Having debt is already a normal thing nowadays, even if we thought we don’t have one, we still have to check if we have credit cards as they are the most basic form of debts that get in the way of our financial budget.

Debts are inevitable and collectors will be the ones to notify us that we have to pay. But what if you get a letter from Lowell Financial? Do you know what to do or how to deal with it? Let’s take a look first at what Lowell Financial is.

What is Lowell Financial?

This is a company that specializes in collecting payments, mainly debts owed by a person who borrowed money or purchased something using a credit card. They do the collection of debts on behalf of the companies. 

Basically, Lowell is a debt purchase and debt collector agency. They purchase debts from companies by paying them in full then chase the debtor for the full payment plus interest. This is how they make money as a company.

What Can I Do if I Get Debt Letters from Them?

These are simple steps on what to do if you get a debt letter from Lowell Financial. First of all, it is understandable that you will get shocked once you get a letter from them as they will be unfamiliar to you. Upon reading the debt letter, you have to check and back track if you have any unsettled debts before and try to settle it once and for all. 

Once you get a debt letter from Lowell Financial and you checked that you have no other previous debts or if the debt that they are referring to has already been paid in full, you can just ignore the letter and wait for their next notification or you can contact them directly and inform them that the debt has already been settled.

Make sure that you respond immediately, keep your response short, direct to the point and professional so they will know that the person they are chasing is not someone who’s unwilling to pay.

You can also request to have a validation of debt and you have to inform them about this request as soon as you received the letter or at least within 30 days from the date indicated on the debt letter. In this way you will avoid any follow up letters and keep them posted about the situation.

How to Get Away from Debt?

If you are going to think about it, there are a lot of ways on how you can get off a certain debt. What we provided are just a couple of ways on how to deal with debt letters from Lowell Financial, now we will look at the ways on how you can make sure that you can avoid incurring one.

First of all, make sure you know what you owe. Have an all around notebook with you that keeps track of all the things that you will not normally remember on top of your head and make a list of all the debts you have. Make sure to pay them in a timely manner but also keep the payment at a minimum so your budget will not go over.

Make sure to create an emergency fund. You may never know when you need some extra cash and those were the times that you borrow money from the banks or other lending companies which in turn create more debts. This can be avoided by creating an emergency fund where you keep putting in money on that account and saving it for rainy days.

The most important part of avoiding any debt is that you should only buy what you really need and charge what you can afford. This means that you have to avoid splurging too much on your payday and buy only the things that are necessary for your everyday needs. Being a “one day millionaire” is what creates a lot of debt right before your next payday, avoid this and you’re sure to have a wealthy life.

Once They’re Paid in Full

The things mentioned are just a number of ways on how to avoid any debts, there are a lot of options that you can do and it is best to do your own research or better yet, seek the help of an expert like a financial counselor in order for him or her to teach you on how to manage your money and keep your expenses at the minimum. Remember, knowing how to avoid debts is easy it's the execution that makes it challenging.