Lowell Financial is a well-known debt collection agency in the UK. The company specialises in purchasing and collecting debts from individuals and businesses on behalf of their clients.
Their approach to debt collection can be extremely stressful for debtors.
In this article, we will take a closer look at Lowell Financial, whether they’re a legitimate debt collection company, and what to do if you find yourself having to deal with Lowell debt collectors.
Who is Lowell Financial Limited?
Lowell Financial Ltd, often referred to as Lowell Financial or simply Lowell, is a debt purchasing and collections company based in the United Kingdom.
The company was founded in 2004 and has since grown to become one of the largest debt buyers and debt collection agencies in the UK.
Lowell purchases unpaid debts from a variety of sources, including banks, credit card companies, and utility providers, and then attempts to recover the money owed from the debtor.
The Lowell portfolio includes more than 17 million accounts in the UK and across Europe, making it a significant player in the debt purchasing and collections industry.
UK Financial Vulnerability Index
A function of their large customer base is that it allows the company to conduct and publish surveys related to personal finance. Lower regularly publish findings from their UK Financial Vulnerability Index, a tool which is used to track financial vulnerability across the UK.
The FVI will look at issues like the number of UK adults facing problem debt, or the percentage of families with access to emergency savings, and advocate for publicly available measures to improve these conditions across the country.
Worried about Lowell Financial debt collectors?
Is Lowell Group regulated as a debt collection company?
Yes, Lowell Financial Limited is a legitimate company and a regulated debt collection company in the UK.
Lowell is authorised and regulated by the Financial Conduct Authority (FCA), which is the regulatory body responsible for overseeing the conduct of financial services firms in the UK.
As a regulated debt collection company, Lowell must comply with the FCA’s rules and guidelines, which are designed to protect consumers and ensure that debt collection activities are carried out in a fair and transparent manner.
If you have a complaint about Lowell or their practices, you can escalate that complaint to the Financial Ombudsman Service in the UK.
Where is Lowell Financial based?
The UK head office for Lowell Financial is in Leeds, West Yorkshire. They have recently moved HQ. Their full address is below:
Lowell Financial Ltd,
No. 1 The Square,
Thorpe Park View,
Thorpe Park,
Leeds,
England,
LS15 8GH
If you need to contact Lowell Financial, you can reach them at the postal address above. Alternatively, their contact details are as follows:
Phone number: 0333 556 5550
Website contact page: https://www.lowell.co.uk/contact-us/
Why is a debt collection company like Lowell getting in touch with me?
There could be several reasons why a debt collection company like Lowell is getting in touch with you.
You owe money to a creditor who has assigned your debt to Lowell
Lowell is a debt buyer, which means they buy debts from other organisations, such as credit card companies, utility providers, and banks.
When customers owe money to these types of companies, and they have been unable to collect debts from you, they may sell your debt onto an organisation like Lowell.
Once Lowell has taken ownership of the debt, you will effectively owe them money – rather than the organisation the original debt was owed to – and they will expect you to pay them in full.
You have defaulted on a debt Lowell has purchased
If Lowell has purchased a debt that you owe, and you have not been making payments, they may contact you to try to collect the debt.
They may have contacted you in error
While rare, it’s possible that Lowell may have contacted you by mistake. If you believe this is the case, you should contact them to let them know and provide any relevant information to clear up any misunderstandings.
How to deal with debt owed to Lowell Financial debt collectors
If you owe a debt to Lowell Financial debt collectors, there are several steps you can take to deal with the debt.
Contact Lowell Financial
The first step is to get in touch with Lowell Financial to confirm that you owe the debt and to discuss your options for repayment.
You can contact Lowell Financial by phone, email, or letter. It’s important to keep a record of all your communications with the company.
Offer to repay your unsecured debt in full
If you are able to repay the debt in full, you can offer to do so. This may be a good option if you have the funds available, and want to resolve the debt quickly and put the debt collection process behind you.
Agree to a payment plan
If you are unable to repay the debt in full, you can agree to a repayment plan with Lowell Financial.
This involves making regular payments towards the debt over a set period of time. Lowell Financial may be willing to negotiate a payment plan that suits your financial circumstances, provided they know they’ll eventually recoup their money.
Don’t ignore the debt
Ignoring Lowell debts or failing to make payments can result in further fees and charges, and may even lead to legal action.
It’s important to deal with the debt as soon as possible to avoid further problems.
Do you have debt with Lowell Financial debt collectors?
How much debt do you have?
Do you have debt with Lowell Financial debt collectors?
What happens if I ignore debt collection agencies like Lowell?
If you ignore debt collection agencies like Lowell, there can be serious consequences. Here are some of the possible outcomes:
Home visits by a debt collector
If you ignore the debt collection attempts, Lowell or another debt collection agency may send a debt collector to your home to try to collect the debt in person.
Debt collectors are allowed to visit your home, but they must do so at a reasonable time and must not harass or threaten you.
Additional fees and charges
Ignoring a debt can lead to additional fees and charges, such as interest on the debt and fees for debt collection attempts. This can make it more difficult to repay the debt in the future.
Serious damage to your credit file
Ignoring Lowell debt can lead to serious damage to your credit file. Debt collection agencies like Lowell may report the debt to credit reference agencies, which can negatively impact your credit score and make it difficult for you to obtain credit, work in certain job roles, or even open a new bank account.
Formal legal proceedings being taken against you
If you continually ignore the debt collection attempts, Lowell Solicitors or its clients may take legal action and seek a County Court Judgement (CCJ) against you.
A CCJ is a court order that requires you to repay the debt, and it can have serious consequences for your credit score and future borrowing.
What do I do if I owe money I can’t afford to repay?
Depending how much debt you have, there may be no realistic way for you to repay what you owe. If you find yourself in that situation, there are several steps you can take to regain control.
Communicate with your creditors
If you are struggling to repay your debts, it’s important to communicate with your creditors and explain your situation.
They may be willing to offer a payment plan or reduced payment arrangement.
Seek professional debt advice
The first step is to seek professional debt advice from a reputable organisation, such as StepChange or Citizens Advice.
They can provide you with free and impartial advice on how to deal with your debts and help you to create a realistic budget.
Check if you qualify for a formal debt solution
If you are unable to repay your debts, you may qualify for a formal debt solution, such as a Trust Deed or a Debt Relief Order (DRO).
Debt solutions like those above are legal agreements that can help you to repay your debts over a set period of time, or even write off a portion of your debts if you meet certain criteria.
Dealing with letters and phone calls from debt collectors can be a stressful and overwhelming experience, especially if you are unsure of your ability to repay the debt.
If you find yourself in this situation, , Scotland’s leading debt specialists, are here to assist you.
Our team offers personalised debt advice and solutions to those who are struggling with their finances.
Our advisors will work with you to explore a range of debt solutions and help you choose the one that’s best for your specific circumstances. If you need help protecting yourself from debt collectors, or working towards being debt free, contact
