Notice of Sums in Arrears

Seiki

Hi.

I have a statement from Link Financial stating Subsequent Notice of Sums in Arrears - Please Retain For Your Records

I have an agreement to pay £1/month for years and it is being paid, can someone explain what this means?

Thanks.

StepChange_Aidan

Seiki said:

Hi.

I have a statement from Link Financial stating Subsequent Notice of Sums in Arrears - Please Retain For Your Records

I have an agreement to pay £1/month for years and it is being paid, can someone explain what this means?

Thanks.

Hi,

A Subsequent Notice of Sums in Arrears is a letter that creditors are required to send you by law to inform you that the account is still in arrears. A notice has to be issued every six months until the arrears are cleared, even if the debt has been sold on to a collection agency.

You don’t need to respond to the letter and can continue with your payment arrangement with Link Financial. 

At StepChange we would normally recommend making token payments as a short-term solution to put debts on hold until your situation improves. If you’ve been paying £1 per month for years, there may be better ways of dealing with this debt in the long run. If you’d like to look at other options, you could use our online Debt Advice tool or give us a call to speak with an advisor.

I hope this helps.

Aidan

Seiki

Thanks for the info. It's strange because I never got one before.

Jamesyb123

Seiki said:

Thanks for the info. It's strange because I never got one before.

A lot of the time these can be emailed and go into junk folders and automatically delete it’s happened to me before. Also they are supposed to send them every 6 months but sometimes these sub prime companies admin is awful.