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A New Credit Card Offered To Pay Off Your Debt!!!!


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Balance Transfer Programme

 

I have an old account which is nearly Statute Barred. I have today been contacted by letter from the above DCA acting on this account which has been passed to them from Link Financial.

 

Have a read it makes for a fun read - will we all fall for it I DON'T THINK SO:grin::grin:

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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Do they think we're that stupid :rolleyes:

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Balance Transfer Programme

 

they say ....the Account referenced above has currently been placed with us by Link Financial Limite for collection. However, we are a different kind of collection company; We want to work with you etc.....

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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Against OFT guidelines and just about anything else, to encourage you to take out one debt to satisfy another! If you miss a payment, I guess the 18.9% APR kicks in. What a loathesome trick.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

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And a great chance for them to get a copy of an enforceable agreement too !!!

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

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I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

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Good point Donkey......this should be against the OFT's rules....I think an email to the OFT might be worthwhile....

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

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Interesting as it points to Raphaels Bank....who are a leader in providing pre paid credit cards.....you get to put your already 'interest loaded' credit onto MORE interest !!! and they might give you £25 extra on your card......i'd certainly steer well clear....

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

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Here we are:

 

CSA Code of Practice

 

4. Debt Collection & Default Guidelines

 

In attempting to carry out collection in default of payment, members of the Association should:

I) Not pressurise debtors to sell property or to raise funds by further borrowing.

 

 

OFT Guidelines

 

Physical/psychological harassment

2.6

Examples of unfair practices are as follows:

b.

pressurising debtors to sell property, to raise funds by further borrowing or to extend their borrowing

 

So Link Financial are encouraging this, are they? What a good way to get a brand spanking new enforceable CCA!

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

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R Raphael & Sons plc

 

 

09/10/2007

 

page display as pages

 

R Raphael & Sons plc has been a private bank since 1787. The Raphael family sold the Bank in 1983 and it is now owned by Lenlyn Holdings.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Oh my. :mad:

 

to encourage you to take out one debt to satisfy another
I don't think it does, actually. You can see that they say:

Once you have paid instalments totaling the Total Payment to Qualify amount:

¨ You will receive a Special Credit to reduce your balance.

¨ Apply for the Rise Visa® credit card and sign the Credit Agreement.

¨ The remainder of your balance will be transferred to your Rise Visa® at 0% APR.

In other words, first pay off the debt, then you can apply for the credit card (and may well get turned down, I should think).

 

Lots of hot air to get people to pay the money no questions asked and get nothing much in return wrapped up as a great once in a lifetime offer. I wonder if that is what we were reading about the debt industry having to try different ways to get people to pay up? :rolleyes:

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Good point points Bookie..also they are something to do with Compucredit who issue the Monument Visa card....

 

CompuCredit - For Investors - News Release

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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But "the remainder of the balance will be transferred"... it's a new loan!

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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On reflection, it looks like they get you to pay enough to make them a profit on what they've paid for the debt, then convert the rest to a loan that is more easily recoverable. I can smell it from here - even my cat's just fainted.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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From Sunday times rich list 2008;

 

 

RESULTS FOR 2008

Ranking: 1355=

Worth: £55m

Source of wealth: Foreign exchange

The Tejani family, led by Firoz, 63, is a big player in the foreign exchange and currency changing business. Its main firm, Lenlyn Holdings, has £36.4m of net assets and is worth £50m. With other assets and past salaries, Tejani and his family are worth £55m. They are generous benefactors to charity.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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I've emailed the OFT...

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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It would be, except that "Once you have paid instalments totaling the Total Payment to Qualify amount" reads to me like another smoke and mirrors exercise, and the "total payment to qualify" is likely to be 100% of the debt. So: pay the debt in full, then apply for credit card, subject to usual credit check, bla bla bla, if you have behaved and paid off the total debt in full and on time, then we'll consider giving you a credit card. If there is no "remainder of the balance", weeellllll... sorry, but your account behaviour didn't justify us advancing you further credit, etc...

 

Meanwhile, you have paid the debt or part of it, created a new contractual relationship with them, making a CCA request pointless, and effectively given yourself hands and feet tied to them. Oh, and re-started the 6 yrs clock ticking.

 

The danger is that a lot of people with a bad credit record will see this as a way to repair their credit at a fairly reasonable rate (compared to Vanquis and Cap1) whilst paying their debts and will fall in the trap. :-(

Edited by Bookworm
added stuff.
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Thanks 42 man - I was just going to post and ask if, as the recipient of their letter I should be the one to make that contact - glad you did it for me!! This is very interesting, especially as this alleged debt is almost statute barred!!

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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I would urge you to send this (or a copy) to the OFT.....I think there was another company a while back called Black and White Loans who were offering loans on the back of Arrows Debts....which WERE statute barred....

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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OK will do - I will get the dates sorted and then just send a brief covering letter with copies of the letter I received.

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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Could be another one for BBC's Watchdog - copy them in, harrassed senior!

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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