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Link Financial Outsourcing
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gillyo66
Posts: 4 Newbie
Hi all, I am looking for some advice if thats ok?
My son leased a car from Ford Credit which went well for the first 18 months and then he lost his job and fell into arrears. He paid the arrears off when he could and there was 300.00 of arrears left which he went to pay, when he called Ford they told him they couldn't accept the money as the debt had been sold. He received no letter or correspondance about this until Friday last week when Link Financial Outsourcing called him and told him he would either have to pay the whole sum immediately or the best they could offer was a 12 month payment plan of £700.00 per month. He does have a new job but could not afford that each month which he explained but they said if that was the case he would have to sign the car over to them to be sold at auction. He works all over the country so he needs the car. Any suggestions on what can he do please?
My son leased a car from Ford Credit which went well for the first 18 months and then he lost his job and fell into arrears. He paid the arrears off when he could and there was 300.00 of arrears left which he went to pay, when he called Ford they told him they couldn't accept the money as the debt had been sold. He received no letter or correspondance about this until Friday last week when Link Financial Outsourcing called him and told him he would either have to pay the whole sum immediately or the best they could offer was a 12 month payment plan of £700.00 per month. He does have a new job but could not afford that each month which he explained but they said if that was the case he would have to sign the car over to them to be sold at auction. He works all over the country so he needs the car. Any suggestions on what can he do please?
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Comments
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Check what the credit agreement says. Not 100% sure but normally, if over 50% has been repaid, then they cannot take the car back without a court order. It all depends on how much has been repaid.0
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I can't advise about car lease plans and what Link can or cannot do - so definitely worth getting the paperwork checked out. But don't take anything Link say on face value and keep everything in writing.
Worth googling complaints made about Link - here's one worth a read :
http://www.link-financial-ltd.dpcregistry.co.uk/
I have dealings with a couple of DCA (debt collectors) and Link are by far the most shambolic crew I've come across!0 -
Is it definitely a lease and not an HP purchase?0
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Hi gillyo66
It sounds like this could be a hire purchase (HP) agreement if your son has been asked to sign over the car so it can be sold at auction. Ask your son to check what type of agreement he has as it makes a big difference to his rights and options.
Once you know more you can come back to us, or seek free advice from one of the debt advice charities.
Best wishes
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
I checked with him and ihe thinks it is HP0
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