Link Claimform - old GE Money Debt - **STRUCK OUT** reinstated **WON AGAIN + COSTS**

[MAGDA]

Finished all of my letters now, so going to get those sent off. Regarding the Lloyds TSB one, where they have placed a default seven years after it actually happened, not sure how I will get on, but determined to do my best to get them to back down over this. Easier said than done, I know.... the reason I am so annoyed about this is because all of the other deafaults have dropped off (we originally had around 15 or more) and our recent credit history, over the last six years is all absolutely fine(mortgage, bank account, etc) but because of these rogue entries, we cannot get credit for love nor money. I don't want credit cards again, or that kind of thing, learnt my lesson there, but for other things, such as switiching mortgage lenders, getting a different bank account, it really causes major problems.

 

Good luck to anyone going through the same thing, Magda

[BRIGADIER2JCS]

Good luck Magda:|

[MAGDA]

Thanks Brigadier, much appreciated and thanks for your help. Will let you kow how it all goes.

 

Magda

[MAGDA]

Hello all, been having a hunt around and I found an old credit report that clearly shows the GE/FN account on it, this was in 2009. It is showing as a default and says date of default was in 2004. Soon after that it obviously changed, as GE had re-purchased the debt from Link in 2008 and obviously changed my credit file at some point to show that I was six payments in arrears and then this resulted in a default in 2010. GE has said that a default is only valid for a year:???: and that when they re-purchased the account, it still had a balance outstanding that needed to be paid and when it wasn't, it defaulted again..... That is their explanation. They are correct and the entry will stay on the credit file. I am going to send a complaint now to the ICO because I can now send a copy of the old credit file to prove that the entry was shown on my file for six years previously. Also, Lloyds TSB say a similar thing in their response letter: although the account defaulted in 2004, it wasn't actually passed to their debt collection people until 2009, and this has now resulted in a default on our credit file because we started to have 'fresh' arrears on the account with built up to 8 payments late and therefore a default. These people must think we are all complete idiots.

[BRIGADIER2JCS]

Hi Magda, you are right a debt can only be defaulted once,

if sold or assigned then it can only be updated the original

date stands.

[MAGDA]

Hi Brigadier, will get my complaint off now to the ICO. Not sure if they will actually do anything, but worth a try to see how it goes.

 

regards, Magda

[pumpytums]

Hi Magda,

GE/Link/Santander did exactly the same thing to me. Flogged it to Link who recorded a default, sold it back to Santander who recorded 8 months of missed payments and then themselves recorded a default. Both defaults are present on my credit file for all to see. Basically the numptys in numpty land should have changed the name on the original account entry which can be easily be done. Not simply record another derogatory entry under a different name for the same account.

 

I find it amazing how my entry goes from a credit card to a bank account to a credit card, idiots.

 

Pumpytums

[MAGDA]

Hi, I've had problems on and off with Link for a number of years. Recently they have started to emerge from the woodwork and are pursuing an account that we haven't made payments on for five years, come this October. It's an ex First National account (home improvements) and I have been giving the paperwork I have the once over to see where we stand.

 

I have noticed that there is PPI added on to the loan which we didn't really have any use for, because I believe it was only valid for five years, whereas the loan was due to run for 10 years., which we didn't know at the time. Also, we were told at the point of sale (in our home) that we would be unlikely to be offered theloan if we didn't have the PPI. We also weren't made aware of how much the PPI would end up costing us with all of the interest added on over the 10 year period, that wasn't mentioned.

 

I am trying to work out the PPI, but it's a bit confusing because of our situation regarding the loan. The loan started towards the end of 1997 and fell into arrears around the beginning of 2004, so we did actually maintain the repayments religiously for around six and a half years or so. The query I have though is that when the account was sold to Link, although we were only making token payments, they were charging interest on the full outstanding balance, which of course meant that we were paying interest on the PPI portion of the balance as well, so not sure how I go about doing the sums for this, i.e., do I reclaim PPI up until 2004, or should I be using a more recent date.

