Charge on Property - Link Financial

[lucify]

Hi All

 

I am hoping that someone can help me.

 

My husband and I purchased a new kitchen from Magnet, costing £5000, when we bought our first house back in 2004, which was on finance.

We were not explained the details to the agreement in any way and were informed that the agreement was over 5 years.

 

Once the agreement had been signed we received paperwork from First National Bank that the agreement was actually 10 years,

we queried this as we weren't happy that we would have been paying back £10,000!

 

We paid as normal (no missed payments) until my husband was taken seriously ill (cancer) in 2010.

He lost his job and due to a technicality the serious illness cover did not pay out.

 

I contacted GE Capital (previously First National) and made them aware of the situation

and asked if they could freeze the interest so that we had a chance to pay it off

- the payments I was proposing would not have even cleared the monthly interest.

 

To cut a long story short, they said no,

told me to stop paying altogether so that they could sell my debt

in which case the interest could be frozen and this would be better for me.

 

I did that,

they sold the debt to Link Financial who did not freeze the interest and continued to charge interest,

meaning my debt which had been reduced to £3,500 was now back up to £7,500!

 

 

They also then said that my payments of £50 per month was not enough

and that they were now going to get a Legal Charge against our property,

(again added more fees) and that they would pursue for the full amount.

 

I want to know if this is lawful,

can I challenge the charge?

Can I actually challenge the agreement?

 

 

I feel we have been dealt with unfairly and they have acted very unkind especially given our hour of need.

 

What can I do to resolve this matter?

 

 

Any ideas would be greatly appreciated.

 

Thank you in advance.

[AndyOrch]

Cant get a charge until they get a judgment......unless they have issued a court claim ignore,,,but keep making your payments until the balance that you think is owed is clear.

 

Check your agreement to make sure that the loan was unsecured.

 

Andy

[lucify]

I think they must have obtained a judgement too, I was informed by Link and GE Money that wait for all the action to finalise and then they would agree a settlement - well we did this and now we owe more than what we borrowed and twice as much as what we had paid back?

 

I think I will do a SAR and ask for ALL the paperwork relating to us, with a hope I can challenge this somewhere on something? Unless anyone else has any better ideas?

 

Fingers crossed xx

[AndyOrch]

I dont think they have judgment ...have you checked here....?

 

http://www.trustonline.org.uk/understand-judgments-fines/entries-on-the-england-and-wales-register/ccjs-and-the-register

 

I think you would know if you had received a court claim unless of course it was issued to a previous address.

[lucify]

I'll check now - if they have got judgement, is there anything I can do?

 

And if they haven't does that significantly change matters?

 

Thanks again x

[AndyOrch]

If they have then you need to set payment with the court using the N245...once set you can ignore the begging missives.

 

If they haven't and I doubt they have...then its your call if you wish to increase the payment or ignore.

[lucify]

What if I want the charge removed and also the manner in which the account has been handled investigated? I am pretty sure that they will have breached FSA rules/guidance.

 

Can't open that page on my work PC so will check for judgement tonight at home.

[AndyOrch]

What charge? ...dont even know if they have a CCJ yet.

[dx100uk]

are you saying you had life/illness cover on this loan?

and they refused payment?

 

 

never ever believe anything link financial tell you?

 

 

I hope you've not been talking on the phone?

 

 

dx

[renegadeimp]

Link also cant add anything on to the debt.

[lucify]

I have refused to speak with them on the phone after one of them actually said and i quote "Your husband isn't dead so why are you so upset"

 

I know we have a charge against our property so I guess they must have a CCJ, however I will check tonight.

 

Link added additional fees in line with the original agreement with GE Money,

which stated that they would add interest on a monthly basis.

 

 

they have continued to add monthly interest....but don't have a copy of the agreement to give to me?

 

We had life/illness cover through legal and general (separate from the finance)

and they said the type of cancer it was wasn't covered.

[lucify]

Thank you all of you for your advice - I think I'd be a mess without your ideas, support and help.

[AndyOrch]

"They also then said that my payments of £50 per month was not enough and that they were now going to get a Legal Charge against our property, (again added more fees) and that they would pursue for the full amount. "

 

Your loan must have been secured then at the point of inception if you state they have a charging order on your property.

[lucify]

No it was an unsecured finance agreement with GE Money.

 

After Link had accepted our offer of £50 per month and then refused to freeze interest

 

 

and then got the balance back up to twice the original balance

 

 

they said to protect themselves they were going for a Charge against the property.

 

If that makes any sense.

[renegadeimp]

Why have you been letting link add interest? They cannot do so unless its in the t&c's of the loan, which is very doubtful.

[lucify]

I was told that the interest being added was as per the terms of the original agreement with GE Money and that there was nothing I could do about it.

 

But all this escalated to this point after I was advised by GE to not pay and wait for it to be sent to a debt collection agency as they were the only ones that could freeze interest.

 

It's a mess

[AndyOrch]

So they haven't got a charging order and possibly haven't got a CCJ...as regards the interest being added it is subject to the T&CS of the agreement and the assignment.

 

Have Link been providing annual statements and Notice of Sums in Arrears regularly ? If not they may struggle to add the interest assuming the Agreement allows it and if its not terminated.

[lucify]

No, we don't receive any statements or notice of sums in arrears. All we get is the occasional phone call.

[AndyOrch]

Check the trust register tonight ...if no CCJ I refer you to my post#2 above

[lucify]

Okay great thank you x

[citizenB]

I have refused to speak with them on the phone after one of them actually said and i quote "Your husband isn't dead so why are you so upset"

 

I know we have a charge against our property so I guess they must have a CCJ, however I will check tonight.

 

Link added additional fees in line with the original agreement with GE Money, which stated that they would add interest on a monthly basis. So they have continued to add monthly interest....but don't have a copy of the agreement to give to me?

 

We had life/illness cover through legal and general (separate from the finance) and they said the type of cancer it was wasn't covered.

 

 

Do you have the paperwork for this cover ? If not, then send SAR to Legal and General as well. You specifically require the terms and conditions and exclusions .. what type of cancer did your husband have ?

[dx100uk]

oh dear, looks like link have pulled their usual stunts to cash cow you.

 

 

we need to start seeing these letters link have been sending please

 

 

are you saying you've sent them a CCA request

and the DON'T hold a copy of the signed agreement?