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Link financial Terminology
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Freeatlast
Posts: 25 Forumite
I have 3 accounts that are been chased by Link Financial and I am trying to work out if they have bought these accounts or they are just chasing for the original lender. In the messages they are sending me they are using different terminology for each, One they clearly state "Now owned by LC Asset 2" Not sure if this is LF or another company? but in any case not the original lender. Another account they mention "Serviced By Link financial" so I guess this is still owned by the original lender? and the 3rd they mention "Assigned to LC Asset 2" does assigned mean sold to? Is LC Asset 2 part of Link Financial?
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LC Asset 2 is a European debt collection company, that collects accounts on behalf of their clients, not sure if they also buy them.
Link Financial are a debt purchasing company, so if the debt is with them, they will own it.
However they can assign the debt to a 3rd party to collect on their behalf, just to confuse matters further.
There are two types of assignment that a creditor can make – Legal and equitable.
If a debt is assigned legally, it means its been sold and the new owner retains all rights and privileges, if its been assigned equitably, they can only collect the balance for the client, they cannot enforce the debt through the courts.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 forumteam@moneysavingexpert.com. 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- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
But if Link are a debt purchasing company why are they saying on at least 1 account that it is owned by LC asset 2? Do they also chase debts for other companies?0
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There is very little information on them on the net, but it appears from looking on the Legal Beagles website, they may also purchase debts, and Link having been assigned the debt to manage.Freeatlast said:But if Link are a debt purchasing company why are they saying on at least 1 account that it is owned by LC asset 2? Do they also chase debts for other companies?
Looks like they may both multitask.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 forumteam@moneysavingexpert.com. 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- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
Judging by the below statement on link financial eu website, I'm betting LC Asset 1/2 are the same as Link financial.
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