Link Financial

[onecall1]

Another problem has reared its head for me and I wondered if anyone could throw some light on it for me. I had a debt with Jaguar Financial Services and was in an agreement with them to pay £100 per month and have been doing so for 18 months. I was surprised to receive a letter from them (allegedly, it is not their paper etc) saying that with immediate effect the account has been assigned to FCE Bank plc who have subsequently re-assigned Link Financial to recover the outstanding debt due and demanding the whole amount. Having learnt a lot from this site, I immediately requested a CCA. It came yesterday morning and I am keen to respond. I need to know what constitutes a 'properly executed' agreement. Sorry I cant scan it but just glancing at it, there is not even an interest rate. I dont dispute that I owe the money but I have been paying and for Jaguar to sell this on is outrageous. I have been desperately repaying several creditors for 2 years since my company went into liquidation and life has been very hard. I could have gone bankrupt but chose not to do so as it would not have been good for my family. If there is anyone who specifically knows what needs to be included I would really appreciate it.

Thanks

[saintly_1]

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/105315-my-agreement-enforceable-useful.html theis link may prove helpful

[onecall1]

Thanks for that Saintly. I have checked the agreement thoroughly and the only thing missing is the interest rate. I have no idea how much this would have been as I signed this on behalf of a company.

I dont dispute that I have an obligation to pay this debt but I had a perfectly good repayment agreement with Jaguar and without any warning they sold it onto these jokers who want to bully me into paying more than I can afford. The agreement also has a white box which looks like it would have had something else in it which has been tippexed out. If the agreement is unenforceable at least then I would have the upper hand as to how much I could agree to pay them. I have considered offering them a one off payment of £2000 in full and final settlement. The original creditor also got the figures wrong when they sold it on and I owe less than they say. The outstanding amount is around 11K, would a 2K offer be enough or should I dispute the agreement as it has no interest rate. I can't afford to lose if they took it to court.

[spamheed]

At the end of the day, your debt is their property and there is little you can do about it. if you wanted to sell your car, you wouldn't have to check with anyone else, the premise is the same, your debt is an asset and if they chooose to sell it on, then so be it. don't dwell on it, it only creates anger!!

 

Lets say Jaguar paid 10% to 15% for your debt, they have had their money back now and will now sell it again for a minimal amount therefore making a profit. the next lot will have paid a lot less and will chase up the whole £11k a massive profit opportunity, I would reckon offering a lot less than £2k and see if they enter into negotiations. they may only have paid hundreds for the debt in the first place

[onecall1]

I appreciate what you are saying but I thoughtthat under OFT guidelines, the OC (Jaguar) were obliged to give notice that they were selling the debt on. I was in an agreement with them to pay a monthly instalment and I had not reneged on that agreement. Of couse it is up to them to sell it on.However, if I now find that the agreement does not have an interest rate on it I wanted to know if it could be enforced. I am happy to continue paying what I have been paying Jaguar but the new debt collector wants the whole amount and I cant afford it.

[spamheed]

You are 100% correct in what you are saying, and please don't take any of my comments as a criticism of your good self. other than maybe an observation of your niavety of the system. there are processes which should be followed but aren't, this can be taken as one of them.

 

If you have a look throughout this forum you will find numerous references to the assignment, this is the document that is supposed to be issued by the original creditor to notify the debtor that the debt has been sold, it is allegedly a legal requirement, yet it is rarely produced.

 

If the DCAs and Original Creditors were obliged to produce it or write off the debt, you can bet your ar$e, they'd be piled up under the letterbox, until then, they don't give a to$$ coz there is no punitive action that can be taken and the argument seems to hold little sway with the courts

[spamheed]

stick to your guns and only pay what you have agreed and can afford, let them take you to court if they wish (they don't wish to) they are trying it on in expecting you to pay more than you were previously. the court will be very much on your side and would be more likely to reduce the amount than anything else.

 

I would CCA them and ask them to provide you with statements. It is not unknown for a new creditor to add their own little bit of bunce to the debt. let them know you aren't going to be pushed around.