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link and GE money loan - Charging Orders & Interest

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We have 2 charging orders on our property which we are currently trying to sort out so that we can remortgage but the charge holders are trying to rob us blind (in our opinion).

 

Both CCJ's/Charging order were granted whilst we were having temporary financial problems due to the collapse of my business at the time and as a result I suffered badly with depression etc so we did not do alot to defend the court action.

 

1st charging order is with Link Financial who purchased a GE Money loan £6549r.

 

After assignment of the debt we received one call from link asking for full payment which we could not afford at the time (obviously) but we offered to make a token monthly payment of £20 until we were in a better position to which the caller replied "court papers will be in the post".

 

Subsequently a CCJ, Interim Charging Order, Final Charging Order and permission to charge 23% interest on the debt were obtained by them despite us sending correspondence to the court to attempt to fight this and advising we had not refused to pay at each stage.

 

The debt according to LINK is now £13789 which is about £6000 too much in our opinion and should never have been inflated as much as it has.

 

2nd Charging Order - From an estate agent.

We agreed to sell our property via an estate agent and during the consultation advised we did not want to pay more than 1% as we had been quoted by a competitor,

 

however on signing the paperwork it was written out as a fixed fee agreement meaning we paid over our agreed 1% when the property was sold for less than the asking price.

 

A cheque was sent to the agent advising of the above for the full 1% commission but they refused this and returned the cheque taking us to court at the same time as above when we were on our bums

 

They got a charging order for £3045 and have today sent a request for £5128

£3045 + £1929 interest(?) and £153 Final charging order costs?

 

I don't even think we should be paying the full £3045 let alone interest and costs on top.

 

Any advise on what we can do and if we pay the debts off to get the mortgage through

 

can we still reclaim any overpayments or are we accepting the debt if paid in full?

Edited by dx100uk
Spacing

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Ruddy link 23%!!

Are you sure the original agreement and the judgement allowed post judgemental interest??

 

I bet not!!

 

One of links favourite tricks is to do this when they are non defended against


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Have link been sending statement s every 6 mts

If not tell'em to do one

https://www.consumeractiongroup.co.uk/forum/showthread.php?139880-Warning!!-PJI-Post-Judgment-Contractual-Interest

 

But never use the phone!! Write


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Unfortunately I believe the original court papers did reserve the right to charge interest and they appear to have been sending a statement every 6 month too.

 

I just dont think they should have been allowed to charge interest on a debt we were already struggling to pay which I stated in correspondence to the court at the time of the case but seems to have been ignored.

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Can anyone suggest where I might get legal advice about these charges/debts that won't cost the earth??

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Best place is here we cant recommend against rules


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Have you got a copy of this agreement that Link was assigned from GE Money along with its T&Cs ?

 

Did they claim interest within its particulars of claim ?

 

 

Andy


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Have you got a copy of this agreement that Link was assigned from GE Money along with its T&Cs ?

 

Did they claim interest within its particulars of claim ?

 

 

Andy

 

I'll try and scan everything tomorrow, whichay give you a better idea of ifthey are chancing their luck.

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Thread moved to Financial Legal Issues Forum...please continue to post here to your thread.

 

 

Andy


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Thread moved to Financial Legal Issues Forum...please continue to post here to your thread.

 

 

Andy

 

Thanks Andy,

 

I still haven't managed to dig out out paperwork yet due ton the house being upside down but I have a query?

 

As the original judgement was for £6500 is this all we have to pay to remove the second charge or can Link refuse to remove the charge until we have paid both the judgement amount AND the interest??

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Thats why you need the original paperwork to check...Judgments over 5K can incur further interest subject to the T&Cs of the agreement and of course what it states on the Notice of Judgment.


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Hopefully you can see these.

Front page we were asked to sign but back page we have never signed and were not shown.

 

As a further issue i've noticed we have received 2 different letters from them over the years but on the 'statement of account' there is information missing which i believe they should provide for it to be binding

 

I have also read somewhere that there is a paragraph which should also be included in the statement, about being able to go back to court, which is missing also?

geedited.pdf

gebacpage.pdf

link1edited.pdf

link2edited.pdf

Edited by dx100uk
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I cant see any reference to post judgment interest in their T&Cs...can you ?

 

Have you not got a copy of the original N1 court claim ? If the claimant fails to ask for interest within its particulars...then it cant claim it post judgment .

