Link Financial 2 loans with GE Money - SHOCKING post judgemental INTEREST RATES!!!!

[Jana007]

Can anyone help me?

 

I had 2 loans with GE Money that Link took over, when I couldn't pay. Link have just notified me that they are charging me 17.8% pa on one loan and 21.9% on the second loan. This amounts to £500 a month interest and I can only afford to pay them £150 a month so my debt is escalating out of control..

 

They took me to court in December and now inform me that they have added almost £2,500 in interest to my account and will continue to add interest each month.

 

Where can I go for help? The CAB, my MP? I am REALLY worried and don't know how I'll ever get out of debt now...

[Pinky69]

What did the court order say? They cannot add anything that the court did not order you to pay or that was not in the original agreement. Report them to the OFT for charging interest without any authority to do so and send a copy of that to Link's Complaints Department so they know you have reported them to the OFT.

[Jana007]

What did the court order say? They cannot add anything that the court did not order you to pay or that was not in the original agreement. Report them to the OFT for charging interest without any authority to do so and send a copy of that to Link's Complaints Department so they know you have reported them to the OFT.

 

 

I find this all SO CONFUSING and I have been getting rubbish advice from the debt management company I have been using/paying.

 

The court ruled that I should continue to pay Link the £150 a month that had been negotiated by the debt advisory company (and which I had been paying for a whole year before I went to court).

 

Link say that they are entitled to charge this rate of interest as it was part of the original contract I signed with GE money. When I asked the judge whether she could get Link to freeze/lower the interest rate as part of her ruling - she said that this was not within the scope of her authority (or words to that effect).

 

My debt advisory company said that some judges do make this part of their ruling - but it seems to be a bit hit and miss. I have been advised to go to the CAB with my original contract from GE money to see if they can challenge it.

 

I am SO FED UP. It is bad enough that we are in a damned recession without a minority getting rich off our misery!!!

[Hardupnotfedup]

I think you can apply to the court to have the payments reassessed as this situation is just preposterous

[Jana007]

I think I may do that and maybe I'll get a different judge this time! It does seem nuts though, doesn't it??!! As I explained to the judge, I have a chronic health condition and have also been made redundant - but none of this seems to matter.

 

I am definitely not trying to get out of what I owe Link, and when the housing market improves I will sell my house and repay them. Link aren't interested, though, and do not want to work with me to sort this out.

 

Do you think it's worth me contacting my MP or the local papers?

[Pinky69]

Yes, go back to court, and ask them to reassess what you must pay as Link are charging extortionate interest. It is a pity you hadn't found us earlier as I had 2 GE loan agreements and they were both unenforceable.

[Pinky69]

Definitely get your MP involved.

[Hardupnotfedup]

I would just apply to the court ASAP messing around is costing you money. Im sure Pinky will be back with some solid advice

 

Good luck.

 

Blimey I'm psychic Pinkys here already

[Jana007]

Thanks guys!!! I'll get cracking on this tomorrow. xx

[DonkeyB]

Do you have a CCJ in respect of this debt? If not, you must do a CCA request. If they are charging interest stated in an agreement, then I think you should be entitled to see proof of that agreement.

[Jana007]

Do you have a CCJ in respect of this debt? If not, you must do a CCA request. If they are charging interest stated in an agreement, then I think you should be entitled to see proof of that agreement.

 

 

Yes, there was a CCJ back in December which is why they are now charging this interest. Their letter state:

 

"This notice is being given to you because a court judgement has been obtained against you in relation to the agreement. Under the agreement we are allowed to continue to charge interest on all sums which the judgement states you owe us...."

 

I am presuming by 'agreement' they mean the original one I took out with GE Money??

 

I have been advised today (by my impotent debt advisory company) to make a formal complaint to Link and follow this up with a letter to the omnbudsman if I get no joy.

 

Based on advice from this site, I am also going to contact my MP and will ask Link to give me copies of all the paperwork they have on me (is that a CCA request?!)

 

Should I go tothe CAB or is that a waste of time? What about Watchdog?

[pumpytums]

I know that GE money account have a term in their T&C that states interest can be charged after termination.

 

You may end this Agreement at any time by writing to our Customer Services Department at the address in Condition 3.3 and paying the full amount you owe us. Unless there are exceptional circumstances we will give you at least 30 days' notice if we decide to end this Agreement. You must continue to pay interest on all amounts you owe us even after the Account is terminated or closed.

