link offering 'discount' on old GE money debt

[mrmallard]

Hi Folks,

Looking for a bit of advice.

 

My GE Money loan arrangement has been acquired by Link financial.

 

I was making an agreed monthly repayment to GE but Link tell me the debt is now payable in full.

 

They "generously" have offered a sizeable but reduced figure for settling by the end of May.

 

They tell me that failure to comply will result in legal action at which point they will sue for the full amount plus all the interest applicable to the complete lifetime of the loan.

This amount, in total, is approx 8k greater that the current owed balance.

 

They tell me that a repayment plan is not an option as I am a homeowner.

 

I have already requested these verbal offers/demands/threats in writing.

 

They have replied with a letter only mentioning the one-off payment offer but wording it as if to suggest I made the offer.

 

I have responded by recorded mail to request the other points in writing and to correct the inference stated.

 

Can they legitimately expect a one - off payment and take a legal route if I don't settle?

 

Can they refuse to negotiate on a repayment plan?

 

Best advice on which bodies to approach apart from CAB who are elusive and slow.

 

Cheers

[cerberusalert]

Was this over the 'phone?

[jed52]

Ask them to provide proof that they are legally entitled to collect this alleged debt.

You should have had a Notice of Assignmwnt from GE and Link.

Link are one of the nasty dca's who lie through their back teeth to get money out of anyone they can. For instance the homeowner and the repayment plan bit. Utter crap.

Dont talk to them on the phone, (as I have said, they will lie and deny anything they have agreed to on the phone) tell them to put everything in writing or you will not deal with them.

If they provide NOA's then send off a CCA request.

You will get plenty of help from people with more experience than me on here so keep posting.

jed

[harrassed senior]

The point here is the 'gererous discount' which usually means they actually do not have a leg to stand on!!

 

If you could clarify how you were informed of the things mentioned in your first post, ie, by letter, over the 'phone etc. we can advise from there.

[dx100uk]

urm.........

 

something is wrong here

 

no-one offers 'discount'

 

if they can smoke the whole cigar.

 

dont pay anything!!

 

as advised CCA them.

 

dx

[mrmallard]

Hi, i initially found out when I rang GE to make my monthly payment. They informed me they had sold the debt and gave me the number.

Link told me by phone that a letter was on its way. they offered me the reduced one off payment at that point, told me court action would follow if I failed to pay by the due date and said I wasnt eligible for a repayment plan. I demanded this in writing. the replied only mentioning the "offer" but worded it that i had made the offer.

ta

[Tootles1971]

The DCA will tell you anything to frighten you into paying them. As previous posters have said, do not talk to them on the phone. If they phone you, just say "In writing only" and don't enter into any debates.

 

I would also request the Notice of Assignment (NOA) from GE Money. They should inform you if the debt is sold.

 

Can you also tell us a bit more about the history of the loan? Is it in arrears, when did you take it out etc.

 

The DCA cannot enforce anything without taking it to court. They have no power. They just like to think they do. You will learn a lot and quickly on this forum! I have gone from total ignorance to something close to knowing what I'm talking about in just one week! There are plenty of people with years of knowledge and experience who will help you through this. The important thing is not to panic (easier said than done) and know that whatever they threaten you with they actually have no power.

 

Sarah

[mrmallard]

Hi

 

Can they sue me for the full outstanding amount of the loan PLUS all the interest attributed to the life of the loan?

ta

[cerberusalert]

Was there any PPI with this loan & have they made any unfair charges?

[mrmallard]

Hi,

There is no PPI. the interest they are saying they will add on to the outstanding amount is their calculation of the interest applicable to the full life of the loan. They afre making a figure of approx 11k into 19k. All this can be resolved with a "one off " payment of 8.5K. This has to be paid by end of May or 10% by end of may and balance by end of June to prevent court action.

[cerberusalert]

Have you sent them a CCA request yet? If not do so.

