help with link financial

[twix]

Hi CAN SOMEONE PLEASE GIVE ME A BIT OF ADVICE.I HAD GOT MYSELF INTO A BIT OF A MESS WITH DEBT BUT HAVE RESOLVED ALL DEBTS EXCEPT ONE.I OWE £1800 TO GE CAPITAL WHO SOLD THE LOAD TO LINK AFTER I MISSED 3 PAYMENTS.

i DONT WANT TO RUN AWAY FROM MY DEBT AS I OWE THE MONEY AND WANT TO PAY IT BACK.THE PROBLEM WITH LINK IS THEY WILL NOT ACCEPT MONTHLY PAYMENTS AND WANT THE FULL AMOUNT NOW.

OF COURSE I HAVENT GOT £1800 AND THEY TELL ME THEY WILL REPORT THE CAR STOLEN UNLESS I PAY NOW.

 

ARE THEY RIGHT IN DOING THIS AND THE FACT THEY DONT HAVE TO ACCEPT MONTHLY PAYMENTS.

 

ANY HELP WILL DO.

 

I HAVE NOT SENT ANY DETAILS TO THEM YET AS THEY SAY I DONT NEED TO SEND ANYTHING BUT THEY RING AT LEAST TEN TIMES A DAY AND I'VE GOT TO THE POINT WHERE I IGNORE THE CALLS.

 

I WANT TO PAY MY DEBT OFF AND OFFERED THEM £600 STRAIGHT AWAY THEN INSTALLMENTS OF £100 A MONTH BUT THEY STILL REFUSED.

 

PLEASE HELP

[bazak1]

hi twix.

i think this would be better if you posted in the debt part of the forum where there are friends on there who know enough to help.

also, have a look around that part of the site and see if anyone else has experienced the same.

 

Any mod's out there to move this for twix ?

[diskmandave]

I have asked for this to be moved.

[diskmandave]

AND THEY TELL ME THEY WILL REPORT THE CAR STOLEN UNLESS I PAY NOW.

Personally i'ld be interested to hear how exactly they'll report your car which I assume is registered in your name stolen!! Think about it!!

 

This may also put your mind at ease a little...

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

 

Link are as nasty as they come and you need to be prepared for them.

Trading Standards Central - Trading Standards and Consumer Protection information for the UK

 

Regards, Dave.

[tooth_fairy]

Hi Twix,

Welcome to consumer action group and you have come to right place for advice and help.

 

Whilst Link don't have any obligation to accept monthly payments, even though it is in their best interests to. Have you been speaking on the phone to them regarding this? I ask because one of the first things that CAG members advise new members is that you should never speak to them on the phone, ensure they put everything in writing for you.

 

Is your debt for a car loan or such, that is why they might suggest they can report your car as stolen, which, is a lie, they cannot do so. If they car is registered in your name, they would be laughed at by the police in any case.

 

As I see it, you have made a fair offer, indeed some creditors may accept a one of third payment as a full and final settlement, which is why it puzzles me that Link will not accept your proposals.

 

As I see it, you have 2 options really, I'll explain both.

 

1. You can ask Link for a copy of your consumer credit agreement (what you would have signed for or indeed you may not have signed!). You will need a £1 postal order, don't send a cheque as they can get your bank details from those, equally don't sign your letter as they can forge your signature on to documents. You will need letter N from this link http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html send recorded delivery and they then have 12 days (plus 2 for postage) to provide you with the said agreement. If they don't provide this agreement, the debt cannot be enforced without a court order, after a further 30 days, Link commit a criminal offence, for which they can be reported to their local and your local trading standards.

 

They also need to prove to you, they have the permission, if you like, to collect this debt from GE by way of providing with a copy of a deed of assignment.

 

Also ask for all communication to be made in writing and for phone calls to cease immediately.

 

Your second option:

 

1. You can put in writing to Link and GE, your proposals in writing. GE, in fairness, OK to deal with, they took my husband's debt back from their DCA the first time it was sold and negotiated with him directly.

 

I think you could also look at Letter J on the above link, which is offering a full and final settlement to a creditor, you can offer the £600 as a full and final settlement.

 

I'd personally want to go down the route of option 1, ensuring the creditor and debt collection agency are complying with all the terms of the original agreement.

 

Good luck and I am sure there will be some more advice coming your way soon.

 

TFx

[twix]

Thankyou for your response ,sorry I took so long had a bereavement in family.

 

I will be sending them a letter and hope they will accept a solution to this as an end to the phonecalls.

 

The debt was for a car total value was 11,000 which I put 7,500 down in cash for and the rest on finance of which I was daft not to see it was higher purchase.

 

Once again thanks for the response.