 

But the SI that deal with defaults terminations etc states the following :-

 

(2) Any notice to be given by a creditor or owner in relation to a regulated agreement to a debtor or hirer under section

87(1) of the Act (which relates to the necessity to serve a default notice on the debtor or hirer in accordance with section

88 before taking certain action by reason of any breach of the agreement by the debtor or hirer) shall contain--

(a) a statement that the notice is a default notice served under section 87(1) of the Consumer Credit Act 1974;

(b) the information set out in paragraphs 1 to 3, 6 and 8 of Schedule 2 to these Regulations; and

© statements in the form specified in paragraphs 4, 5, 7[, 8A] and 9 to 11 of that Schedule.

 

 

[interest payable after a judgment

9A

Where an agreement makes provision for the charging of post-judgment interest in connection with a judgment sum, a statement in the following form--

"You should be aware that if we take you to court and get a judgment against you requiring you to pay us the money youowe us under the agreement, you may have to pay us both the amount of the judgment and interest under the agreement on all the sums owed by you at the date of the judgment until you have paid these in full. This means that even if you payoff the whole amount of the judgment, you may still have a further sum to pay.".]urt or in Northern Ireland to the HighCourt or the county court for a time order--

 

"IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE, YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME".

 

This is in UK Parliament SIs 1980-1989/1983/1551-1600/Consumer Credit (Enforcement, Default and Termination Notices)

Regulations 1983 (SI 1983/1561)

 

Now my point is if the DN doesn't mention the text given in section 9A then surely the DN is now invalid or in the very least they should not be allowed to charge post judgement interest.

 

Some more light reading

 

House of Commons - Draft Civil Law Reform Bill: pre-legislative scrutiny - Justice Committee

 

 

Pumpytums

Edited June 8, 2010 by pumpytums
T&C added

[Jana007]

I have written to Link today with a formal complaint about their interest rates and I am also writing to them for access to all the data they hold on me.

 

I have used the template letter from this site (Subject Access) that I think was put together to send to banks. Is this letter OK to use to send to Link? It says to enclose a cheque for £10 and that I should write to their registered address. I am presuming this is:

 

Camelford House,

89 Albert Embankment,

LONDON, SE1 7TP, UK

Just want to make sure I get it right!

Thanks in advance for your help!

[42man]

I would send a CCA request AND a SAR to GE....

[Jana007]

I have written to Link today with a formal complaint about their interest rates and I am also writing to them for access to all the data they hold on me.

 

I have used the template letter from this site (Subject Access) that I think was put together to send to banks. Is this letter OK to use to send to Link? It says to enclose a cheque for £10 and that I should write to their registered address. I am presuming this is:

 

Camelford House,

89 Albert Embankment,

LONDON, SE1 7TP, UK

 

Just want to make sure I get it right!

 

Thanks in advance for your help!

[42man]

Do you still have the original claim form ?? it would be interesting to see what the particulars of the claim say...and whether the interest rate was quoted... - i'm sorry this thread is revealed to you a little late but you might find it interesting anyway - http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/157091-can-anyone-help-defence.html#post1677413

[42man]

If the judge ordered it then they will ignore the letter about the interest....you could go for a redetermination or possibly fight the original CCJ, but this could be difficult, SAR and CCA to the original creditor first...(GE)

[42man]

Send postal orders rather than cheques, and if you do use your signature put lots of crosses through it as it has been aledged some will 'lift' your signature....and send ALL recorded delivery...

[42man]

Do you know if Link had added any charges between GE passing it on to them and the court claim ?

[SF2010]

I have a debt which dates back to 1997 for £7,000 with Abbey National. I had a payment arrangement with Credit Security Ltd for which I had an agreed payment of £1 due to severe financial difficulties. I was paying this regularly and re-addressed my debts with the assistance of the Consumer Credit Counselling Service in 2004 after separation from my partner, left with 2 children. At this point the debt was no longer legally entitled to be recorded on my credit file, but I was determined to do what I could to pay all of my debts off. I again established a £1.00 token payment agreement with CSL. Out of the blue, I received a photocopied letter from Link Financial Outsourcing dated 21 August 07, stating they have previously written to me about this account, along with a photocopy of 2 letters dated 09 May 07. 1 was saying that they had bought the debt and the other copy was of a letter from Abbey saying that they had sold the debt to Link on 31 Jan 07. Neither of which were received. The Abbey letter was dated the same 09 May 07 as was the copied Link letter and was not sent to me directly by Abbey, though it showed my name and address.

