Link financial assigned barclaycard debt

[solidarity]

Can someone give me some direction on Barclaycard debt, cant keep up with minimum payments. How is this going to pan out. How shall approach this, shall i negotiate with them and offer to pay by instalments. Thanking you in advance.

[BRIGADIER2JCS]

Hi welcome to CAG,

 

I suggest that you first claculate ALL you expenditure and income,

the priority debt, rent/mortgage, council tax, food clothing, travel

to wotk, utility bills etc., the all the other non priority debt, including

BC to see how much you can reasonably pay Barclaycard.

 

Then write to them and TELL THEM how much youi can afford to pay.

[rebel11]

Hi solid

 

Welcome to CAG

 

Don't speak to them over the phone. Write to them explaining that you can pay £x each month, explain that your suffering 'Hardship'. They should except the lower payments. You should also claim back any penalty charges with interest over the last 6 years plus. Also, have you been Mis-sold PPI on the account?, if so claim it back with interest. Have a read of 1,2,3 and 7 in my signature. Remember if it went to court, the court would only ask you to pay what you could afford to pay after taking into consideration the essential bills.

 

Thread has been moved to the correct forum.

[solidarity]

This is all really useful advice. I think probably the best approach from the sounds of it is to make a monthly offer of payment based on my income and outgoings.My only concern is however do they have to freeze all interest and charges as part of the arrangement. How does this issue usually play out, can they be resistant and play it hard. Also if they secure an arrangement with me do they usually persue CCJ -how would the courts view this-i am acknowledging the debt and making small payments however small.-would they want it legally formalised or keep it informal.

Much appreciated guys.

[BRIGADIER2JCS]

You request that interest and charges when sending

your payment offer.

 

If this was escalated to court action your payments

and willingness to pay would be very much in your

favour and they know this so would be unlikely to go

down that route.

 

Remember YOU are in charge of your finanaces not them

you tell them what you caqn pay and when you can pay it.

 

I suggest you make paynent by standing order.

[ims21]

You would also do well to reclaim all of the charges for being late with payment or going over your limit

 

Have a read of No.s 3 and 4 in my signature

 

ims

[solidarity]

Thanks for this guys,all very useful.Just as a side point,the account is an old one-so credit card agreement circa 1993-is it likely to be enforceable-aware of reconstitued agreements.Before taking the plunge with offer letter and acknowledging the debt in writing,thought i would pass this by you.

Also, one of reasons got into debt on account in first place, is suffered at the hands of 0% Balance transfers and transfer with least interest always paid of first-i think the law changed on legality of this recently ,as they have changed policy on this.Can i dispute this on the account and claim interest on this retrospectively, if things get messy.

Much appreciated guys.

[slick132]

Hi Solidarity,

 

Unenforceability is not the way to approach this and will likely get you nowhere.

 

The Hardship article and letter is here - http://www.consumeractiongroup.co.uk/forum/content.php?557-Letter-for-an-application-for-consideration-for-hardship

 

Reclaim all default charges plus compound interest at 24.9%. This will maximise the amount by which you can reduce the a/c debt.

 

Was there any PPI on the a/c.

 

[Wintry]

This is all really useful advice. I think probably the best approach from the sounds of it is to make a monthly offer of payment based on my income and outgoings.My only concern is however do they have to freeze all interest and charges as part of the arrangement. How does this issue usually play out, can they be resistant and play it hard. Also if they secure an arrangement with me do they usually persue CCJ -how would the courts view this-i am acknowledging the debt and making small payments however small.-would they want it legally formalised or keep it informal.

Much appreciated guys.

 

Hi

 

Along with what others have put

 

Might be some useful info in the links below to help you put something together so to speak

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

https://www.mymoneysteps.org/

 

Best wishes

[solidarity]

Thanks for this guys really useful.Also as a connected issue what do you make of contractual interest.Are creditors getting away with charging it .Interesting to have some feedback.

Much appreciated guys

[ims21]

Thanks for this guys really useful.Also as a connected issue what do you make of contractual interest.Are creditors getting away with charging it .Interesting to have some feedback.

Much appreciated guys

 

What do you mean are the creditors getting away with charging it?

