Link Financial (GE Money)

[zhanzhibar]

Hi all,

 

I have various thread in this Forum seeking help in dealing with my 11 creditors;

1)HFC & Amex- they didn't reply to my CCA request!

2)Threat by HFC Bank Solicitors & HSBC Bank

 

Link Financial is the latest DCA trying to get me to do voluntary restriction. They act on behalf of GE Money who did send me a CCA back in July when I requested it. I explain to them that I am currently on maternity & can only afford a certain amt based on prorata with my other creditors. They rejected my offer saying that it will take more than 25 years if they were to accept it to pay off the amt I owed. Now they want me to do voluntary restriction or they will take me to court.

 

My questions are:

a) How do i stop this from going to court & not agreeing to voluntary restriction

b) If they take me to court, what will happen to my other creditors who I owed more than Ge Money who have accepted my offer of payment?

 

Any advise will be greatly appreciated...

[make them aktiv runners]

Put your offer/reason in writing and keep proof of delivery.That way they are rather stuck if they were to take you to court as they cannot claim you did not make a reasonable offer in line with your circumstances.

[zhanzhibar]

Hiya

 

Thanks for replying. I have sent acopy of my income & expenditure as well as list of my creditors & my affordability to pay each of these creditors based on prorata basis. In the list GE money came out quite low in priority compared to my other creditors. I offered to pay them around £15 a month but this is what they say in this letter I received today.

 

In respect of the credit agreement, you will appreciate of course that the balance due under CA does attract interest. We will not refuse any payment that you wish to make but £15 would not actually cover the interest charged and so would not see a reduction in your balance. Even were the balance to be capped at tthe amt it now is, with no further int charged it would take over 25 years to redeem the current balance via a mthly installment of £15. We do believe that such a period is too long for us to reasonably be expected to monitor your acc without any form of security of hope for settlement.

Then next para they threat to go to court unless I agree with the Voluntary restriction.

 

I am trying to post the CCA they gave me onto here but find it difficult to do it. How do I do it?

 

[zhanzhibar]

Hi all,

 

Attached is what GE Money sent me.

 

[zhanzhibar]

And this is the letter I received from Link Financial today.

 

[make them aktiv runners]

I do not think they will be granted a CCJ, as these are usually given when a debt is proven and no offer of repayment has occurred. They would have to get a CCJ in order to apply for a Charging Order.

 

I have pm'd some-one more experienced to double check.

 

Have you thought of negotiating repayment via a debt charity organisation who do not charge?

[rory32]

The important thing when making an offer is to enclose payment. If they cash the cheque they accept the offer, no matter what they might say in writing.

 

Can you tell me what you mean by a voluntary restriction? I'm not clear what you mean by that unless you are talking about turning it into a secured debt.

 

Have you considered an IVA? Is your current financial situation going to be long term? Do you own any assets e.g. are you a homeowner?

[make them aktiv runners]

Can you tell me what you mean by a voluntary restriction? I'm not clear what you mean by that unless you are talking about turning it into a secured debt.

 

I've come across that one before (it is in the letter above too). It has the same effect as a Charging Order. By volunteering there is a guarantee that a land registry will be filed (no need to obtain CCJ then Charging Order and them risk losing).

 

As there other creditors, I cannot see how OP can take such action in favour of just one creditor. CCJ etc would also be risky when there are other creditors so I think their complaint response (acknowledged other creditors) is suitable for a further complaint to FOS etc.

[rory32]

Thanks Aktiv, that's what I thought it was as I've seen some mention of restrictions on the land registry sight before.

As there other creditors, I cannot see how OP can take such action in favour of just one creditor. CCJ etc would also be risky when there are other creditors so I think their complaint response (acknowledged other creditors) is suitable for a further complaint to FOS etc.

If the offer is pro rata and payments are made as has been offered then realistically they can forget about a CCJ as long as it is defended and the judge is aware that there are other creditors (often that slips the creditors mind when applying for a CCJ). Definitely should complaint to FOS.

[ScarletPimpernel]

 

As there other creditors, I cannot see how OP can take such action in favour of just one creditor. CCJ etc would also be risky when there are other creditors so I think their complaint response (acknowledged other creditors) is suitable for a further complaint to FOS etc.

