Becoming debt free with Lowell

At Lowell, our top priority is to help and support our customers on their journey to becoming debt free with us. This is especially important to us because we understand that the idea of being debt free can sometimes feel far away when you still have outstanding debt to pay off.

That’s why we want to start a conversation about becoming debt free with Lowell and be open about how we work here. To do so, we’ve created this guide about the steps you might take on your journey, how we can support you, and where to seek help and advice.

In this guide, we’ll cover:

This content is intended to be an impartial guide regarding becoming debt free with Lowell. Lowell Financial Ltd does not offer financial advice. You can find out more about the organisations you can contact in our guide on debt help and support.

What does it mean to become debt free with Lowell?

Becoming debt free with Lowell can mean something different to everyone. Some people may think of this as not having any outstanding debt, others may view this as clearing one particular debt that they have with us, and some may even believe it means being financially secure enough to not find themselves in debt again.

It’s important to remember that everybody’s circumstances are unique so your journey to becoming debt free with Lowell won’t be the same as someone else.

Where to seek advice on becoming debt free with a Lowell debt

Perhaps you’re struggling to figure out what to do and would like some additional support? First of all, it’s important to know that it is completely normal to feel like this.

If you’re a customer of Lowell, please get in touch with us as we’re always happy to hear from you. Our team are there to listen to any concerns and questions you may have about your Lowell debt and work with you to find the best solution that works for you.

However, we know that sometimes you may wish to seek advice from someone else before or whilst speaking to us. That’s why we’ve got a whole guide on who you can speak to for debt support that includes information on some of the organisations that provide free and impartial debt advice and guidance.

Once you reach out, these organisations will be able to help you figure out the best way for you to deal with your Lowell debt based on your individual circumstances.

Alternatively, if you’re doing your own research, it’s important to make sure you’re getting the right information which is why we’ve written a helpful blog on the truth about debt advice online.

Ways to start your journey and clear your Lowell debt

Knowing where to begin when it comes to clearing your debt can be difficult. However, once you do start, it may give you peace of mind knowing that you’re on the right track and gaining control of your finances.

Here are five helpful hints and tips that you can take to get a head start on your journey:

1.      Reach out for help and advice

We understand that being in debt can feel overwhelming, especially if your circumstances have changed. You may even feel like you’re alone, but we want you to know that this is not the case.

Fortunately, there are lots of places you can turn to for advice and support whether that’s speaking with friends and family or seeking advice elsewhere. There are various organisations that you can contact for free, independent advice including National Debtline and Citizens Advice.

If you’re a Lowell customer, you can also get in touch with our team. Whilst we won’t be able to offer advice, we can put you in touch with those who can. We’ll also look to see if there’s anything else that we can do to support you such as reviewing your current payment plan.

Remember, by asking for help, you’ll be able to determine what other available options may be best for helping you take control of your finances and deal with your outstanding debts.

2.      Create a budget

Dealing with debt can be tricky, especially when it comes to making sure you’re able to make your monthly payments in full and on time. Creating a budget can be a great way to ensure that you put enough money aside and know what you’re spending and where.

Once you’ve got a budget in place then you can start monitoring your spending. This is to ensure that you don’t accidentally overspend or have outgoings that you don’t realise are potentially becoming more expensive. You may also identify areas where you can cut back on spending and where you may be able to increase your income.

Our handy budget calculator tool is completely free to use and can provide you with a clear overview of your finances.

3.      Find out how much you owe

To start paying off your debts it’s important to know exactly how much you owe and who to.

If you’re unsure about your outstanding balance with Lowell, please contact us, we’re more than happy to provide you with all the information you need. Alternatively, you can view this yourself by registering for an account online.

Another good source of information regarding your financial situation is your credit file. You can access your credit file through one of the UK’s three main credit reference agencies (CRAs) – TransUnion, Equifax, and Experian.

During this time, you may also realise you have more debt than you thought or notice a debt that you don’t recognise. We’ve got a separate guide on how to recognise if a debt is yours.

If you owe more than one debt, you can keep track of all the details by using a computer or writing them down. Independent organisations such as those mentioned previously in tip number one can also offer you support with this.

4.      Focus on paying back your debt

Setting up an affordable payment plan with us is an important step towards becoming debt free. However, it’s not just about setting up a payment plan but sticking to it by making the payments as you’ve agreed.

As part of your plan, you’ll have an affordable and sustainable payment that you have agreed to pay each month. However, not paying the full monthly amount or missing payments will mean it takes longer to clear. You might even find yourself in a situation to be able to make additional payments and reduce your outstanding balance even more.

If you have more than one outstanding debt, it might be that certain methods could help you to clear your debt faster such as the debt snowball method. You can find out more about the best way to pay off your debt by contacting an independent organisation, such as those we mentioned in tip one.

If you've got an outstanding debt with Lowell, you can make a payment through our easy-to-use online portal.

5.      Contact Lowell directly

Here at Lowell, our customers are our top priority. Whatever your situation, we’ve got a friendly team who are there to listen to your concerns and questions about your Lowell debt.

To put it simply, we want to support Lowell customers however we can on their journey to becoming debt free with us.

For example, if your circumstances have changed and your payment plan is no longer suitable, please get in touch and let us know. We can also discuss other options such as breathing space which will involve putting your account on hold giving you time to seek free debt advice.

How we support our customers to become debt free with Lowell

Our main goal is to help support our customers on their journey to becoming debt free with Lowell. This includes making our debt payment plans as affordable and personalised as possible based on your individual circumstances.

When setting up a payment plan with you, we work closely with you to understand your financial situation to figure out what would be an affordable payment plan for you. This is because we know everybody’s circumstances are different including your income and outgoings which is why we’ll never ask for more than what you can afford.

We always want to know what more we can do to help support our customers in a positive way on their journey to becoming debt free which is why we created our Customer Panel.

This is a place for Lowell customers to give honest feedback on their experience working with us and provide insights to make sure our service is the best it can be. They can also use this space to discuss any concerns, comments, or questions they have.

What happens after becoming debt free with Lowell

At Lowell, we want the best for our customers, and for them to know that it is possible to become debt free with us.

Once you’ve made your final payment on your Lowell debt, you’ll receive confirmation from us to advise you that the debt has been paid. This means you no longer owe us any money on that particular debt.

If your credit file has been impacted, this will be updated once the debt is cleared. For example, if you’ve had a default registered due to missed payments then this will be marked as ‘satisfied’ after the debt has been paid in full. 

For more information on debt-related topics and how we work with our customers, head over to our debt guidance hub.

First published: 3rd April, 2024