Link Financial - Full & Final Settlements

bcs7

I've noticed there are a lot of people on here dealing with Link Financial.
I currently have multiple debts with them and have started the process of offering F&F settlements.
Currently their counter offers are way too high so I'm waiting it out for another 6 months before approaching them again.

Has anyone had offers from them without being instigated by you first?

It's just I've noticed a lot of people on here seem to have debts being paid off in small amounts for years with Link before they get a good discount and it's the debtor who has instigated the offer rather than Link.

Another debt I had with Intrum, they started to lower it after 6 months and then another 6 months they lowered it again without me instigating it. That one I eventually got the discount down from 80% to 40% within a year.

So I'm trying to work out if it's going to be a much bigger hassle with Link, who may be content to just keep accepting small amounts for years, and not approach me with any offers, because they're not as desperate as Intrum?

sourcrates

Question for you.

How old is this debt, and have you done a CCA request to Link?

bcs7

sourcrates said:

Question for you.

How old is this debt, and have you done a CCA request to Link?

1 debt from Barclaycard (credit card), transferred in December 2022.
4 debts were from Lloyds Bank (overdraft, 2 credit cards and a loan), transferred in August 2023.

I did CCA's (except for the overdraft debt) earlier this year, but all came back with the paperwork.
Probably because they hadn't gone through multiple companies, just straight from the debtor to Link.

I currently owe around £34K in total, across the 5 debts.
The payments are proportional to how big each debt is, but low enough that if I continued paying monthly they'd all end in 31.5 years.

Freeatlast

bcs7 said:

Has anyone had offers from them without being instigated by you first?

 

Ive just received 2 offers from them for 25% reduction last month on 2 different debts. Thanks but no thanks, I'll keep waiting.

bcs7

Freeatlast said:

Ive just received 2 offers from them for 25% reduction last month on 2 different debts. Thanks but no thanks, I'll keep waiting.

How long have they had these debts and are you paying token amounts to them?

My offers range from 45% off (on a £1.5K debt) to a stingy 10% off on another 2 debts.
Annoyingly the biggest debt of the 5 (which is £16.5K) is one of those they are only offering 10% discount on.

Freeatlast

They have been with Link Financial for about 2 years, and Defaulted around 3 years ago. I have made no token payments or had any contact with them at all. I'm just ignoring them for now.

bcs7

Freeatlast said:

They have been with Link Financial for about 2 years, and Defaulted around 3 years ago. I have made no token payments or had any contact with them at all. I'm just ignoring them for now.

This is a similar amount of time that all of my debts have been with them.
I have been paying proportionate amounts but at a rate that will take me a long time to pay off.
I recently halved all of my payments so now it's about £88 per month across all 5 debts.
I'm hoping to get offers below 50% and somewhere around 40% or lower.
Sounds like I may have to be patient.

bcs7

Freeatlast said:

Ive just received 2 offers from them for 25% reduction last month on 2 different debts. Thanks but no thanks, I'll keep waiting.

Are these large amounts, as in many thousands owed?

Just trying to gauge if there's any rhyme or reason to the way they offer.
I have 2 that are only 10% reduction but they are vastly different in size, one is £1K and the other is £16.5K.
Then 40% on £10K, 55% on £1.5K and 77% on £4.6K.

Jakdaniels94

I owe approx. £6000 to Link and have been making monthly payments for around 2 years. I’ve found when I’ve tried for a settlement they’ve only offered 10%. 

bcs7

Jakdaniels94 said:

I owe approx. £6000 to Link and have been making monthly payments for around 2 years. I’ve found when I’ve tried for a settlement they’ve only offered 10%. 

Were the payments just token amounts, like £1 or more substantial?

Freeatlast

bcs7 said:

Freeatlast said:

Ive just received 2 offers from them for 25% reduction last month on 2 different debts. Thanks but no thanks, I'll keep waiting.

Are these large amounts, as in many thousands owed?

8k and 9k approx. So fairly substantial amounts.