 

 

Andy


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had to hide your uploads

all have your name on or ref no's showing.

 

ok look link and their phantom post judgemental interest again.

 

not sure how many threads here we have of these fleecers pulling this stunt when they cant charge it!!


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I cant see any reference to post judgment interest in their T&Cs...can you ?

 

Have you not got a copy of the original N1 court claim ? If the claimant fails to ask for interest within its particulars...then it cant claim it post judgment .

 

 

Andy

 

Back (unsigned) page, the very last sentence....

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had to hide your uploads

all have your name on or ref no's showing.

 

ok look link and their phantom post judgemental interest again.

 

not sure how many threads here we have of these fleecers pulling this stunt when they cant charge it!!

 

What can we do to get it removed then? They have us over a barrel and they know it as we can't remortgage until the charges are cleared.

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that line a bit ambiguous...…

This obligation is an independent one and will not merge with, that is become part of, any such judgement.

 

so their post judgemental interest CAN'T be merged into any judgement, so cant be enforced by any judgement....

 

urm…….


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Back (unsigned) page, the very last sentence....

 

So its does...but as DX states its separate to enforce...therefore they would have to issue a further claim.

 

And dam its in the particulars.....but with the exception " The right to proceed for subsequent interest is reserved "

 

 

So as above...further claim /application required


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So if we pay the amount stated on the charging order £6895 (or whatever) are they then obliged to remove the charge from our property or can they refuse until we have paid the interest as well?

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The Particulars are likely generic being through the Bulk Centre and so in respect of loans that permit post judgment contractual interest it is likely that it will be pled in every case barring some error. Also they will likely have sent notices where they are pursuing the interest post judgment, you may not like them (Dx appears to have a particular dislike) but they are not idiots, they will have sophisticated systems and processes and will be well aware of their rights to post judgment interest, probably more so than most.

 

 

It is probably well known but Link purchased GE consumer, who purchased FNB who the OFT attempted to haul over the coals on this exact point. OFT V FNB [2001] UKHL 52 - it didn't go well for the OFT, Lord Millets judgment is quite clear and, ultimately the opinions of the HoL hold significantly more weight than opinions here and confirm an enforceable contractual right.

 

 

From the OP's scenario, the only amount secured by the Charging Order is £6,895.00, there may be a fee for admin work in removing the charge on top but the interest is a separate matter that hadn't fallen due at the date of the judgment, so as above cannot be included, but they do have cause of action for that interest, the OP is contractually liable for it and they already have a judgment on liability. Given there is a HoL precedent confirming the term is fair what would you challenge a claim on if they sued?.

 

 

I know this is perhaps not normal style here but my suggestion to the forum , as opposed to telling them to swing for the interest element as others espouse and risking further proceedings (at who knows that level), is it not worth being pragmatic and approaching them setting out the scenario in which the interest has accrued, along with an offer to settle the matter off along the lines of we will pay the secured sum of £X plus £x in settlement of any claims for contractual interest.

 

 

Discuss :)

 

 

Any information I post is purely opinion and should in no way be considered as legal advice. Public forums are never a substitute for professional legal advice.


My posts are opinion only, I am not legally qualified and do not offer my comments as advice, nor should my comments be taken as advice. If you seek legal advice, approach a suitably qualified legal representative.

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this is link we are talking about here

 

 

the only sophisticated systems and processes they possess are lies to fleece people that know no better.

never believe anything they ever tell you, write or say.

they LIE!!

 

and to judges.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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:) DX, not wanting to cause any hostility but it needs to be said that, other than further venting your clear opinions on the firm mentioned, which are quite colourful (read as potentially libellous and in breach of the forum rules) that response is about as useful as a chocolate teapot to the OP.

My posts are opinion only, I am not legally qualified and do not offer my comments as advice, nor should my comments be taken as advice. If you seek legal advice, approach a suitably qualified legal representative.

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I shall now demonstrate why people hold Link in the regard that they do,

 

We have already tried offering a settlement figure and in February when we were thinking about our remortgage they offered to settle for £11500, or thereabouts.

 

However now they know we are remortgaging, having been contacted by our solicitors and that we cannot proceed without them removing the charge "company policy" is to demand the FULL amount effectively blackmailing us into paying the judgement amount and the interest.

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