[solidarity]

ims, in the sense if you arrange/negotiate to pay by small token instalments, can they still continue to charge interest,especially if they have secured judgement-i think it is known as contractual interest after judgement

[ims21]

Hi

 

If they have a judgement against you then the can continue to charge interest if the judgement allows for it

 

ims

[solidarity]

Hi all,

My account has been transferred to Link Financial Outsourcing Limited. Has anybody had any dealings with them . Feedback would be much appreciated. Are they difficult to deal with?

 

Thanking you advance

[dx100uk]

tell us the fulll story

 

if its only been transfered not SOLD

 

you can ignore them

 

and continue to deal with the OC

 

DCA's have NO LEGAL POWERS unless they OWN adebt

 

they are NOT bailiffs

 

dx

[solidarity]

In letter Barclaycard sent me -

 

'This letter is notice of agreed assignment of the debt.

This means we will close your account with Barclaycard and you will receive contact from Link finanacial Outsourcing Limited.'

 

Originally paying £5 a month .

 

i have been making payment now for 6 months.

 

They say Link will honour repayment arrangement

[dx100uk]

ok then its theirs. link

 

they can be a pain.

 

what was the bal

 

have you ever CCA'd BC?

 

tell us the account history please...

 

ever looked At PENALTY charges & PPI reclaiming

 

they've sold it for a reason.

 

dx

[citizenB]

In letter Barclaycard sent me -

 

'This letter is notice of agreed assignment of the debt.

This means we will close your account with Barclaycard and you will receive contact from Link finanacial Outsourcing Limited.'

 

Originally paying £5 a month .

 

i have been making payment now for 6 months.

 

They say Link will honour repayment arrangement

 

Keep that letter safe (where B/Shark confirm the payment arrangement will be honoured).

 

Do not under any circumstances contact Link by telephone and if they start their usual campaign of harrassment by telephone - you must refuse to go through their security questions. At which time they should cease the call.

[solidarity]

Thanks for the guidance guys,

The debt £10.5 k, not cca'd bc . i have always managed to get penalty charges waived . had a few late payments.Didnt take out ppi. Dx what do you think reason barclaycard sold it on.Definately keeping letter safe citizen b,if they call ,how do i establish written communication with them only, thereby avoiding constant calls.

much appreciated .

[slick132]

Hi Solidarity,

 

When (if) Link call you, tell them to put anything they have to say in writing as that's the only way you'll communicate with them. Then simply hang up.

 

If there are no penalty charges or PPI to reclaim, there's nothing you can really do to reduce the amount owed. Are you certain no penalty charges were added to the a/c before it was sold to Link.

 

When did BC stop adding interest, if that happened..

 

When was the a/c opened and by what process.

 

[solidarity]

Hi all,

Slick 132 that sounds like sound advice. However if i hang up will that not antagonise them?

As soon as i started getting into difficulties contacted them to freeze all interest/charges and accept nominal repayment-they accepted. Slick why do you think Barclaycard keen to sell it on,or are Link just an in house entity?

 

Much appreciated

[citizenB]

Book debt is no longer an asset - so they sell on - this allows them to write it off their books - claim the tax allowance for the loss and also get a bit of dosh from the Debt purchaser !

 

Debt purchase is big business at the moment

 

Link is one of the larger and nastier companies.

 

They know the rules - if it is your wish to communicate only in writing - they have to abide by that wish.

[dx100uk]

this might give you an insight as to what happens to your money....

 

http://www.homesandproperty.co.uk/property_news/news/millionairedebtcollectordigsdeepinsouthkensington.html

 

dx

[solidarity]

Hi all,

Dx that was a useful artical,quite grotesque in fact-taking advantage and exploiting peoples misfortune.

So how do u think they will play it, will they let me pay my nominal repayment of £5 a month for a short period and then apply for a ccj and try to enforce the judgement aggressively./Or will they persue ccj immediately.

If they manage to get a judgement ,can they collect contractual interest after the judgement even though i have all interest and charges frozen.Apparently creditors cannot get contractual interest on consumer credit agreements ,is this true?

Feedback is appreciated.

Thanks.

[dx100uk]

correct

 

however you are REALLY really jumping the gun here and assuming all sorts!!

 

i'd forget about this till after xmas

 

BC have sold it for a reason

 

thats a big debt to sell on

 

there must be a really dodgy about it.

 

SAR to bc ASAP to get that info might be useful.

 

dx