 

I agree. Their response regarding consolidation also appears to be an admission that they breached the OFT guidelines, which states that 'pressurising debtors to raise funds by further borrowing', is an unfair practice. 'Pressurising' is, I think, like harassment - not defined, but as perceived by the person it is aimed at.

[spamheed]

It seems like a good cop/bad cop approach, first the nasty phone call, then the placating letter, hoping you'll sign away your property on an empty promise not to enforce

[zhanzhibar]

Hi guys,

 

Thanx so much for replying. I can only nip in & out of this forum whilst taking care of a toddler & a baby. It is so hard to keep in touch with all the things going in any oof my thread whilst doing this.

I have to admit that I stop sending chqs to GE MOney of this amount a couple of mths ago (mainly becoz I keep forgetting). I have set up S/O for the rest of my other creditors who have agreed with my offer of payment. I am going to send a chq of this amt & for the few mths I forgot.

sorry if I sound a bit duhh..:o but what is OP & FOS?

 

The other thing I want to ask is how does one do an IVA? I have a mortgage. Am on maternity at the mo but will be back part time in the new year. I am the main earner in the family. We owe about more than £50k.

[rory32]

OP= Original Poster (so that's you in this case)

 

FOS = Financial Ombudsman Service

The other thing I want to ask is how does one do an IVA?

I would enquire about an IVA at National Debtline. They will be able to send you out information on it and give you more advice on whether you qualify or not.

 

FREEPHONE: 0808 808 4000

Monday to Friday 9am to 9pm

Saturday 9.30am to 1pm

24-hour voicemail.

[zhanzhibar]

i am going to send them some payment of the amt i said i can afford to cover the few mths i missed. Do you guys think this can cover my back if i go to court?

[zhanzhibar]

Hi all,

 

Its nearly a year since I have posted anything to do with my Link Financial Debt as I was concentrating dealing with Weightmans & Amex. Link Financial who have now bought the debt from GE Money have now issue me with Particulars of Claim.

 

 

I have some questions that i hope somebody could help:

 

1) Now that Link Financial has bought the debt, can I do CPR 31.4 to Link Financial asking for info that make the basis of their claim.I did receive a copy of the agreement from GE MOney but not Link Financial?

 

2) I do acknowledge some of the debt but not all of it. Although I don't know the actual amount I know it was not more than £5k butthen again they keep charging interest:confused: So my question is if I acknowledge part of the debt can I ask the court that I pay in instalment as I do not have £5k spare to pay? I did make payment to Link Financial £14.46 mthly as I said I would but they keep saying they accept it but still charging interest & therefore my payment didn't make a dent to my loan.

 

3) Or should I just defend this case in court so that I could pay in instalment to what I coud afford? Also because the POC thatthey submit does not follow CPR?

 

Would appreciate some help on this as I have to acknowledge this claim soon.

[jessie_girl6]

Hi there

 

I am in exactly the same position as you with Link. Can you tell me what happened? Did it go to Court? Were you CCJ'd? Were you able to keep repaying at the amount you could afford?

 

I am just trying to decide whether to defend or acknowledge my debt (all paperwork seems to be in order) and would be interested in outcome of your situation.

 

Thanks

[atom02]

Hi jg,

 

Just happened upon this thread ...I can tell you without knowing what became of zhanzhibar's case that link are relentless and generally, put forward the argument that it will take you forever to clear the debt - in my situation, the judge bought this even though I pointed out that my situation was not perenial. So they got a CCj (1st by default, which I contested) and lost, and then obtained CO on my property. So they generally get this in the end and until then, will ignore any offers you make - their solicitor also told me this just b4 trial began, in an attempt to get me not to fight too hard. They got it despite the fact that I made my proposed token payments to them every month without fail. I simply asked for a variation and now pay the same amount I always have, which they have not contested.

 

Sad, I didn't know my rights and protections under the CCA at the time, plus was abroad so was always fighting from the backfoot (default CCj, etc)...

 

let me know if you need any more pointers about link.

 

atom

Edited November 19, 2009 by atom02
to tame the bl***ing typos!!