Link Financial Full and final Settlement Offer Advice

bankholidaymonday

Happy bank holiday Monday everyone,

I have a debt with Link Financial which I have ignored for about 4 years. Before I contact them, can I check if anyone has had any recent success with Link Financial regarding a full and final settlement as I would like to see if its worth going down this route with them.

Thank you

RAS

If you've not paid anything off this debt, nor acknowledged in writing, you might just want to let it go statute barred? 6 years in England and Wales, 5 years in Scotland.

Rob5342

That's what I was going to say, what is the reason for wanting to pay it off after 4 years? 

bankholidaymonday

Thanks for the replies. I would like to rectify my credit report as I would like to apply for a mortgage in the next 5 years and I am unsure if ignoring the debt and making it unenforceable will impact the process negatively in the future.

Rob5342

It will have dropped off your credit report by then so nobody except Link will know whether it was settled or not.

If you don't settle it then there is a risk that Link may try and get a CCJ against you which would stay on your credit report for longer. If they did try then they would probably be open to a settlement offer then so you could keep the money safe until it becomes statute barred in case that happens. If you make an offer now then you will have acknowledged it and reset the statute barred clock.

bankholidaymonday

Thank you again for the advice. I have received letters from Link already so I am unsure if I can hold out another two years. I don't know how quick they are to act for a non priority debt. 

sourcrates

bankholidaymonday said:

Thank you again for the advice. I have received letters from Link already so I am unsure if I can hold out another two years. I don't know how quick they are to act for a non priority debt. 

Depends what you mean by "act", assuming you are not currently paying this debt, they may continue with collection activity, or they may not.

If its court action that worries you, then a pre-action letter with a 30 day return window would be the first step in that dance, at that point all options are still on the table.

So you can continue to wait out the limitation period, you will have plenty of warning and time to act if things change.

bankholidaymonday

Yes, "act" as in Court Action, Apologies for not making that clear.

I am very happy with the level of advice received and thank you again for your time on the matter.

bankholidaymonday

Hello, I just had a thought. My barclaycard credit card defaulted in 2020.

In 2021 or 2022, I received a credit from Barclays of £1,000 which was reduced from my debt. This was due incorrect interest rates and fees applied etc.

I haven't made any payments since the card defaulted. However, would the credit Barclays refunded be classed as a payment on my debt?

sourcrates

Yes, it would, but not by you, any payment that affects the limitation period must be made by the debtor or their agents.

Barclaycard is neither, so the limitation clock is still ticking, if that`s what you are asking.

bankholidaymonday

Yes, that was my question. Thank you for explaining