GE Money kitchen loan - now LINK Financial

[ecb]

in Oct 08 my partner and I signed a Fixed Sum Loan agreement.

We both signed this although our details are mixed up ie the 1. name is mine but the employment details for 1. belong to my partner etc.

 

He has since left me with the kids and no job at the time, I was therefore unable to make any payments. I took advice from the CAB and a nominal amount of £1 was offered to them and has been paid since.

 

Original amount was £6000 over 36 months at £202 per month. My partner had a very large income (and still has) and that is why we were able to make payments of this size.

 

The company obviously chased for payment. I wrote to them explaining that while I was unable to make any payments he was simply unwilling - given that his income was the same and we are both liable for the amount. I gave them his address, phone number and employment details at the time.

 

I have now received a second statemet from LINK financial stating that the arrears are £6393.04

The interest charges start at 25.55 on 1/12/09

Then 66.77 on 31/12/09

then 67.46 on 31/1/10

 

(can they add interest twice in the month?)

 

Since I wrote to them advising of my ex details in September 09 I havent received any further correspondence from them. I havent received notification from them that the debt has been sold on. I dont think Ive even got a default notice from them.

 

Whats my next course of action on this.

I know I signed it, but so did my ex. Will I have to pay this all myself since he is in a position to and is just refusing to.

I am now working but cannot afford the original payment of 202 per month, or anything like that.

 

Please help if you can.

Edited July 8, 2010 by ecb

[dx100uk]

cant get blood out of a stone

even if it went all the way to court the judge would never make you pay anymore.

 

keep doing what you are doing.

 

dx

[Hardupnotfedup]

Confused...... you took out a loan in 2008.

 

But interest added from 1999. Jan and Dec

[Pinky69]

You should have received a Notice of Assignment from the original creditor when the debt was assigned to Link as proof that Link has lawful right to collect the debt. The reason they are pursuing you is that you are No 1 on the agreement and the original creditor has given them your details. The wrong details in your name is a double whammy because the creditor should have checked the details are correct but on the other hand you signed knowing the details were wrong so that could be interpreted as a fraudulent application. If you want the agreement checked, scan and post it on here covering over your personal details and we can have a look at it to see if it is enforceable.

 

With a joint agreement, you are jointly responsible for payment and if they cannot get it out of one, they will go after the other. Link cannot add any interest that is not in the original agreement or ordered by a court. If all they have done is send you a statement, I would ignore them. If they ask for payment again I would reply that as you have did not receive a Notice of Assignment from the original creditor you have no proof that Link has any right to ask you for payment on any alleged account. If you receive an NOA and if the agreement is enforceable, your choice is then to keep paying the £1 or not pay anything and hammer it out in court if it gets to that stage.

[ecb]

Confused...... you took out a loan in 2008.

 

But interest added from 1999. Jan and Dec

 

 

Sorry its late, please see amended dates.. took out 2008 and interest added from then. I was quoting amounts shown on the Link Statement - relating to the query about 2x interest in the same month.

[ecb]

I have now received a letter from Link Financial enclosing a copy of the original documents requested. It also states 'where this request was made under Section 77 or 78 of the Consumer Credit Act 2006 this document fulfils our obligations.

 

The original agreement has repayment of £202.00 (based on my ex partners income) There is no way I can afford this amount.

Is this agreement now enforceable by new 'owners'? Should I try to negotiate a lesser payment or wait til they take me to court?

Very worried.

Any advice would be appreciated, thanks.

[harrassed senior]

You really should not be at all worried about this, they have absolutely no powers. With cases like this, I sometimes think that it is actually better to get it before a judge, because he will be asking your other half why he is not taking any responsibility for this given his circumstances!!. The most he would order you to pay would be £1 per month, whilst he may order your ex to pay considerably more!

 

Do not be at all worried by their threats, and I would advise never to speak with anyone in connection with this on the telephone as they will lie and threaten like the would not do if they had to put it in writing.!!

[ecb]

Thanks.

This finance was for a kitchen which is in the house where I live. My ex no longer lives here, so they might say that im getting use out of it and he isnt?

 

The form also has my name as applicant No1 but the financial and work details for 1st applicant are his.

Does this matter a great deal, I just thought that they wanted to see that our income was enough to give the finance for it.

 

Would I have to go before a judge in order to get the monthly payments reduced? Will they insist on the original £202 per month repayments and nothing else?

[harrassed senior]

They can insist all they like, but it is YOUR money and only YOU decide what happens to it. You just need to set up a Standing Order (not a DD, never give a DCA any bank details). Make sure that the payment is made regularly and there is very little they can do about it.

 

Now, it did cross my mind as to whether the mistake on the Agreement might mean they are chasing you as it 'appears' you have the greater income? Might be something to consider later on.

 

It is not their concern where or what the money went on, so do not concern yourself there.

 

One point, if this is a loan through a bank, and you still bank with them, then open an account with a different banking group asap as it has been known for them to 'set off' the balances and income in your accounts against a debt.

[dx100uk]

can i just check something

you say in post one

you have had nowt from them since sept 09

 

what prompted your thread and why have they sent you a copy of the agreement?

 

did you CCA them?

 

have they actually chased payment recently?

 

dx

[debt4get]

you seem to be doing everything spot on...remember it is your money and you decide how much they get...as to court action this seems unlikely if you are paying.. and even if they initiate you may find yourself better off even though you have use of equipment..as you have very little income...the court would probably tell them to chase your ex for the payments...try not too worry..remember never talk to these people over the phone everything by letter only and you will get there..your pm box for some reason doesnt accept incoming mail

[ecb]

I have today recieved a 'Notice of Sums in Arrears' dated 11/7/11 from Link Financial.

