New to forum, need help please

Marmaris08

Hi guys/gals,

I came across this forum today whilst doing a search on the internet regarding help with a debt collection company called Asset Link Capital. I'll try and keep it brief.

Got a car loan from GE Capital 5 years ago, and paid it every month for almost 2 and a half years until my wife got made redundant, contacted them about having a few months break or reduced payments until wife got another job. They wouldn't entertain it, so after a few months they passed debt onto Asset Link Financial (as it was then I think?) Got a few phone calls from them regarding payments then it all went quiet for quite a while or so I thought, turns out my answering machine went on the blink and I couldn't retreive any messages from it. So apparently according to a letter I received early in the new year 2009 they have left numerous messages on my phone. I wrote to them explaining that the answerphone was innoperative and made an offer of repayment, to which I have not received a reply. Infact in over 2 years I have received only two letters from this company, to which I have replied making payment offers on the outstanding debt. They ignored both offers and I didn't hear from them again until Monday 9th March.

Only this time the letter came from their litigaiton dept requesting full payment in 9 days or court action will follow. I phoned them and pointed them to the fact that I had written early 2009 making a payment offer and I never received a reply. Their answer was basically tough, it's in our hands now and we want our money. they wouldn't negotiate at all and even suggested I take out a bank loan to repay them the outstanding finance I owe them.

I said that in Feb 2009 I did apply for a bank loan but was turned down, they then said try another company as there are plenty of companies out there who will offer a loan. I said no as I didn't want too many credit searches on my credit file in a short space of time and was basically told well we will take you to court then.

So what can I do to stop this happening or to try and delay it and give me time to come to an arrangement? I read on here something about requesting my CCA from them, as they have never sent me one when the debt got transferred to them.

Any help would be greatly appreciated.
Thanks

petermb_2

Marmaris08 wrote: »

Hi guys/gals,

I came across this forum today whilst doing a search on the internet regarding help with a debt collection company called Asset Link Capital. I'll try and keep it brief.

Got a car loan from GE Capital 5 years ago, and paid it every month for almost 2 and a half years until my wife got made redundant, contacted them about having a few months break or reduced payments until wife got another job. They wouldn't entertain it, so after a few months they passed debt onto Asset Link Financial (as it was then I think?) Got a few phone calls from them regarding payments then it all went quiet for quite a while or so I thought, turns out my answering machine went on the blink and I couldn't retreive any messages from it. So apparently according to a letter I received early in the new year 2009 they have left numerous messages on my phone. I wrote to them explaining that the answerphone was innoperative and made an offer of repayment, to which I have not received a reply. Infact in over 2 years I have received only two letters from this company, to which I have replied making payment offers on the outstanding debt. They ignored both offers and I didn't hear from them again until Monday 9th March.

Only this time the letter came from their litigaiton dept requesting full payment in 9 days or court action will follow. I phoned them and pointed them to the fact that I had written early 2009 making a payment offer and I never received a reply. Their answer was basically tough, it's in our hands now and we want our money. they wouldn't negotiate at all and even suggested I take out a bank loan to repay them the outstanding finance I owe them.

I said that in Feb 2009 I did apply for a bank loan but was turned down, they then said try another company as there are plenty of companies out there who will offer a loan. I said no as I didn't want too many credit searches on my credit file in a short space of time and was basically told well we will take you to court then.

So what can I do to stop this happening or to try and delay it and give me time to come to an arrangement? I read on here something about requesting my CCA from them, as they have never sent me one when the debt got transferred to them.

Any help would be greatly appreciated.
Thanks

Standard Questions

Who arranged the finance. was it the forecourt?
Did you include PPI? If so how much ?
How much did you borrow?

Marmaris08

petermb wrote: »

Standard Questions

Who arranged the finance. was it the forecourt?
Did you include PPI? If so how much ?
How much did you borrow?

No I arranged it myself through GE Capital, what is PPI? (sorry for being so stupid, just realised its payment protection insurance) No I didn't take it out. I think car was £5800 at the time and I honestly cannot remember if it was over 4 years or 5 years. They are saying that I still owe £6017. Hope this helps?

petermb_2

Marmaris08 wrote: »

No I arranged it myself through GE Capital, what is PPI? I think car was £5800 at the time and I honestly cannot remember if it was over 4 years or 5 years. They are saying that I still owe £6017. Hope this helps?

PPI is Payment Protection Insurance
or sickness, accident and unemployment cover

Marmaris08

Hi Peter, can you offer any help or assistance with this please?

iolanthe07

First thing is, don't let them bully you into taking a loan out with some crap lender at stupid percent. AFAIK it is extremely unlikely that they will take you to court, at least at this stage, because it costs them a lot to do this. Remember Asset Link Capital will have bought this debt for peanuts, so you are in a strong position to negotiate however much they bluster. Don't do anything in a hurry. Probably some expert advice from the good people on this board will be along soon.

Marmaris08

iolanthe07 wrote: »

First thing is, don't let them bully you into taking a loan out with some crap lender at stupid percent. AFAIK it is extremely unlikely that they will take you to court, at least at this stage, because it costs them a lot to do this. Remember Asset Link Capital will have bought this debt for peanuts, so you are in a strong position to negotiate however much they bluster. Don't do anything in a hurry. Probably some expert advice from the good people on this board will be along soon.

Thanks for the reply, I will wait and see if anyone can offer some help with my problem.

petermb_2

Marmaris08 wrote: »

Hi Peter, can you offer any help or assistance with this please?

If you did not take out ppi and you arranged the loan yourself there is not a great deal you can do. The only issue you can really have a look into is whether GE have complied with all the regs while setting up the agreement.

I would suggest that you get the agreement checked out to see if the loan is enforceable.

As Iolanthe suggest, do not seek out another loan to pay this one off because it is bound to be a greater interest rate.

Marmaris08

When you say get the loan checked out do you mean ask for a copy of the original credit agreement? Also is there nothing I can do about the fact that they only sent me two letters plus one this week in over 2 years?

Thanks again

clairet1961

Hi
I'm a newbie and have a few issues with the lovely asset link capital.
Took out loan with first national in January 2003...loan of £4400, over 120 months.(£72.29 a month)
Paid the £72.29 monthly until 24/04/2004
Paid nothing and then asset link filed ccj for amount of £4535.03 on 17/09/2004 there is nothing on this to say what i have to pay monthly.
Went with eurodebt who negotiated with them i believe, and paid varying amounts of between £27.29 and £38.46 every month from 12/09/2004 until 06/04/2005, when i started making regular payments of £42.27 a month, plus a couple of extra payments of £100 and £263.
asked them for a statement as i have never received one and was shocked to see that they now reckon i owe £6500, as they are adding contractual interest at the rate of over £90 a month.
At this rate i am never going to pay this back and it will end up huge.
I have all my other debts managed by payplan and interest frozen with all other creditors.
Can anybody advise me what i should do?????