Link financial

[ranger-man]

hi i'm looking for some information regarding a letter i received from link.

the letter says i owe £5000 referring to a repossessed van in 2010 which was originally take out with santander ,

they now say the debt is with them and i should pay them in full within 15 days.

please could someone advise what my next step should be as i didn't take this debt out with link originally so dont feel i should start paying them now.

[gust]

have they bought the debt or collecting "on behalf"

[ranger-man]

it says they have bought the debt

[gust]

have you had any default placed on your credit file? and did you receive a notice of assignment from Santurd-air?

[gust]

ranger-man

 

please read this - it may help

 

http://www.consumeractiongroup.co.uk/forum/entry.php?180-Debt-Threats-a-quick-self-help-guide

 

and also when was the last time you paid OR acknowledged this debt?

[ranger-man]

last time i paid was when i was still upto date with the original payments which was around 3 years ago. no acknowledgement of debt since then.

i have read the link you sent thank you for that, if they dont have the original purchase agreement does that mean they are not legally entitled to the debt

[gust]

was it for finance on a van?

 

since i have not done this im not sure if it is covered by the Consumer credit act... some one else may jump in and help you.

 

I asked how long to see if the debt was Statute barred, which it wont be as that is only after 6 years from last payment/acknowledgement of said debt.

 

you could send the prove it letter to find out if they are legally collecting.

 

did you get any notice of assignment letter off santander to tell you it had been assigned to link?

[ranger-man]

It was for a pick up van. I don't remember getting a notice of assignment letter from santander.

[dx100uk]

what type of agreement is it?

 

HP or pers loan?

 

what were the terms

did you pay more than 50% off?

 

was it VT'd

or VS'd

 

HOW [exacatly] did the repro take place and from where?

 

dx

[gust]

default on credit file?

[ranger-man]

Thanks for the reply. A few questions, what is the difference between hp or pers and what is vt and vs? I hadn't payed over 50% and it was repo, it took place at my work by a company sent to retrieve it

[Bandit127]

Since it was repo, it was likely a Hire Purchase (HP) ageement. A Personal Loan (pers) does not give the lender title to the goods, so they cannot be repossessed.

 

Don't know about VT or VS, will wait for DX to get back on that one.

[ranger-man]

Hi bandit127 in that case I know it was on hp if that helps

[Bandit127]

If Link have purchased the debt then you need to realise that they have purchased the benefits and duties of the debt and are now your creditor. Sorry for tough words, but you need to get over that one.

 

You have rights. Establish those. Submit a CCA request to Link for the agreement and a full statement of account, showing all credits, debits and charges. Ask for a copy of the Notice of Assignment which it sounds like you have not had.

 

You have also got a right for them to look after your interest in selling the pickup and offsetting the money owed with the proceeds. This may be worth parking for the moment - wait and see what the CCA request gets.

 

For £10 I would also recommend a SAR to the original creditor. This may give you ammunition to use in a defence that they didn't act fairly in the repossession and sale of the pickup.

[dx100uk]

Thanks for the reply.

 

A few questions,

what is the difference between hp or pers and what is vt and vs?

 

I hadn't payed over 50% and it was repo,

it took place at my work by a company sent to retrieve it

 

no good you asking questions till we know the ans to my questions.

 

the agreement

 

was it a Hire Purchase one?

 

or was it a personal loan?

 

wasn't a busines loan was it?

 

this is IMPORTANT.to how we go forward.

 

did you TELL THEM

to come and get the vehicle

 

or

did they just 'appear' at you works and take it?

 

did you GIVE THEM the keys and sign a form?

 

you do realise no repro man has ANY LEGAL POWERS they are NOT BAILIFFS!!!

 

VT or VS?

 

there would have been letters

 

did voluntarily surrender the vehicle [VS]

 

or Voltuntary terminate [VT]

 

IMPORTANT on how we go forward.

 

we NEED to see the agreement

have you still got it?

 

dx

 

 

dx

[dx100uk]

Since it was repo, it was likely a Hire Purchase (HP) ageement. A Personal Loan (pers) does not give the lender title to the goods, so they cannot be repossessed.

 

Don't know about VT or VS, will wait for DX to get back on that one.

 

 

wanna bet!!

 

seen loads of threads whereby the vehicle was taken on pers loans illeglly ofcourse

even IF mentioned or not on the loan agreement.

 

dx

[ranger-man]

hi dx

 

i will see if i can find the original agreement over the weekend,

i know it was on hp not through the business though

i didnt tell them to come and get it they just turned up and blocked my van in with theirs and said they have the right to retrieve it, to be honest i wasn't going to fight them as i couldn't afford it anymore so i know i had no rights over it.

i signed a piece of paper once they had checked over it for any damage then they took it. as far as i'm aware it was sold and that must be where they got the figure from of £5000 with the sale of the van offset with what i originally owed.

i didn't Voltuntary terminate the agreement at all.i have still got the piece of paper at work that i signed when they took it so i will find it out after the weekend.

hope this helps.

[dx100uk]

urm

 

the more you post

 

the more something smells here

 

esp as link have it .

 

dx

[ranger-man]

dx i dont quite follow!

to me it sounds quite straight forward,

 

get a van on hp from ford the finance was through santander,

18 months into a 4 year contract the resession hits,

my work is reducesd like 90% of the country i can no longer afford the payments so i have the van repossed,

 

now 2 years later i recieve a letter from a company called Link Financial saying they have bought the debt

and i have 14 days to pay them £5000 which i am guessing is the amout total they came to after selling the van .

 

which bit of this doesn't seem straight forward?

 

am i wrong in thinking that these companies buy debts all the time then persue the original debtor.

all i am after is a little advice from anyone anyone who has had experiances with Link.

[gust]

DX is saying there is some shady practice here about the companies involved.

[ranger-man]

thanks gust,

this is why i'm asking if anyone can give me some advice on this issue ,i came across this site when i was looking into them on the net and thought others might have had some experiance with them.

[gust]

do what you need to do from your post #17 and im sure you will get further help mate.

[dx100uk]

lin a WELL KNOW for fleecing antics

 

just have a read in the SLC forum.

 

get that info please

 

dx

[Bandit127]

Hmm. Don't know what the SLC forum is but there is one about Vehicle Repossessions here:

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?267-Vehicle-Repossessions

Plus some good advice in this thread:

http://www.consumeractiongroup.co.uk/forum/showthread.php?363133-Termination-of-HP-Agreement-Potential-problems

 

Some background reading for you while you dig the paperwork out per Dx's advice.

[dx100uk]

student loan company

 

dx