Ford Credit > Voluntary Termination > Link Financial.

[Semi]

Hello All.

In bit of a Low place right now and am seeking advice. Any help will be much appreciated.

Here Goes.

I purchased a new Ford ST Car in May 2008 from a ford Dealership. And took the Finance through FordCreditEurope.
I had to do a Voluntary Termination ("VT") in May 2009 due to my work Hours being halved due to the current problems in the structural building trade. Hence I could not afford the Payments on the Car anymore. The "VT" terms were stated I needed to pay off 50% of the balance to "VT".
I was around the 38% mark (Still need to pay £2250). And they came to collect the Car. And I was given in return the V5 Section need for me to complete to the DVLA and a Checklist copy to make sure the car was in excellent condition.

A few weeks went by, but no contact from Ford.
So I called them roughly 3 weeks from the date the car was collected.
And they informed me I had 10 days to pay the full amount to them otherwise they were to pass my debt on. I asked why I had not been contacted before hand. They told me I would have received information when my car was collect on what to do next. But I know I did not receive this that’s why I was calling them!

I planned to borrow the £2250 from my Parents to cover this amount.

Unfortunately I returned from my Holiday to find a letter stating I was laid off immediately. With no extra Pay just my lasts weeks Pay. Of course I paid this money straight into my rent account to keep the house afloat.
I now have Link Financial LTD. on my Case. Telling me they had purchased the debt and I need to make imminent payment of the full balance.

As I said I had planned to loan from my parents. But I will not do this as I know she has worked hard for her savings and I’m uncertain if and when I can pay them back. And my mother’s job is not very safe also. Family comes first to me. A debt company can wait if they want their money.

I wrote to Link to advise them that I am out of work (sent them a copy of my letter from my previous employer stating so.) and to contact me in writing only to my address. I told them I was unable to make payment at present.

I have yet to get a reply from Link. This is 2 weeks on from my letter. But this morning I had the door bell ringing franticly for a few minutes. I did not answer as I had a feeling I should not have. After I could tell the door ringer had gone I went to the door to find a nice postcard from Link asking for me to Call Lynne Urgently on Links number.

I asked for all Correspondence to be in writing in my previous letter.

I have just signed on to JSA and am trying to get help with the house. As I have no savings and no income. And the House comes First. (I am Renting and have 6 months on the lease) I can get help with the house via benefits until I find work. But I have yet to receive any payments so far. And believe it takes a long while before I do receive payments. JSA I have no idea when I will receive money. And I have a feeling I will not find work easily due to my trade and the current problems at present.

So I have no income.
I have told them I cannot pay at present.
They are already knocking on the door.
Had no written letters from them so far.

I was hoping I could pay them token payments (£1) when I receive my JSA but I don’t know when that will be. Until I can afford to start paying the debt off.

I’m worried they will add interest and charges all the time. I have no possessions as such apart from clothes. As my housemate owns all the furniture and so on. As I had nothing when I moved out of home. I’m worried can they just come into the house and take what they want, as nothing in here is mine and I don’t want my housemate’s possessions taken. What can I do to prevent this?

I’m sure I have put too much info on here but I really need to know a solution to keep them at bay until my circumstances change and I can make payments again.

Any Advice would be greatly appreciated.

Many Thanks

James

[Conniff]

Lets ease the worry first. Debt collectors cannot enter your house, they cannot take any of your posessions or list or levy them. Bailiffs are the only ones who can do this, and bailiffs cannot get involved unless ordered by a court after a county court judgement.
(Even bailiffs cannot enter your house unless you invite them in. They can enter via an open window or door in which case they would then have legal powers to enter again).

Never speak to them on the phone if they should find your number and call you and tell you parents the same. Stick to your original 'only in writing' stance.

If you should get caught by a debt collector, you can tell him to leave your property and call the police if he refuses.

Write and ask for a signed copy of the credit agreement enclosing a £1 cheque and stating that the cheque is for the copy agreement only and not to be used for any other reason.
I say a cheque because if you use a postal order, it should be crossed and if they send it back, you will have a job cancelling it and gettin your £1 + fee back. Don't send a cheque from your own account, ask your parents if they will give you one.
What ever correspondence you send them, do not sign it with your usual signature, alter it in some definable way.

You will find a letter in here, you want letter N1.

Creditors and DCAs - Letter Templates & Budget Planner

[Semi]

thankyou very much Connif. very informative read.

I will send the N letter tommorrow. and keep the post up to date.

would you advise that I make a list of my possesions and then sign them over to my parents? ex. 12" Vinyl collection?

I dont have much in way of possesions but if i could secure them if need be would that be the way to go about it?

thanks for your time.

James

[Conniff]

Posted in error.

[Semi]

Ok Received all the Documents today 9/7. including what the car went for at auction too. what should i do from here with this please?

Annoyingly they sold the car for £8550 and to settle my account in full i only had to pay £8849.63

so can i argue that and pay the remaining to clear the balance?

as of yet link have not actually told me a figure i owe on any of there letters. they simply state payment is due in full, but dont give one... strange hey? and i never received a letter from ford for a balance either.

thanks

James

[Semi]

18/07/09 received another threatening letter today. giving a balance this time of £2264.13

Is there anyway i can argue ford for paying the full balance minus the car sale price and what i have payed so rather than them making more money than the original credit agreement for the car?

[Spicebird]

Semi, i would be very interested in the response to this, as I am in a similar situation, car was VT and they are now chasing for the balance