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link financial(PLEASE HELP)


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link contacted me last year saying that they had bought a debt from ge money never had anything from ge money stating they had sold the debt or assignment to link (the debt is for a car on hp that i struggled to pay and eventually sent the car back to them but with having arrears they say (link) that i now owe them the shortfall.i told them that if i knew i had to pay this i wouldnt have sent the car back to ge money and told them that i wouldnt be paying anymore money due to this. that was last october and today got another phone call 6 months later asking to agree an arangement with them and they are willing to accept £10 a month as long as i send them a i&e form back to them.i have already asked for them previously a cca and all they sent me was 2 pages, they should have been 6 as the first 2 pages state 1of 6 and 2 of 6 can anyone advise me what to do as i also got a phone call from a company offering to get rid of this debt for a fee of £295

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Hi gerrard14, i dont know much about car loan debt, however they must by law, require to send to you a notice or letter of assigment to have the right to enforce the debt. If you choose to answer them on the phone, then ask them their name and company name, keep a note of the date and time of call, and dont give them any information, insist on letters only.

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never had letter of assignment from ge money only from link stating they have been assigned the debt and as we have bought the debt all monies should be paid to them just seen on the uk insolvency helpline it states that if you have paid at least half you only have to pay for any missed payments or damage to vehicle as there was no damage to car they sold it at auction for well over the amount i owed so do i send a letter stating this

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If you voluntarily terminate an HP agreement by returning the vehicle you are liable to pay a sum not in excess of 50% of the total agreement minus the agregate of the payments you have already made. ie. If you have paid 50% or more you owe nothing more whatsoever when you return the car.

Are you in a position with the paperwork you already have to answer the following questions?

 

The total amount payable under the agreement?

The total you paid towards the agreement before handing the car back?

 

If not you might need to SAR the OC (GE money) and get your hands on your bank statements.

 

If you did not pay 50% or more the shortfall should only be an amount to take you to the 50% mark NOT the 100% mark that they are probably trying to claim.

 

eg if the agreement was for £10,000:

 

If you had paid £5000 when you VT'ed you owe nothing.

If you had paid £4000 when you VT'ed you owe £1000

If you had paid £6000 when you VT'ed you owe nothing but cannot claim the other £1000 back.

 

It would not surprise me to hear that GE have passed Link a debt when lawfully none existed.

 

The relevant Law is Consumer Credit Act 1974 Sec 100(1)

 

100. Liability of debtor on termination of hire-purchase etc. agreement.

— (1) Where a regulated hire-purchase or regulated conditional sale agreement is terminated under section 99 the debtor shall be liable, unless the agreement provides for a smaller payment, or does not provide for any payment, to pay to the creditor the amount (if any) by which one-half of the total price exceeds the aggregate of the sums paid and the sums due in respect of the total price immediately before the termination.

You have the right to food money.

If you don't mind a little investigation, humiliation, and if you cross your fingers rehabilitation..............

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i had paid over half the amount but was behind a few monthly payments they terminated the contract and asked for the car back but i told them they would have to get a court order to get it back but i said i would voluntary hand the car back as i had paid over half so they sent me a voluntary surrender letter to get them to get the car back but when they had sold it at auction they said that as i was behind on payments i owed the difference from what i owed minus payments and the sale of the car but then i got letter from link stating that they had bought the debt

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The sale of the car is completely irrelevant to this matter.

 

You owed 50% of the agreement plus the car to absolve you of any further liability under the agreement.

 

You returned the vehicle.

You paid more than half the cost of the original agreement.

It doesn't matter if you were late on some payments if you had paid 50% at the time of VT as these are taken to be voluntary gifts anyaway.

 

You owe them nothing.

 

I suggest you write to Link and quote these facts along with sec. 100(1) of The CCA 1974.

Do the same with GE too or the 'debt' will be sold on to another sucker DCA before you know it.

Report both Companies to Tradings Standars and the OFT as well for they know that on VT'ing a vehicle under these circumstances the sale of the vehicle is irrelevant, and they have deliberately mislead you in stating a shortfall exists.

You have the right to food money.

If you don't mind a little investigation, humiliation, and if you cross your fingers rehabilitation..............

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I would also add, from my experience, Link will chase payments when you are speaking to them or they see you as an easy target.

 

When I asked for a copy of the assignment and a copy of the agreement (the standard letters on this forum), and advised that I would report them for harassment if they continued to chase for a disputed debt, they stopped calling or writing. That was 5 years ago. I never heard from them again nor had any detrimental information recorded against me...

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