link financial, could really do with some help please

mikeandrach_2

hi. through my own financial mismanagement during a period of fiscal turbulence i missed some payments on my car. i begged santander to allow me to continue to make repayments and add them to the end of the loan, but they refused and have now sold the debt to link financial, circa £9500.

I have sent link financial detailed aco!!!!s of my income/expenditure,a nd offered a payment of £350 every 28 days, so 13 times a year. they have refused this and say they demand full payment or will take me to court to reposess the vehicle. due to very highmileage, the car would at best achieve 4kish at auction. so then they would stil be chasing me for the shortfall and i would have no car. it is very clear form my income/expenditure that 350 is the most i could realistically pay. (original finance was £299 per month).
I did however detail that I have some loans and other commitments ending between May and July, and would then be able to comfortably begin to pay £450 if not £500 per month. they are still not interested.

when they called me today, not sure if this is relevant, but they asked they were talking to me, i said yes, then they began to discuss the matter with me, no data protection questions at all, is this right? are they allowed to do this?

what will happen if i go to court? i am terrified of losing the car and am so upset at links refusla to help. my proposal was to start paying the £350 on 4th feb, should i pay them £350 then even if we havent agreed any solution?

mikeandrach_2

anyone got any ideas?

JamieT1977

Inform them that their actions contravene OFT Guidelines and if they continue you will report them.

They can not force you to pay more than you can afford or indeed threaten you with legal action if you fail to comply with their demands for full payment.

JamieT1977

One section of the OFT Guidelines that applies is the following....

Physical/psychological harassment......"pressuring debtors to pay in full, in unreasonably large instalments, or to increase payments when they are unable to do so"

DarkConvict

As above, OFT guidelines are clear on the matter. They must ask for full payment when you cannot pay it.

Inform them in a letter, your offer still stands 'state offer' and that refusal and asking for full payments is in breach of OFT guidelines. "2.8g failing to refer on to the creditor reasonable offers to pay by instalments " http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

If they do not accept the payment offered you will have no choice but to lodge an official complaint with the OFT.

Complaints go here - http://www.oft.gov.uk/advice_and_resources/resource_base/legal/cca/debt-collection

mikeandrach_2

thanks for your replies. as i owe them the money, are they entitled to demand it in full or else reposess the vehicle? as long as i offer a monthly payment do they have to accept it if i can show its all i can afford? i have stretched it so that i can afford £350 per month, although ideally i would only want to pay £300 per month, the £50 difference is basically coming off my food budget, its the difference between healthy decent food and cheap own brand frozen bargain hunitng.

JamieT1977

They can ask for it in full, but do not have to get it
As mentioned already, if they pressure or try to pressurise you into paying more than you afford, then they are breaking OFT Guidelines, read them http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

JamieT1977

did you buy the car via a regular loan from santander?

DarkConvict

Only if the car is secured against the amount you owe could they take the car.

Otherwise no. Here is what must happen for them to take the car.
1. They take you for a CCJ

2.You do not defend, amount is thus owed in full, lose by default
OR
2a. You defend the CCJ, show what you can afford
2b. CCJ is granted for you to pay £xxx per month

3. You fail to make payments on the CCJ Bailiffs are involved
4. Bailiffs show up, levy the car.
5. You dont pay bailiffs and the car is not required for work purposes, they take the car.

nickyhutch

Have a look on https://www.consumeractiongroup.com - a few threads about these on there.

mikeandrach_2

hi, yes it was bought on a standard hire purchase agreement from ge, now santander. bought from a main peugeot dealer. link financial are stating verbally over the phone that unless full payment is made they will go straight to court. they said they have declined my offer of repayments. what should i do? although i don't need the car for work purposes, i do need it to get to work, 70 miles each way with no public transport route an option. i am worried, very worried. i know 100% for certain that i can meet £300 per month, £350 if they are really pushy, but no more. any more help hugely appreciated