 

The APR was 24.2% and the actual loan was for £2109, to which a single premium PPI was added @ £258.00. The stupid thing is that we had paid a lot of money back to First National over a number of years, but the amount Link is now stating is almost equal to the original loan amount, so in effect we have paid nothing. We obviously now realise what a terrible deal this was anyway, which was pretty typical of the FN loans around that time - imagine it probably isn't much better now!

 

Many thanks for any help.

 

Magda

[citizenB]

You would approach the lender for the refund of the PPI.

 

Was this an "upfront" PPI - ie.. added to the overall loan cost and then the loan/ppi broken down into monthly payments ?

 

If so, then you need to have a read of .. No#1 in my signature regarding single premium policies

 

You are absolutely correct that in a situation such as yours, you are still being seriously ripped off because you are still paying for the insurance:mad2:

[citizenB]

Here is a spread sheet for you to complete.

 

CISheet v101.xls

[MAGDA]

Thans CB, will have a look at those Links a bit later - I've got a nasty feeling that Link are going to start harassing us for this loan because they realise the clock is ticking and in another year and a half or so it will be statute barred. So, should I calculate the ppi refund up until the current date?

 

Hope you are well CB.

 

Magda

[citizenB]

Am well, thank you Hope the same for you.

 

Hmm, I think you need to put the PPI premiums for the length of time you would have been paying them and let the interest calculate up to date.. But I will ask to ensure advice accurate.

[MAGDA]

Ok, thanks CB - that does make sense though - so I could claim PPI up until 2004 and then just calculate the interest itself up to a more recent date, which would be a lot fairer.

[ims21]

Hi

 

Dropping in as requested by CB.

 

First thing is about the interest that Link are putting on the account. They can only do this if the original T&Cs allow for it I believe. The answer to that will affect the figures for any potential PPI claim.

 

To get a flavour of how single premium ppi claims work, as CB says have a read of No.1 in either of our signatures.

 

As you have made reduced payments later on in the loan you will really need the statements of the loan account to give you the dates and amounts of payments made....do you have them?

 

ims

[MAGDA]

Hi ims, thanks for dropping in! I have a list of transactions which Link were forced to send me when I involved Trading standards a few years back. This shows all of the payments I made and the dates and also the interest added.

 

Magda

[ims21]

Hi ims, thanks for dropping in! I have a list of transactions which Link were forced to send me when I involved Trading standards a few years back. This shows all of the payments I made and the dates and also the interest added.

 

Magda

 

Hi

 

So do the T&C's provide that they can charge interest?

 

Regards

 

ims

[MAGDA]

Well, all that the t&cs say is: FNB may assign, transfer, or otherwise dispose of this agreement and any amounts owed to FNB hereunderto any person without the consent of the customer. It doesn't mention interest at all, apart from stating somewhere else that it may be varied, depending on FNB's base lending rate.

[ims21]

Hmmm

 

I'll do some checking

 

ims

[MAGDA]

thanks ims, that's very appreciated.

[ims21]

Start by having a read here....

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?319613-Can-a-DCA-charge-interest/page3

 

Was your account terminated?

 

ims

[dx100uk]

there is something VERY FISHY going on here

 

funny as its always LINK that are involved.

 

is this loan now completed?

 

as i think you prob owe stuff all.

 

you indicate you have all the payment details etc

 

can you post that up?

 

scan the required letters/agreements/sheets

as a picture[jpg] file

remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

 

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf

than many single ones

or if you have PDF as an installed printer drive use that

or use word and save as pdf

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.

then hit reply button

dx

 

 

this debt should have been paid off long ago

 

a 1997 loan for a couple of grand still running...i think not!!

 

dx

[MAGDA]

 

Not sure if the account was terminated, presume it was though.

 

Thanks for the link, will have a look.

 

 

Hi dx, well, the loan did fall into difficulty around 2004ish, but by that point we had paid a lot of the money back considering all the interest we were paying - that was the trouble, most of our payment was for the interest and only a very small amount actually paid off the debt. Even so, it certainly wasn't over £2,000 which Link claim it is. I worked out, we had paid back around £3,450 in payments by the time it fell into arrears. also, as mentioned before, there is also the PPI issue as well to look into.

 

I will get some of the documents posted up and you can see what you think,

 

thanks, Magda