regarding the debt.
• The business is further pressuring people who are experiencing financial difficulty.