Old student loan taken over by Link Financial Outsourcing Ltd

Leadbetter

Hello, I'm after some advice on how to handle an old student loan that has now been taken over by Link Financial Outsourcing.

The back story is this: While at Uni in 1998 I took out a loan of £1,288. After Uni I was in and out of work and suffered from depression. In 2004 my wife took over correspondence with the Loans Company in Glasgow and came to an arrangement to pay back £10 a month as I was not working. She has continued to pay up to this day.

So you can imagine my surprise when letters from Link Financial started coming through the door stating that we now needed to pay the agreed £10 into a different account. At first I ignored the letters as we have no agreement with this company and the £10 a month is still coming out of my wife's bank account.
I am now in receipt of payment reminders from this company saying payment is overdue.

Has anyone else had any similar dealings with this company and is there a way I can resolve this without getting blacklisted or something on my credit file etc?

Also I read somewhere that I shouldn't have to repay the original loan unless I am earning a certain amount a year. I do not work, I look after the children while my wife works 4 days a week. Does this make a difference?

I assume this company bought the debt off the Loans Company but how can this be when there is an agreement in place?

I do have to say the debt hasn't decreased at all as it's eaten up by interest.

Please help and thank you in advance.

fart

If they've sold the debt you owe nothing 'technically', because you didn't sign any agreement with link financial so you don't have to pay that company squat. Personally i'd tell them to do one, you don't have to pay student loan unless you're earning a certain amount. If you're not, you don't have to pay. The best thing to do is send them a letter saying 'can you provide me with a signed copy of the loan agreement which i apparently made with your company 'insert company name''. They won't be able to provide it.

DevCoder

Umm under the CCA the original creditor can assign all rights and obligations concerning the debt to a third party. The fact you didn't sign a contract with the new assignee does not matter.

They would just need to provide a letter stating that they have been assigned all rights and obligations under the CCA (from the original creditor).