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Newbie needing help with Link Financial-student loan


charnie04
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Hi all,

 

Was wondering if anyone could help me with this Link Financial lot.

 

Basically had a student loan from 1995. My account was in arrears but ive been paying them a minimal amount every month for about 6years until the debt got bought by Link Financial. It was a standing order that i had rather than a direct debit so the payments didnt automatically get transfered over . (this bit is my fault i understand this) However that was approx 6 months ago and Link Financial have wadded in saying i have to pay in full . They have also stated they are increasing the amount of interest im paying. There was no letters of notice until this one wanting the repayment

I unfortunately contacted Link ( i wish id found this site first) and stated what had happened and i could continue to pay monthly. As with everyone else, it seems, they said it wasnt an option and that i must pay the amount in full which includes the extra interest.

 

As this is an old debt and ive lost track of what ive paid over the years im guessing my first step is a SAR? Is this correct?

Basically what is my next move....im stuck? any help would be much appreciated.

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Welcome to CAG :)

 

The first thing to do is write to them for a copy of the Credit Agreement. You'll find a template letter here:

 

http://www.consumerforums.com/resources/templates-library/86-debt-collectors.html

 

Send off a £1 postal order with the letter. They then have 12 + 2 days to send it to you. If they do send something back, scan it, remove your personal details, and post it here.

 

Standard advice - Never speak to them on the phone, they are experts at bullying people into paying, whether the alleged debt is real or not. Send all letters by recorded delivery in case they "lose" them. Do not sign letters, just print your name, so that they can't get creative with Photoshop.

 

They almost certainly have no right to add any interest, BTW.

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Thanks for the welcome :-) and quick response. I shall get that sent tomorrow.

Ive read on quite a few posts that people dont get anything back. If thats the case do you just sit tight until they contact you again?

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Is there anywhere in the life of the debt where you have not paid anything for at least 6 years (5 in Scotland) ? If so then the debt will be statute barred and even if you have recently restarted payments nothing can unbar it.

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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unfortunately i have never had a period of six years where i havent paid something towards the loan.

 

I have sent this letter off so i guess ill have to wait and see what comes back.

 

My concern is that im accruing charges and interest whilst were going through this process. They had said i had 7days whilst these charges were on hold.....DOes the request for the Credit Agreement mean they will have to remove these false charges and interest? ....im basically worried my debt is getting bigger

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Let us know when they come back (and if they come back) with a copy of your agreement.

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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  • 2 months later...

Hi All,

 

They finally cam back to me with a copy of my agreement. They also threatend to send it to an external debt collecting agency and also with litigation if i didnt pay the amount in full including all the extra interest they have dumped on top and any costs involved.

 

 

i stupidly didnt send an "in dispute" letter after the 12 + 2 days :(

 

the temptation to pay is huge as this is all quite stressful and i dont really want people coming round to the house or ending up in court. Are these just empty threats???

Just wondering what my next move should be?

i can post a copy of the agreement if needed

 

again any help much appreciated :)

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