is this legal advice?

KatieKat_2

We are having a bit of a problem with Asset Link Capital - our debt has been passed onto them from GE Capital and they just rang asking for £14,000. They want the debt paid in full and we explained that we don't have that kind of money. They've decided to give us 48 hours to raise the money - yeah right! - and we said that that is not possible. We currently only earn a little over £1100 each month so the guy told us to get a loan to cover the bad debt and he is sure that we'll find something.

Surely that isn't legal? It can't be right to be told to clear a debt by applying for more? Would we have a right to complain?

Katie

CLAPTON

there is a code of practice against this

try googling something like 'debt collecting codes of practice' or similar or looking at the OFT or credit services association wedsites

isualive

You need to contact the citizens advice bureau in your area. Creditors are not alowed to Harrass clients. I hope this link helps, i've never posted links before so i hope it works.
http://www.adviceguide.org.uk/index/life/debt/help_with_debt.htm#Negotiatingwithcreditors

sophiesmum_2

It's not legal advice it is bullying tactics.
They are just trying to shift the debt to another lender and get their money:mad: :mad:
Follow the advice in the previous post and get some help.

sophiesmum

mo1_2

dont be scared by them,thats what there relying on,get in touch with the citezens advise burea,they give very good advice..good luck

hobbesy_2

Sorry to be the bearer of bad tidings but Asset Link are a nasty bunch. Do you own your own home? If so, be prepared for them to take you to court for a ccj then to follow it up by trying to get a charging order on your home, and if the laon was originally with First National all the while you'll find there's a clause in the small print of your original loan that no court order can stop them adding interest even after the ccj, even the OFT tried to get them on this as unfair and failed!