[mrmallard]

Yes. i have done that

[dx100uk]

Hi,

There is no PPI. the interest they are saying they will add on to the outstanding amount is their calculation of the interest applicable to the full life of the loan. They afre making a figure of approx 11k into 19k. All this can be resolved with a "one off " payment of 8.5K. This has to be paid by end of May or 10% by end of may and balance by end of June to prevent court action.

 

 

who is saying this and is it WRITING?

 

if not ignore them.

 

dx

[mrmallard]

hi,

 

A Link financial rep has said this verbally over the phone. When asked to put it in writing the only part they would commit to print was the 8.5K bit. I have demanded the "threatening" bits in writing and have refused to speak to them by phone unless they comply. I have CCAed them and, as a reply, I have received a postcard kind of thing in the post today asking me to call them urgently. I am going to reply by letter re-iterating my requests and refusal to verbally communicate until they do comply.

ta

[dx100uk]

hehe

 

blimey, you need to be scared - an official rep for link.

 

bet he got that certificate from a smarties box!!!

 

they really are a bunch of chancers...hey i'm important....

 

ignore the little fleecers.

 

there is obv nothing they actually can do to you.

 

and ah the postcard..

 

its the red letters 2" high letter next

 

dx

[The Mould]

Hi Folks,

Looking for a bit of advice.

 

My GE Money loan arrangement has been acquired by Link financial.

Have they served a Notice of Assignment upon you?

I was making an agreed monthly repayment to GE but Link tell me the debt is now payable in full.

What reason do they give to this assertion?

 

They "generously" have offered a sizeable but reduced figure for settling by the end of May.

 

They tell me that failure to comply will result in legal action at which point they will sue for the full amount plus all the interest applicable to the complete lifetime of the loan.

This amount, in total, is approx 8k greater that the current owed balance.

Intimidation.

They tell me that a repayment plan is not an option as I am a homeowner.

A repayment [is] an option, homeowner or not.

I have already requested these verbal offers/demands/threats in writing.

 

They have replied with a letter only mentioning the one-off payment offer but wording it as if to suggest I made the offer.

Can you scan in and post up said letter please?

 

I have responded by recorded mail to request the other points in writing and to correct the inference stated.

 

Can they legitimately expect a one - off payment and take a legal route if I don't settle?

No, as such action would be unjust, in your circumstances.

 

Can they refuse to negotiate on a repayment plan?

They can if they like, however, their refusal to be reasonable would blow up in their face in the courtroom.

Best advice on which bodies to approach apart from CAB who are elusive and slow.

 

Cheers

 

Have you had a read of Harrison V Link Financial Limited? If not, you should and then refer Link to said case and inform them that you are no longer intimidated or frightened by their unacceptable conduct.

Kind regards

The Mould

[dx100uk]

use:

 

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

[ashmk]

Hi just to let you know I had a GE debt that link brought and they did the same to me, calling with the threats. Once they offered a discount I thought something smelt fishy and started to ignor them. After a month or so the calls dried up and I have heard nothing for over a year.

 

If you could win in court for the full amount would you bother offering such a large discount? No, you would go after 100%.

 

Wait for the reply to your CCA request. Untill you get a reply to your cca request pay nothing. Post whatever (removing your personal details and any barcodes etc) they send and the guys can check it our and advise.

[mrmallard]

Link.pdf

 

All correspondence with link to date.

 

Regards

[intend]

Re CCA request - they have 12+2 days to comply. If not rec'd by then send the account in dispute letter - in the CAG library.

Certainly would not be paying them.

Have you requested a NoA from the OC??

 

Intend

[mrmallard]

Hi,

 

Pardon my stupidity - whats an OC? I am guessing its the original company with whom we held the account. in this case it would be GE Money. I haven't requested in writing to date. They did advise verbally but only at the time that I had rung them to make a payment. it was then that they told me they had sold the account on.

[cerberusalert]

Pardon my stupidity - whats an OC?

Original creditor.

[dx100uk]

that pdf is corrupt

 

dx

[ashmk]

The pdf is fine

[ashmk]

Well looking at the PDF I cannot see a Consumer Credit Agreement so do yourself a favor and stop wasting money on stamps. Untill they send a CCA to you ignor them. It is your legal right.