Jump to content


CCJ's x 3 from Feb/March 2003 - company charging high interest still HELP/LINK FINANCIAL.


fifimed
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4651 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi I received 3 CCJ in 2003 from First National. The company that now has the debt is Link Financial Outsourcing Ltd and out of the blue I have received a yearly statement whereby they have added interest to each on on a daily basis. This averages from 123.00 interest to 20.00 and 16.00 on the others.

 

The initial CCJ's were for 6769.25, 1,778.91 and 1604.33 in Feb 2003. I have made all the payments as agreed by the court 10.00, 7.00 and 4.00 per month. The amount now on the statement is higher than the original debt owed. Is there anything I can do?

 

At this rate I will be paying until I drop dead!!!

 

Thank you Fiona

Link to post
Share on other sites

Hi

Will move your thread from here.

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.

 

 

Link to post
Share on other sites

Hi there

On Debts of LESS than 5,000 GBP you could take a risk and see if they obtain a Charging Order --Interest on these are NOT payable for ANY debt of less thqn 5,000 GBP whether Consumer credit or not. Since there is almost ZERO possibility of a Court allowing forced sale of a house on this amount of debt it is a risky (although very small one) and unconvential way of getting Interest stopped stone dead. You are then in a position to negociate -- you can wait 30 years or longer before I sell up or you can accept a Full and Final settlement -- make a reduced offer.

 

Charging Orders can sometimes work in YOUR favour too. Companies were hideously greedy to exploit the mechanism in Law of turning UNSECURED DEBT into SECURED DEBT via Charging order --but they don't understand that in some cases it will take them YEARS AND YEARS ever to get any money back --by which time inflation will have reduced the debt to near zero in any case --assuming that the DCA is still in business.

 

On the one over 5 grand then that's a problem -- I think a CCJ can include Interest although you would need to check.

 

If you AREN'T a homeowner and not worried anymore about Credit why don't you just eithe offer them a really low Full and Final or simply say Foxtrot Oscar. All they can do is threaten you with Bankruptcy -- who cares if you don't have anything sellable remotely worth the debt --and it will COST THEM TOO. They can threaten YOU with their Solicitors charges etc but there isn't actually ANYTHING they can do to collect the money.

 

It's not the same for property owners but if you DON'T own property then you don't have much to lose by just telling them to Foxtrot Oscar --you aren't paying a PENNY MORE and thats it. However you *Might* come to some arrangement if the Interest is stopped etc etc.

 

In all these things you need to swing power back to YOU -- YOU make them offer you a choice --don't be controlled by THEM (DCA's Banks etc etc.)

 

 

Cheers

jimbo

Link to post
Share on other sites

The County Courts (Interest on Judgment Debts) Order 1991 states in section 2.(3)

(3) Interest shall not be payable under this Order where the relevant judgment—

(a)is given in proceedings to recover money due under an agreementregulated by the Consumer Credit Act 1974(1);

 

For any other debts under £5k the Claimant has to plead for interest when entering the claim (or so I was told by a county court clerk) - the judge however, is unlikely to award it.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

The County Courts (Interest on Judgment Debts) Order 1991 states in section 2.(3)

(3) Interest shall not be payable under this Order where the relevant judgment—

(a)is given in proceedings to recover money due under an agreementregulated by the Consumer Credit Act 1974(1);

 

For any other debts under £5k the Claimant has to plead for interest when entering the claim (or so I was told by a county court clerk) - the judge however, is unlikely to award it.

 

That's statutory interest isn't it? I've always been trained that the 5k limit doesn't count for contractual interest. All the articles I've read seem to imply this too!

 

I'm confused!

Link to post
Share on other sites

I'm confused too - I always understood that for any amount under £5k interest could not be applied post judgement. When I was helping someone who had a CCJ (c£2.5k) and the DCA collecting it was applying interest on the payments ordered by the court - I rang the local county court, the clerk told me the Claimant would have had to plead for the interest at the time of claim, but it was unlikely the judge would agree. When we wrote to the DCA pointing this out, they stopped the interest.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

I'm confused too - I always understood that for any amount under £5k interest could not be applied post judgement. When I was helping someone who had a CCJ (c£2.5k) and the DCA collecting it was applying interest on the payments ordered by the court - I rang the local county court, the clerk told me the Claimant would have had to plead for the interest at the time of claim, but it was unlikely the judge would agree. When we wrote to the DCA pointing this out, they stopped the interest.

 

I'll do a bit more research. What I DO know is that creditors cannot add ANY contractual interest on regulated judgments past 1st oct 2008. it has to accrue separately. I'll get digging tomorrow!

Link to post
Share on other sites

Hi I am making the payment to a debt company called Link Asset. The debts was for a fitted kitchen through First National and the other two were loans. The total was for less than 25k. One CCJ was for 6k

Link to post
Share on other sites

Just a quick questions here, to whom are you paying the money?

 

Do Link actually refer to these debts as CCJs or are they even aware there are CCJs in place.

 

This has happened to me, in that the CCJ 'debt' is sold on, with no knowledge that a CCJ actually exists!

 

i am paying the money to Link Asset and yes they are aware that they are CCJ's. Although they didnt know how much each one was for!!!

Link to post
Share on other sites

would the bailiffs not come if i stopped paying?

 

Only if they made an application to the court for bailiff action (this is known as a warrant of execution). These bailiffs cannot break in to property, they have to gain peaceful entry first. So don't let 'em in!

Link to post
Share on other sites

So hypothetically if i stopped paying them i thought the court bailiffs could enter the property, not that i have anything to take :))) the property is council property so i don't know if that makes any difference?

Link to post
Share on other sites

If you stop paying, the claimant can ask the court for a warrant of execution, which means the county court bailiffs will pay you a visit. However, they are usually very easy to deal with (but don't let them into your home!) talk to them on the driveway. You can then enter an N245 form at court to have the warrant suspended (on affordable payments) or else apply to have the case heard again.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

would the bailiffs not come if i stopped paying?

 

Even if they did -- what would they gain if you hadn't got anything that was even remotely up to the value of the debt.

 

Most Household stuff is worth sweet FA on the second hand market -- and you could always ensure that the property wasn't yours before any Bailiff Visit.

 

Just keep Cars away as that's about the only possibility of seizing anything of any value.

 

For small consumer debt the usefulness of Bailiff's is basically just for THREAT purposes -- nobody is going to get back anything other than a TINY fraction of the debt if that.

 

Bailiff's are an instrument of a bygone age apart from their use in arrest warrants and evictions. Just read the Council Tax and Bailiff Forums to see how totally USELESS trying to enforce debt repayment is using this type of enforcement process.

 

Some of these companies just need to get real --if you CAN'T pay then DON'T pay -- nothing can happen unless you are a property owner and even then you can negociate. These sleazebag companies probably bought the debt for pennies in the pound in the first place --and I would always REFUSE to pay exhorbitant charges whatever a Court said -- although you are on your own if you choose to go down this route.

 

The main thing is for YOU to take control rather than being ordered about by some sleazy pondlife DCA.

 

Cheers

jimbo

Link to post
Share on other sites

I am still concerned about the validity of Links' involvement in all this, I was of the opinion that only the original creditor could issue for a CCJ and that once awarded to them, for payments to be made to anyone else there would have to be further approaches to Court, as previously mentioned earlier on to substitute the name of the creditor on the Original Order.

 

Perhaps an approach would be to SARs Link to find out what paperwork they have because surely they would have to have each original CCJ award in their name?

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...