ford Options Voluntary Termination Help please

[jcs995]

Re: ford Options Voluntary Termination Help please

[MENTION=84921]cathysl[/MENTION]

That's why I didn't sign the paper as it mentioned the mileage! Will keep you posted

[jcs995]

Re: ford Options Voluntary Termination Help please

[MENTION=84921]cathysl[/MENTION]

whats the latest with your story, have you ended up paying Ford?

James

[cathysl]

Re: ford Options Voluntary Termination Help please

Hi
any help appreciated.
As it now looks like I will have to pay Link Debt I have asked of I can make an offer to settle in full and they have asked me for a figure ,what would a starting point be on the debt of approx £760.00, I don't want to go in too high.

- - - Updated - - -

Hi Am just negotiating with debt company to settle in full .

[R0b]

Re: ford Options Voluntary Termination Help please

Hi Cathy,

Is there any reason why you are wanting to settle the matter? Currently it is up to Link Financial to prove that the debt is owed despite the CCA confirming it is not, so I can't see any reason why you need to pay them. As I've pointed out, you are not obliged to pay a penny unless they have taken you to court about it but I can understand if you do not want to defend it in court then you may wish to settle.

If you do indeed want to settle then it depends on how much you are willing to pay. You can go in at 1/3 of the alleged amount and then meet halfway or you can go higher its entirely up to you. Presumably anything above 1/3 will be profit to them because they will have only purchased the debt as pennies for each pound.

[cathysl]

Re: ford Options Voluntary Termination Help please

I know [MENTION=71570]R0b[/MENTION] but think for the person concerned it will be closure it's stressing them out so easiest option is to get it settled. Thankyou for the time you have taken to help with this from the beginning it really is appreciated and hope others in the same position may be prepared to wait and see what happens if not paid .

[jcs995]

Re: ford Options Voluntary Termination Help please

[MENTION=84921]cathysl[/MENTION]

Sorry for another post on this, just curious o the final outcome did you manage to negotiate a lower payment? and if so what did you get to?

thanks James

[cathysl]

Re: ford Options Voluntary Termination Help please

@cathysl

Sorry for another post on this, just curious o the final outcome did you manage to negotiate a lower payment? and if so what did you get to?

thanks James

Hi James

They played hard ball I started low then went to half but they refused anything under £525 believe me I tried the original debt was £765 so agreed and paid to get shot of them
hope this helps

[jcs995]

Re: ford Options Voluntary Termination Help please

Hi sorry so you paid full amount in the end? Also is the option to pay monthly

[cathysl]

Re: ford Options Voluntary Termination Help please

Hi
Sorry should have made it clear They accepted £525 if paid in full which I did do. But full amount would need to be paid if needing time to pay , she said they offer a payment plan so yes sounds like you may be able to sort something out , this was with the Link financial not Ford .

[BrianPentwistle]

Re: ford Options Voluntary Termination Help please

Seems a bit of a waste of peoples time to have settled with a debt purchase company and so quickly.

[cathysl]

Re: ford Options Voluntary Termination Help please

Seems a bit of a waste of peoples time to have settled with a debt purchase company and so quickly.

I think you will find I had exhausted the other options if you had bothered to read the posts ....... Bit of a random comment on a thread from 2016

[Amethyst]

Re: ford Options Voluntary Termination Help please

It is a bit random.... and anyway it's never a waste of time to discuss options and consider your position with a bit of support from others, and it goes on to help others in a similar position in the future.

Merry Christmas

[TMYLOTT]

Great thread... just about to VT my Ford due to now having a company car. It seems that if I were to pro rata my mileage then I will accrue a further cost of £1300. Seeing as the above thread took approximately 5 months to reach a settlement figure, surely I can VT the contract and keep putting aside the £300 I currently pay per month, then pay the outstanding debt at a later date with no interest and maybe even negotiated to a lower figure! Saying this, would it effect my credit rating if the debt is passed to a collection company?

[R0b]

Great thread... just about to VT my Ford due to now having a company car. It seems that if I were to pro rata my mileage then I will accrue a further cost of £1300. Seeing as the above thread took approximately 5 months to reach a settlement figure, surely I can VT the contract and keep putting aside the £300 I currently pay per month, then pay the outstanding debt at a later date with no interest and maybe even negotiated to a lower figure! Saying this, would it effect my credit rating if the debt is passed to a collection company?

A debt collection company acts on behalf of the creditor, they have no power other than to contact you to pursue the debt. Ford don't seem to be appointing Link Financial as a debt collector, rather they are selling the supposed debt on to them and Link step in the shoes of Ford as if the debt was theirs in the first place.

Exercising a VT does not affect your credit rating but it might not stop Link from reporting any adverse entries on your credit file to try and force you to pay up. I am not aware of them doing this as a tactic but it doesn't mean they won't. Something to keep in the back of your mind when dealing with them