Help Link Financial Outsourcing and Lowell

[dee337]

Hi I've been using the National Debt Line templates and have copies of my CCAs after I sent 'prove it' letters. I don't know what to do next as I'm still getting letters from both Link & Lowell saying I owe money.

They are saying that these credit agreements are proof that I owe the money.

Link are saying that they are collecting on behalf of another company LC Asset Sarl (I think that's a foreign company).

Lowell are saying not to believe internet myths! The National Debt Line website is hardly a myth!!

I really need some advice here can anyone help/advise please?

Thanks

[echat11]

Hi DEE337

Welcome to LB

Try to stay calm.

When was the account opened?

If the account was opened before April 2007, they need to provide a 'True copy'.

If the account was opened after April 2007, then they can reconstruct the agreement, but must include all the prescribed terms at the time.

If the agreement has been 'varied' i.e. interest rate increased, then they must provide a copy of the 'variation' as well.

If it's been reconstructed, they must be up front and tell you that is the case.

[dee337]

Hi DEE337

Welcome to LB

Try to stay calm.

When was the account opened?

If the account was opened before April 2007, they need to provide a 'True copy'.

If the account was opened after April 2007, then they can reconstruct the agreement, but must include all the prescribed terms at the time.

If the agreement has been 'varied' i.e. interest rate increased, then they must provide a copy of the 'variation' as well.

If it's been reconstructed, they must be up front and tell you that is the case.

Thank you so much for your reply

The accounts were opened in 2021.

What does prescribed terms mean? Lowell are claiming that the prescribed terms are within the M&S card agreement. I don't know what that is/what to look for??

Link Financial Outsourcing haven't said that the MBNA agreement includes prescribed terms.

It doesn't state on either of the agreements anywhere that it is reconstructed. I don't know what that means either! :-/ Does that mean it's not a real agreement?

They were both opened on promotional interest rates (purchases/transfers). Within both M&S and MBNA there is the credit card agreement and additional terms. It's weird because it states on both that the credit limit is £1200 and that the APR is 21.9% (variable). The credit limit was a lot higher than that on both cards.

Trying to stay calm - it's not easy at all
Help and guidance most appreciated!

Thank you very much.

[dee337]

Hi DEE337

Welcome to LB

Try to stay calm.

When was the account opened?

If the account was opened before April 2007, they need to provide a 'True copy'.

If the account was opened after April 2007, then they can reconstruct the agreement, but must include all the prescribed terms at the time.

If the agreement has been 'varied' i.e. interest rate increased, then they must provide a copy of the 'variation' as well.

If it's been reconstructed, they must be up front and tell you that is the case.

Hi again,

Also the reconstructed M&S agreement that Lowell have sent has Pre Contract Information, copy of agreement and copy statements.

Link have only sent me copy of MBNA agreement.

Thanks again.

[echat11]

Here is some information for you -

https://www.handbook.fca.org.uk/hand...ate=2016-03-07

https://lawzone.legal/when-is-a-cred...unenforceable/

[dee337]

Here is some information for you -

https://www.handbook.fca.org.uk/hand...ate=2016-03-07

https://lawzone.legal/when-is-a-cred...unenforceable/

Thank you I'll take a look

[dee337]

Here is some information for you -

https://www.handbook.fca.org.uk/hand...ate=2016-03-07

https://lawzone.legal/when-is-a-cred...unenforceable/

By the way I was reading some other stuff in the meantime about CCA's and it states that if they don't respond to the request within the 12 days that the debt is unenforceable. Is that correct?

Does this mean that if they send something within a wider time frame, that it becomes enforceable again (or not)?

I found and OFT pdf online and it states in there that a statement of account has to be signed, and they need to send separate T&C's as well as the agreement. Is this also correct?

Many thanks!

[echat11]

a) Does this mean that if they send something within a wider time frame, that it becomes enforceable again (or not)?

Yes, it's unenforceable until they can fulfill your request, but it must be compliant. Not something conjured up in their kitchen.

b) I found and OFT pdf online and it states in there that a statement of account has to be signed, and they need to send separate T&C's as well as the agreement. Is this also correct?

That is outdated, although some things still apply, can't remember the year, was it 2011?
Best to refer to the FCA website.

