Old secured Picture Loan sold to Link , home was repo'd no longer secured.

[Sirbob00]

In 2007 we had a Picture home loan secured on our property.

 In 2014 the property was repossessed and since we haven’t made any payments.  

I have kept them up to date when we have moved home.  The loan no longer shows on my credit file.  

I received a letter from them a few days ago saying they were transferring to a company called Asset Link Capital (No.7) Ltd.

Today I have received a letter from Asset Link introducing themselves and saying nothing will change other than they will be collecting payments now.

What is likely to happen now?  

I guess they’ll be asking for us to restart paying but we don’t have the money to pay.

 Can they also mess up our credit files which are now good and show no debts.

 I do remember being told as the loan was secured they have 12 years to chase the outstanding debt.

Many Thanks

[dx100uk]

sold to Link DCA then, the biggest they out there!!

wonder why platform, who could and do take debtors to court and crush them, decided to sell a debt on for 10p=£1...urm..

either the debt is totally unenforceable ( no enforce able paperwork) or not now legally owed i expect.

no they cant put it back on your file.

expect a forest through your door, but until/unless you ever get a letter of claim from their dogs, Kearns solicitors...ignore them.

Dx

[Sirbob00]

Thank you.  

Does the fact that it was secured (not anymore) and not regulated due to the amount make a difference to how they can pursue it.

If I remember we took it out in 2006 but in 2007 we wanted to move and originally they refused to allow the sale of our house to go through unless we paid it off which we couldn’t

they said if we consolidated other debts increasing the loan we could

that’s what we did (we were desperate to move as my father had cancer and we lived 200 miles away)

The last payment I think was around 2014.

[dx100uk]

So even more reasons it was crap in the 1st place rhen. They conned you both.

A consolidation loan should list where and to whom the differing sums should go. It doesnt so fails under the multiple agreements arguement.

 

Link knows nothing about its history, you are one line in a spreadsheet.and they never will.

 

Dx

[Sirbob00]

Actually come to think of it Picture did pay the other creditors but I can’t remember who they were.

 Is it worth doing a SAR to find out?

[dx100uk]

No.

 

let things run

stop panicking.

 

Dx

[Sirbob00]

I knew one day it would catch up but at the moment we are trying to find a new home as our landlord is selling so got enough to try and sort out.  

1 last question though.

 Would Link know the debt was originally a secured loan?  

[dx100uk]

doesnt matter

 

dx

 

[dx100uk]

open

dx

[Sirbob00]

Another letter received from Link.  Is it ok to still ignore?  

It’s just saying they can help us get back on track.

Address upto date and not showing on credit file.

It was an old secured loan from Picture.

 House it was secured on was repossessed in 2014.

 No payments or contact by us have been made.
Thank you 

[dx100uk]

On 29/09/2022 at 21:57, dx100uk said:

until/unless you ever get a letter of claim from their dogs, Kearns solicitors...ignore them.

Dx