Your credit file

You’ll have received a letter from Lowell letting you know we have purchased your outstanding balance on your credit agreement. 

We’ve not changed any of the terms of your credit agreement, which means you’re still required to pay your contractual repayment each month to stop your agreement from being defaulted. 

Get in touch to talk about your options to ensure you meet the payment terms.

If you don’t currently have a payment plan in place it’s important that you contact us to discuss your options. Don't worry, we'll work with you to find an affordable way to help clear this Lowell debt.

It is important you read this information to understand how your credit file will be impacted and the circumstances which may lead to you having a default registered on your credit file.

IMPORTANT: Not meeting the minimum payment terms could eventually lead to us applying a default on your credit file even if you’re making regular payments

Payment plans higher than Contractual amounts

If you agree a payment plan for higher than your contractual repayment amount, your credit file status will start to improve once all debts with Lowell are repaid. 

Payment Plans - started before 22 March 2021

If you continue to meet the agreed payment plan terms, once your debts with Lowell are repaid, your credit file status will start to improve.

If your circumstances change and you need to amend your payment plan, providing you contact us and agree the new terms, without missing a payment, then this will not have a negative impact on your credit file.

Payment Plans - started after 22 March 2021

The impacts on your credit file will depend on the amount you pay us and the type of credit agreement you have.

If your payment plan is greater than 50% of your monthly payment amount stated in your credit agreement, providing you continue to meet the agreed payment plan terms then this will not have a negative impact on your credit file.

If you agree a payment plan of less than 50% of the monthly payment amount stated in your credit agreement, then this will have a negative impact on your credit file and could lead to a default being registered. The default would be visible on your credit file for 6 years and impact your ability to obtain credit in the future.

Running account credit agreements e.g. Credit cards, Store cards, Catalogue credit

If your payment plan is greater than 1% of your outstanding balance or £5, whichever is greater each month, providing you continue to meet the agreed payment plan terms then this will not have a negative impact on your credit file.

If you agree a payment plan of less than 1% of your outstanding balance each month, then this will have a negative impact on your credit file and could lead to a default being registered. The default would be visible on your credit file for 6 years and impact your ability to obtain credit in the future.

If you fail to make any payments in line with your payment plan and/or cancel your payment plan, then this will have a negative impact on your credit file and this could lead to a default being registered. The default would be visible on your credit file for 6 years and impact your ability to obtain credit in the future.