The OFT is now THE FCA. The thing is that, if the account was opened online, then there will be no signature.
But they do need to provide the documents you referenced.

[Clockwork]

Valid points by Echat, but l would like to add an additional point that LC asset 2 are an offshore company based in Luxembourg and are not authorised and regulated by the FCA. This is relevant if they attempt to bring a claim through their conduit company Link Financial who are a DCA and not the owners of the alleged debt. . They will say that the credit agreement is proof you owe the money, but fail to mention their client LC Asset 2 is not authorised by the FCA and they will have significant problems getting this home if you challenge them. Stay strong and don’t be mislead.

[dee337]

a) Does this mean that if they send something within a wider time frame, that it becomes enforceable again (or not)?

Yes, it's unenforceable until they can fulfill your request, but it must be compliant. Not something conjured up in their kitchen.

b) I found and OFT pdf online and it states in there that a statement of account has to be signed, and they need to send separate T&C's as well as the agreement. Is this also correct?

That is outdated, although some things still apply, can't remember the year, was it 2011?
Best to refer to the FCA website.

The OFT is now THE FCA. The thing is that, if the account was opened online, then there will be no signature.
But they do need to provide the documents you referenced.

Hi there,

I can't seem to find anything similar on the FCA guidelines about credit card agreements? They were both opened online so no, there's no signature. Do they have to send statement of account as well?

[dee337]

Valid points by Echat, but l would like to add an additional point that LC asset 2 are an offshore company based in Luxembourg and are not authorised and regulated by the FCA. This is relevant if they attempt to bring a claim through their conduit company Link Financial who are a DCA and not the owners of the alleged debt. . They will say that the credit agreement is proof you owe the money, but fail to mention their client LC Asset 2 is not authorised by the FCA and they will have significant problems getting this home if you challenge them. Stay strong and don’t be mislead.

Thank you - I was concerned because LC Asset 2 are offshore but now you mention this it makes me feel better.

[echat11]

Hi there,

I can't seem to find anything similar on the FCA guidelines about credit card agreements? They were both opened online so no, there's no signature. Do they have to send statement of account as well?

https://www.handbook.fca.org.uk/hand...ate=2016-03-07

https://lawzone.legal/when-is-a-cred...unenforceable/

[dee337]

Hi there,

I can't seem to find anything similar on the FCA guidelines about credit card agreements? They were both opened online so no, there's no signature. Do they have to send statement of account as well?

Hi

LINK have stated that they have fulfilled their request - see image attached of cover letter. They have taken more than the statutory 12 days. They included the 'account summary', pre-contract credit information and credit agreement.

The latest variation has not been supplied.

They haven't told me it reconstructed though which I believe it is . As far as I am aware they need to tell me under FCA rules don't they?

20231205_095931 (1).jpg

Also they sent an "account summary" hand typed on LINK headed paper. That's is not a proper statement of account is it?

20231205_100618 (1).jpg

I don't think this is compliant and something doesn't feel right.

I have taken considerable time to do some reading and have look on this forum.

Surely LINK are not creditors? I know a little bit about commerce and you can't just pass a contract over to a third party and get them to enforce. If that was the case then a contract isn't worth the paper it's written on! I know Debt collectors buy accounts in bulk. So how can they claim to be creditors? Surely there's something missing here legally??? It just doesn't feel right...

[atticus]

What do they say about a little knowledge?

Debts (i.e. the right to receive payment) can be sold. The buyer becomes the creditor by assignment.

There is more to it than that, but that is the simple basics.

[echat11]

a) The latest variation has not been supplied.

If the agreement has been 'varied' since the 'inception' of the account, they they need to provide copies of the 'Terms and Conditions'.

b) They haven't told me it reconstructed though which I believe it is . As far as I am aware they need to tell me under FCA rules don't they?

Yes.

c) Also they sent an "account summary" hand typed on LINK headed paper. That's is not a proper statement of account is it?

It's not. but they can reconstruct that too from the information they have at hand, it might be data on their systems transferred to a paper format.

d) you can't just pass a contract over to a third party and get them to enforce.

As Atticus says, you should get letters of assignment from the buyer and seller, the buyer saying 'hi', the seller saying 'goodbye' (obviously in more detail).