Debt collections agency

mrmallard

Hi all. Hoping someone can help with a few questions. Our GE Money loan was recently bought by Link Financial. Initially they informed us that we were not eligible for a montly repayment plan as we were home owners and that we were required to settle the £11,000.00 debt in full by a specific date. If we had agreed to settle by that date they would reduce the figure to £8,500.00 (approx 6 weeks). Failure to do so would result in court action. They failed, when requested, to put this in writing. On advice we asked for a copy of a CCA. They failed to comply to the 12+2 day rule but did produce a copy of the original agreement within 30 days but not the statement of account. (This has now arrived well beyond the 30 day rule after our prompting).

After their initial refusal to discuss monthly repayments they are now wanting us to contact them in order to negotiate. Are we right in thinking that they are officially in default and if so are we legally bound to contact them and enter negotiation or should we await official documentation in the form of court action as we have been advised?

What would be the consequences of waiting for a summons and allowing it to go through the county court?

Thanks folks

pure_dead_dopey

and is the CCA enforceable? Have you had anyone look at it who would know?

what was the original debt for? is it secured or unsecured? how old is it?

If they have produced an enforceable CCA they have come out of default, but you need to get it checked and please don't speak to them on the phone, everything in writing, absolutely everything

chanz4

lucky for you its all fine, now you need to start arranging topay. If it went to court , costs 8% intrest will be added and you will be worse off as they have the proof you borrowed.

thechippy

chanz4 wrote: »

lucky for you its all fine, now you need to start arranging topay. If it went to court , costs 8% intrest will be added and you will be worse off as they have the proof you borrowed.

Rubbish.

Statutory interest cannot be added to any debt covered by the CCA 1974.

thechippy

OP,

If link are prepared to negotiate, it's often a sign that the paperwork is not in order...;)