What can I do re. this unpayable debt?

[Deleted User]

Post deleted

sourcrates

Hi,

What kind of debt is this, do link hold compliant paperwork to legally collect payment ?

Bankruptcy a bit much for such a small debt, but would you qualify for a debt relief order instead maybe ?

sourcrates

Ostrava wrote: »

Hi. I got into personal debt many years ago and Link chased me up for a debt to a bank that I'd forgotten about. I don't know what compliant paperwork is or if they have it, how would I find that out?

I looked at debt relief order but it looks like I'd fail the £1000 assets limit, the combination of savings and possessions would put me over that.

It’s important to find out if Link have the legal right to chase you for this debt, so there are a number of things you can do here.

I’m only on my phone at present, so will post back later with a list of options for you to try and get the upper hand back for you.

fatbelly

Ostrava wrote: »

I can afford the £5 payment, but having the debt hanging over me affects me psychologically. I still have a few hundred pounds in old savings for emergencies, is there a chance they would accept that as payment for the debt, given my circumstances? Is there anything at all I can do?

Ostrava wrote: »

I looked at debt relief order but it looks like I'd fail the £1000 assets limit, the combination of savings and possessions would put me over that.

Follow sourcrates' suggestions for checking what they have on you.

As for the DRO, yes there is an asset limit of £1000 and this would include savings. Any vehicle would be subject to a separate £1000 limit. Your computer/phone etc would probably have a resale value a lot less than you think and I doubt you would breach the limit

sourcrates

If it was a consumer credit act debt, then you should check to see if Link are legally allowed to obtain payment from you in respect of this debt.

The consumer credit act gives you certain rights, under sec 77/79 you are able to ask for a copy of your original credit agreement, failure by the creditor to provide it, within 14 days, can result in the debt becoming unenforceable, until they do comply, however long that may be.

The process can normally take quite a few months, so kinda takes the wind out of their sails somewhat.

Information and template letter can be found here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

Did they also provide a copy of the notice of assignment to Link ?

Ask for a copy of that as well.