I wrote promptly to advise them that I had not received any previous letters as enclosed. I had an agreement with CSL and was not aware that it had been sold. I provided them a copy of my financial statement, offered the £1 payment which I could not increase, gave them the CCCS reference no. etc. I also asked for the details of where to pay, but didnt send a £1 payment (my stupid error). No reponse at all!

I then received another letter on 29 May but dated 20 May 2010 entitled letter before action stating court proceedings would commence without further notice if payment wasnt made in full within 14 days. I again wrote to them to advise that they had not responded to my previous letter and again provided my financial statement and a £1 token payment. This was sent on 1 June, recorded delivery. I received a court claim form dated 07 June on Wednesday with £2,500 interest added. I also received a letter from link dated 7 June saying I had incurred a litigation charge applied to my account on 06/06/10. I have had no other default sum notices from Link as the debt was defaulted, maybe 10 years or more ago. I contacted Link to ask if they had received my letter and was told that they do not respond to letters as they are a telephony service and they only do litigation, not payment arrangements. They would let the courts sort it out. There is something rather dubious about this companies actions and the time span within which they have taken to act and not responded to any of my letters.

 

Ill keep an eye on this post to see if there is anything useful for me too. I have already copied the SAR and CCA request for specific information as I found it very odd that the lady who I spoke to asked me when I took the agreement out and what were my payments, as they seem to be clear on the claim they have made. 8% interest from 31/01/07 to 04/06/10 and 1.570 thereafter.

 

I have acknowledged the service from Nottingham County Court, so have 28 days to see what the real situation is. I hope to be able to dispute the whole claim.

[pumpytums]

Can someone correct me if I'm wrong but if an agreement can charge post judgment interest shouldn't the DN mention this as its in the relevant SI.

 

Always send SAR's to the original creditor Sink will send you a few sheets of A4, remember this company is only interested in charging orders they don't want payment plans.

 

SF 2010 did the SAR go to Abbey?

 

Secondly Sink are trying it on again with Link Financial Outsourcing Ltd

 

Link Financial Outsourcing only came into existence in 2009 so any letter dated prior to their incorporation is blatantly wrong (I will not use stronger words in case of libel)

 

Name & Registered Office:

LINK FINANCIAL OUTSOURCING LIMITED

CAMELFORD HOUSE

89 ALBERT EMBANKMENT

LONDON

UNITED KINGDOM

SE1 7TP

Company No. 07059696

 

Status: Active

Date of Incorporation: 28/10/2009

 

Country of Origin: United Kingdom

Company Type: Private Limited Company

Nature of Business (SIC(03)):

None Supplied

Accounting Reference Date: 30/11

Last Accounts Made Up To: (NO ACCOUNTS FILED)

Next Accounts Due: 28/07/2011

Last Return Made Up To:

Next Return Due: 25/11/2010

 

Event Details

Licence Details:

Licence/Application Number Licence Status Applicant/Holder Name

0632508 Current Link Financial Outsourcing Limited

 

Event Details:

Event Number Event Type Date of Receipt Closed Date Status

1 New Licence App 06-Nov-2009 02-Dec-2009 Completed

 

Licence Event Details:

Role Name

LICENSEE Link Financial Outsourcing Limited

Officer Paul David Burdell

Officer Selina Lee Burdell

 

Address Type Address

Principal Place Of Business Camelford House, 89, Albert Embankment , LONDON, SE1 7TP, UK

Registered Office Camelford House, 89 , Albert Embankment, LONDON, SE1 7TP, UK

 

Trading Names:

Name

Elmwood Park

Fleetwood Collections

Instantsilver

Thesis Servicing

 

Categories:

Category

Consumer credit

Consumer hire

Credit brokerage

Credit reference agency

Debt administration

Debt collecting

Provision of debt-adjusting on a commercial basis

Provision of debt-counselling on a commercial basis

 

Now you tell me how a company can have a CCA debt assigned to it when a. It doesn't exist and b. Didn't have a Consumer credit License until late 2009

 

 

Are you able to scan and post up the letter?

 

Pumpytums

[SF2010]

Pumpytums

 

I dont have a scanner at home, but older copies say Link Financial and registration number 446835. The second letter says Link Financial Outsourcing under the registration number 632508. The addresses are the same on both.

 

I will send a SAR request to the original creditor. I have both of these awaiting Monday to post recorded delivery.