It states the balance at 30/12/10 adn then the £1 monthly payments I have made.

Then it gives the arrears balance at 4/7/11

It doesnt show any charges or interest on these amounts.

Says current arrears represent outstanding balance thats failed to maintain payments in accordance with terms of the original agreement so the ful amount has become due.

If havent already done so, encourage you to contact us.

All seems very lame since i havent heard anything from them since August 2010 when they sent me a copy of the original signed contract. Speaking of which......

As my previous posts have outlined, there is a mixing up of mine and my ex details as applicant 1 and 2.

Ive just been looking at the agreement and in section (I) Annual rate of interest (variable) 12.96% - so shouldnt the sum of arrears show the interest somewhere, because I havent had a letter from them to state that they would freeze interest.

section (F) cash price for the goods £8000

Section (G) deposit £2000

Section (H) Total charge for credit consisting of: Interest £1272.72 + Acceptance fee 75.00 = Total 1374.72 - shouldnt this total be the whole amount? ie price for the goods and for the interest added together?

I know it has been suggested that I scan and post the agreement on here but Im not sure how to post it on here (can do the scanning bit )

 

Can anyone shed any light on this please?

[ecb]

Also.... this agreement was for a Moben kitchen. Will this make any difference at all since they have now stopped trading, or doesnt that matter since the debt was sold on to Link?

 

I know Im clutching at straws, but you never know!!!......... til you ask that is

[dx100uk]

i would not worry about what crap link send you

 

i pers think they will never go anywhere near a court on this.

 

ge has written it off against tax and link have brought it on a phishing list

 

your can either continue what you doing [£1PCM] or forget them

 

its obv they are taking you for a ride and i bet none of the money is ever going off the debt.

 

as asked already, have you ever received a letter from ge or link stating that they own the debt?

 

hAve you looked at your cra file too?

 

dx

[ecb]

Sorry, what is my CRA file?

 

I received a letter from Link in July 2010 whihc was a reply to my request for orignial documents.

In this they say 'as you are aware LF purchased your debt from GE Money on 1/10/09 and as such we do not always hold original documentation. We have requested a copy of the agreement......

 

they have since sent a copy of the agreement. But I havent received any formal notificaiton from GE advising me that they have sold it to Link

 

Any ideas if the caluclation on the credit agreement is an error?

[ecb]

IAs my previous posts have outlined, there is a mixing up of mine and my ex details as applicant 1 and 2.

Ive just been looking at the agreement and in section (I) Annual rate of interest (variable) 12.96% - so shouldnt the sum of arrears show the interest somewhere, because I havent had a letter from them to state that they would freeze interest.

section (F) cash price for the goods £8000

Section (G) deposit £2000

Section (H) Total charge for credit consisting of: Interest £1272.72 + Acceptance fee 75.00 = Total 1374.72 - shouldnt this total be the whole amount? ie price for the goods and for the interest added together?

I know it has been suggested that I scan and post the agreement on here but Im not sure how to post it on here (can do the scanning bit )

 

Can anyone shed any light on this please?

 

Any ideas on this guys?! (sorry to be a pest)

[dx100uk]

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

dx

[ecb]

I have recently received a letter from Link financial Outsourcing.

 

It says: 'I am not preparent to let this balance remain outstanding indefinitely and would urge you to contact me, or a member of the team as soon as possible to enable us to fina a solution for your problem'

 

I feel a bit like Im getting a ticking off from my form teacher at school!

Very strange approach, do you agree?

 

Im still unable to post a copy of the agreement because I cant seem to seperate the different fields once ive scanned it.

If anyone can look at my previous post outlining the amounts and their calculations I would be very grateful?

 

What would you do about this letter?

[dx100uk]

check your cra file on creditexpert site before you do anything else

 

dx

[ecb]

check your cra file on creditexpert site before you do anything else

 

dx

 

Thanks................

If Im honest, Im avoiding that because Im scared of what it might say. I dont have much more capacity to worry about anything else:|

Sorry to sound dim. What would I be looking for in terms of this debt on my file?

[dx100uk]

if it shows!!!!!

 

no show might = no debt!

 

dx

[ecb]

PLEASE hELP!!

 

I have today recieved a ltter with the heading LETTER BEFORE ACTION

 

it states that court proceedings will now be issued against me by Link Financial Litmted without further notice. They shall obtain and enforce a CCJ against me.

Where applicable contractual interest will continue to be charged on the outstanding balance until it is fully repaid.

I may be liable for Court costs. They will also impose a maximum fee of £130 which I will be liable for.

 

If I wish to prevent this couse of action payment must be recieved in full within the 14 day period.

 

Please help. Is this serious? What will happen? Appart from the credit damage, what exactly does a CCJ do? Will I be notified of when and where the hearing is? Will I be expected to attend?.....((

[dx100uk]

yea ofcourse they will!!

typical threat-o-gram

and read it properly

 

there will be words like

might,instructed, recommend, could , should

 

dx

[ecb]

The letter states that County Court Proceedings will now be issued against me (in bold type).

 

The only may is 'may be liable for costs of any action we take. We will also impose a max fee of £130....'

 

? is this just a standard threat letter again. It was sent from the Litigation Manager.?

[dx100uk]

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

dx