Link finance debt

AlihaR Posts: 1 Newbie
edited 9 February at 9:40AM in Debt-free wannabe
So, I have had help from step change to manage various debts totalling £20,000. Loans used to help me manage through Uni. Step Change negotiated a plan with all of my creditors and a freeze on the interest.
All was going well until Future Finance sold my debt on to a credit agency, Link Financial, my largest debt which was just under £10,000. Link Financial have re-instated the interest so I now find that I am owing even more. I have spoken with them and they say there is no help they can offer.
They are now threatening legal action as my payments through step change do not meet the amount of initial agreed payment and they are asking me to pay £1,500 now to clear the arrears.
Has anyone, I wonder, had dealings with this company and could perhaps offer any insight?
many thanks 


  • fatbelly
    fatbelly Posts: 20,197
    Name Dropper First Anniversary First Post Cashback Cashier
    edited 8 February at 8:41PM
    I've asked for this to be moved to the debt-free wannabe board, where more people will see it.

    Are you asking whether you should be paying anything to Link when they are applying interest?
  • sourcrates
    sourcrates Posts: 28,504
    First Anniversary Name Dropper First Post Photogenic
    If they are still charging interest, and asking you to clear the arrears, it sounds very much like the account was bought as a "live and active" account, and has yet to default.

    Is that a fair description?

    The threat of legal action is likely a bluff at this stage, as it cannot be instigated until a default is registered, and in any case a court would not expect you to pay anything that was not affordable, so unless a CCJ would be detrimental to you in other ways, the threat is a mute one.

    If it were me, I would call their bluff, stop paying them altogether, and allow the account to default, at that point all interest will stop, and they will either sell it to someone else, or accept whatever affordable payment plan you offer them.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
Meet your Ambassadors


  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.6K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.4K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards