More bad news, this time Link Financial

[DoubleVee]

Fresh on the heels of Bryan Carters court claim I've received a letter this morning from Link Financial over a hire purchase agreement I have with Ford Credit.

 

I bought a car in November 2003 from a Ford dealer and took it on hp over 5 years. Last year I had a couple of months off work through sickness and fell into arrears with Ford Credit. I ended up in £800 or so of arrears and defaulted on the account. Two days after the default I cleared the arrears and then began paying as normal which Ford were happy to do. Two or three months later I get a letter off Ford telling me that 6 weeks prior to the date of the letter they had passed the account over to Link Financial. I rang Link up and transfered the standing over to them. But, foolishly, over Christmas I was strapped for cash and I cancelled the standing order. Then I forgot about it until February and have just ignored until now. So by my reckoning I'm three months in arrears which is about £664.

 

Someone tried ringing me on Saturday morning at 7:50am when I was at work, and after Googling the number I found it to be Link Financial. This morning I've received a letter which says, "We have been instructed to issue County Court proceedings for the return of goods subject to the above agreement. Proceedings will be issued within the next 48 hours if we have no response from you".

 

I tried ringing earlier but the lady I spoke to said the Litigation Dept was busy and they'd ring me at half 12. Still waiting.

 

Can someone advise me where I stand on this issue? Once the arrears are sorted I can pay the monthly payment no problem, just I need the vehicle for work.

 

The past few days have taught me a harsh lesson, and I really need to face up to my debts before things get really out of hand. I feel like I can't breathe at the moment I'm so worried about my finances.

 

Anyway, can anyone give me some advice.

[ScarletPimpernel]

To start with, don't talk to them on the phone - keep everything in writing.

 

What happens next really depends upon whether you are in a position to settle the arrears.

[DoubleVee]

To start with, don't talk to them on the phone - keep everything in writing.

 

What happens next really depends upon whether you are in a position to settle the arrears.

 

Well I'm not in a position to clear the arrears in one go. Would have to be payed over 2 maybe 3 months alongside the normal monthly payment.

[DoubleVee]

Okay, they've just rang me and they are after either the vehicle back or £2517, which is what is outstanding on the vehicle. Obviously, I haven't got £2517 to give them and handing the vehicle back to them is not really an option. She then said how about clearing the arrears of £663. I said not a problem at the end of the month to which she replied that because I've received the letter notifying me of the impending court claim, she can only give me two days to find the arrears otherwise they'll go to court. She said, "how about you borrow the money off someone?" Can anyone tell me where I stand?

[babybear39]

They're breaking OFT guidlines by asking you to borrow the money.

 

As far as anything else is concerned I'm not up on hire purchase agreements, although I think if you've paid a certain percentage they have to be reasonable. I may be wrong so check.

[sillygirl1]

If you've paid more than a certain amount they can't force you to return the vehicle, from 2005 to 2008 is three years or so and you should have paid over half in that time - check your agreement as they may again be forcing you to do something that isn't in the agreement.