Letter from Link Financial..Need help urgently

[abs87]

Hi!
I have had a letter this morning from Link Financial about the outstanding debt on my car, it comes to over £11,000!

I haven't heard from them in 3 years and I won't be able to pay the amount in full because I'm on benefits! In the letter, they've said that they'll either come and get the car and i'll have to pay them what's owed, take me to court or send Bailiffs.

What should I do??

[Hurricane Puffrose]

Re: Letter from Link Financial..Need help urgently

hiya abs,

welcome, try not to worry.. i know easy for me to say.. is this your only debt?

If it is, I would suggest ringing them and seeing if you can organise a repayment schedule you can afford, if its not a Debt Management plan may help you. I will see who I can get to read this as im not the most experienced on here, but if you decide to go down the DMP route, I can reccomend people out of personal experience. I'm not affliated to them at all, I'm a stay at home mum of 3, I dont do figures, its just my husband was in your position and was down, unhappy and miserable, and they helped me get him back to the man i know..

Good luck.. lemme see who i can find..

[abs87]

Re: Letter from Link Financial..Need help urgently

Yeah, it's my only debt! I tried doing that with them 3yrs ago but I was in a rutt so to speak with my ex partner and I wasn't able to pay them the amount that was agreed! would you say that debt management is the best 'road' to take?? thank you for your response by the way!

[Hurricane Puffrose]

Re: Letter from Link Financial..Need help urgently

i would say its a posibillity.. im unsure if they can help you under 15k, but i will gladly pm you their details, they are lovely, and see if they can help, sometimes just talking to someone about these things help... take the weight off your shoulders.

maybe they can suggest more.. i have called the cavalry btw.. the horses should be sighted soon

[abs87]

Re: Letter from Link Financial..Need help urgently

Thank you ever so much, it's really appreciated just had a call from a debt management advice company and the gentleman said because I've still got the car then I wouldn't be able to start a programme and it would be best to phone Link up direct to see if they will sort out a repayment shedule! should I do that??

[Hurricane Puffrose]

Re: Letter from Link Financial..Need help urgently

yeh speak to Link and see if they can help you.. they should be pretty understanding if your in dire straits.

Have heard from the Calvalry... they are coming.. listen out for them horns...

[TUTTSI]

Re: Letter from Link Financial..Need help urgently

The first thing that comes to mind have you been paying anything to the HP company ?

What was the date of the last payment?

how Much are the arrears and what period does this cover?

What is the monthly repayment?

Have you paid more than a third under a HP agreement?

Have you made any contact in last 3 years with the HP company to adviise them of your situation?

is the garaged on on a private forecourt?

I can tell you if they do come and repossess the car you will be liable for any shortfall when they sell it and it is likely to be much more than £11k.

Hi!
I have had a letter this morning from Link Financial about the outstanding debt on my car, it comes to over £11,000!

I haven't heard from them in 3 years and I won't be able to pay the amount in full because I'm on benefits! In the letter, they've said that they'll either come and get the car and i'll have to pay them what's owed, take me to court or send Bailiffs.

What should I do??

[labman]

Re: Letter from Link Financial..Need help urgently

Hi,

Firstly don't worry, there is nothing here that cannot be sorted out.

Who did you originally have a loan with?

DO NOT speak to link yet. There is no reason why a debt management provider should not be able to help you get affordable repayments over this.

Please answer the questions Tuttsi has asked, but please don't worry if you have not made payments or missed several etc... it's just the more information we have the better we can advise and help you.

Please believe me that this is nothing that cannot be sorted out.

[abs87]

Re: Letter from Link Financial..Need help urgently

£2500 was paid 3yrs ago, that was the last time I heard from them I've been led to believe that my father has been paying the debt off, hence why this is come as a shock, should I phone them and try to arrange monthly repayments, I'm on benefits see so this is another reason why I'm worrying!
------------------------------- merged -------------------------------
And the HP was originally with Ford!

[labman]

Re: Letter from Link Financial..Need help urgently

No, don't phone anyone. You need to make sure that anything that is said or agreed is in writing - it would be easy for Link to agree something over the phone and then say they hadn't agreed it later on.

E-mail is fine, but there are things you need to do first.

I understand you are on benefits. This will inevitably mean money is very tight for you.

It would be unwise just to make an offer without working it out properly. Anything agreed needs to be affordable for you and sustainable for you.

You need to complete the bottom IE sheet here:

Legal Beagles Consumer Forum

This will help you work out what, if anything, you have left over each month to put towards the debt. The trigger figures on this sheet are slightly out of date, but do not worry about those. What we need to know is how much you can reasonably afford each month towards this debt.

[CleverClogs]

Re: Letter from Link Financial..Need help urgently

£2500 was paid 3yrs ago, that was the last time I heard from them I've been led to believe that my father has been paying the debt off, hence why this is come as a shock, should I phone them and try to arrange monthly repayments, I'm on benefits see so this is another reason why I'm worrying!

Have you checked with your dear papa that he had not been paying it?

What I cannot understand is why any company should apparently wait 3 years before asking for £11,000.

[TUTTSI]

Re: Letter from Link Financial..Need help urgently

I agree with both Labman and Clever Clogs that it is very unusual that any HP company would wait 3 years to come after you.

The easiest thing to do is to ask your dad as CC has already said and find out how much he has paid in total and upto what date has he paid?

It could be that they have not matched the payments to your account but it is extremely odd that they would wait 3 years before making any sort of contact with you.

Have you moved?

I certainly would not contact Link until we have ALL the facts.

You still need to answer all my questions fully before we can advise you fully of your rights.

[abs87]

Re: Letter from Link Financial..Need help urgently

I'm using my phone so won't be able to look at that but I've worked it out and I have £70 a month left over, I just spoke to a gentleman from a debt management programme advice line and he said that because I've still got the car, I won't be able to arrange a DMP until the car has been returned!

[abs87]

Re: Letter from Link Financial..Need help urgently

My Dad and I aren't on speaking terms atm but I will try, I have moved yes but everything to do with the car is still registered at my Dad's address and I asked him about any letters a while back and he said that he hadn't had any from them! :S

[CleverClogs]

Re: Letter from Link Financial..Need help urgently

I'm using my phone so won't be able to look at that but I've worked it out and I have £70 a month left over, I just spoke to a gentleman from a debt management programme advice line and he said that because I've still got the car, I won't be able to arrange a DMP until the car has been returned!

Nonsense!

Did you initially call them or did they call you with no previous contact from you?