Asset Link Help!

desperatelyinthered

Got a letter today from asset link - as payplan are closed at the mo, thought I would see if any of you have had any experience of this?

I am on a DMP with payplan, all of my creditors (except asset link and MBNA) have accepted the reduced payments and have stopped interest etc.

Asset Link wrote today...

'As you have decided not to offer your consent to a notice being registered on your property to secure the outstanding balance, we intend to commence legal action against you unless you pay the balance outstanding within 9 days.... etc etc. (as if anyone would voluntarily agree to secure an unsecured debt!!!)

Has anyone had a similar letter? should I be worried or is it likely to just be a threat??? What can they actually do? I originally thought that the most they could do was get a ccj which I assume the court would just agree with the amount currently paying to them more or less???

I was just starting to relax as the letters and calls had stopped... now they seem to be starting again!

Wonder_Girl

It seems they are trying to scare you into agreeing to a voluntarily charging order, seems like a pretty standard letter, they still would have to get a CCJ against you if they wanted to pursue a charge on your property.

desperatelyinthered

Thanks wonder_girl - already puting my mind at rest!

I thought I had seen somewhere that was the case, and then only if I didn't make agreed payments could they go back to court to get a charging order - just couldn't find where I had seen it!

Thanks for the reassurance:j

Wonder_Girl

No probs, they defiantly still need a CCJ first, it’s the law!

A lot of them will try to get you to sign up for one voluntarily to save them the bother and cost of a CCJ.

Don’t worry about it, just a standard system generated letter as far as I can see

Wg xx

hobbesy_2

I have first hand experience with this horrible horrible company.

Chances are they will go for the ccj, and if they get this for the full amount they will then apply for a charging order. They did this to us and one other couple here. Bear with me and don't panic yet!

When they go for the charging order you will receive a form asking for budget, etc for you to return to asset link, supposedly to be taken into consideration. Funnily enough they will deny receiving it and it won't be taken into consideration at all. For this reason you must attend the ccj hearing even if it means applying to the court to get the hearing moved to your nearest court (they have their favourite courts in Wales who seem to put all their cases straight through if not).

Take your budget sheet with you and the court should allow the ccj with a variation order (this is the bit that states a lower monthly amount. Our was set at £3 less per month than we were paying via payplan). Once you have this variation order this is the point where they should not be able to gain a charging order on your property so long as you continue payments.

We had problems with the judge at our local court who although came across as lovely seemed to think she would be doing us a favour by putting the charging order on our property, as she said if they did not secure it this way they were entitled to secure it other ways such as money directly from your pay packet, or in the worse case scenario to apply to make us bankrupt.

Our third time in court over it we got a different judge who immediately said as we had the variation order they had no entitlement to a charging order unless we default and threw it out. This was about 7 months ago and we have heard nothing from Asset Link since about bankruptcy etc so do not be worried!

However, the issue we have with them now is that in our terms and conditions there is a hidden note that although they do not apply for interest on the ccj, they are still entitled to apply contractual interest (ie. the amount you signed up for) no matter what the court says, including Time Orders. We have spoken to Thompsons legal service about this and they had no answers. I have even looked up that the Office of Fair Trading tried to take them to Court over this but Asset Link won on appeal. No-one has been able to help me. The only upside is that the ccj is only on the amount set, and if they want to get their contractual interest they will have to apply for it seperately and we will hopefully win this case as it will be for far more than the debt ever was in the first place (less than £4000)

I hope I have been of some help. Payplan will probably have few answers re. Asset Link specifically but they did send us all the forms for variation orders, court location changes, etc.

Keri -x-

desperatelyinthered

Thanks Keri... Sounds very daunting but great advice as always here!