Myth-busting: The truth about debt advice online

At Lowell, we understand that some customers may turn to the internet for debt advice after being contacted by us for the first time and there are lots of places you can find information.

Finding advice online can be quick and easy, but it can be hard to know which are reputable websites which is why we have pulled together this helpful guide. We’re here to help ensure that you know the truth about finding debt advice online and how to find trustworthy financial guidance.

Where to find trusted debt advice online

If you’ve ever had a question about your debt or wanted some guidance on what to do, it’s likely that you’ve turned to the internet especially as there are a lot of financial blogs online which give advice on various debt topics.

While these blogs may include a lot of relevant information and use specific terminology, they’re not always the most reliable source to turn to when you’re looking for advice. It can be helpful to get information from a variety of sources including the internet, but online debt blogs can’t always take your personal circumstances into account and may not be impartial.

We’d always recommend getting your information from experts which means organisations which are authorised and regulated by the Financial Conduct Authority to provide financial advice, or contacting your debt collector who can help direct you to these free money advice organisations. A list of these organisations has been provided at the bottom of this blog.

We’re here to support our customers and be there for them every step of the way. So, if you have a debt with Lowell please do get in touch with us and we’ll help you get the support you need.

How do I write off debt? Is there a loophole?

Writing off your debt and finding loopholes are both things often discussed on various financial blogs and websites.

Some financial blogs may mention ‘loopholes’ to help you get out of your debt or ways to get it written off, but there aren’t any loopholes for writing off your debt. The only real way to clear your debt is by starting to make payments. If you’re struggling or your situation has changed then there may be other debt solutions that could be available to you including:

• Debt Management Plans (DMP) – This is an informal agreement organised on your behalf by a third party which involves setting up a payment plan to help clear your debt. You make one payment to the third party, and they distribute funds to your creditors on your behalf. It is important to know that there are both fee-charging and free debt management companies.
• Debt Relief Order (DRO) – This pauses any payments to qualifying debts for a year. If your circumstances are still the same after the 12-month period is over then any debts that fell within the DRO will be written off.
• Individual Voluntary Agreement (IVA) – This is a formal agreement freezing your debts and letting you make affordable payments over a set period. Any money owed after this period will be written off.

We also have a helpful blog on the different types of debt solutions that goes into more detail. In the end, we want our customers to feel comfortable and supported, so would recommend working with us to figure out how you can pay off your Lowell debt.

You can also speak to one of the other trusted organisations we mentioned previously to find out more about whether you might qualify.

Can Lowell write off my debts?

At Lowell, we won’t write off your debts, however, there may be times when we’re able to offer you a settlement discount on your debt.

If you’re concerned about your debt with us, then the best thing to do is get in touch with our friendly team directly. We’re here to listen and once you let us know about your situation, we can look at possibly changing your payment plan or whether there is anything else we can do.

If you’re looking at seeking debt advice from a company such as those listed above, it’s important that you let us know so we can make any necessary arrangements on your account.

For more information or if you have any questions on debt discounts, you can check out our blog on how discounts work with debt.

If a debt is sold to another company, do I have to pay?

Yes, if your debt has been sold to another company, like Lowell, then you will still have to pay it off.

Once Lowell has purchased your debt, we become the legal owner of the debt meaning you now make any future payments to us, not your original creditor. Lowell purchases debt from many different types of companies including credit card issuers, utilities or telecom providers, and banks.

If your debt has been bought by us, then we will send you a Notice of Assignment letting you know about the change in ownership and introducing ourselves. After that, we will work with you to come up with an affordable payment plan that works for your own personal circumstances. If you’d like to find out more about the process, you can read our guide on how debt purchasing works.

How to ‘beat’ debt collectors in the UK?

When looking for debt advice online, you may have come across some websites giving tips on how to beat debt collectors. It may come as no surprise, but there really isn’t a way to ‘beat’ your debt collector.

Debt collectors are there to support you and want to help make the payment process simple and easier for you. It’s important to not ignore your debt collector as this could make matters worse.

What can and can’t debt collectors do?

If you’re feeling unsure about getting in touch with your debt collector, then it might ease your mind to know that there are some things that debt collectors aren’t allowed to do which includes:

• Providing incorrect or misleading information
• Telling other people about your debt (e.g., family and friends)
• Contacting you at unreasonable times
• Threatening legal action when it can’t take place
• Getting in touch with you through social media

We understand that being contacted by Lowell, or any other debt collector, might be overwhelming, but we’re always here to support you with your Lowell debt. Our main goal is to build a trusted relationship with our customers and work with them on their journey to becoming debt-free with Lowell.

Organisations that provide trusted debt advice and support

When it comes to debt and other financial topics, it’s important to make sure you’re getting advice from reliable sources, and we want to make sure that you’re only finding accurate debt advice online.

Here is a non-exhaustive list of some trusted and regulated organisations out there that we would suggest speaking to that will be able to help and provide extra support or advice on debt.

• Citizens Advice is a network of charities that you can contact for free and impartial advice on a range of matters including debt and money, benefits, work, and housing.
• MoneyHelper is a free government-backed service offering unbiased advice to help people better manage their money.
• StepChange is a charity focused on providing debt advice and helping those struggling with their finances. You can either call them on 0800 138 1111 or use their online debt advice service.

If you want to learn more about taking control of your finances then be sure to check out the Lowell blog or look at our debt hub guide. There you can find all sorts of helpful financial information that will support you on your journey with Lowell.

If you have any other questions or concerns about your debt with Lowell then you can contact our friendly and experienced team who will be more than happy to help whatever your situation.

Published by Stephanie North-Shaw on 09/03/2023

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