Link financial declined payment offer

Pumpkinmad

I made a monthly payment offer to Link. It’s low but all I can afford. They declined it. I’ve since gone on and done their budget tool to prove it’s literally all I can afford. Can they do anything/take action? Life and circumstances have changed, I know I owe the money I just can’t afford more right now. Thank you 

fatbelly

Make the payment anyway.

How long will it take to clear the debt?

gwynlas

As  above start making payments then it establishes you are prepared to pay down the debt.

You have already demonstrated to them using their tools to show that this is what yoou  can afford so asking for an unaffordable amount would be regarded as unreasonable

bcs7

Pumpkinmad said:

I made a monthly payment offer to Link. It’s low but all I can afford. They declined it. I’ve since gone on and done their budget tool to prove it’s literally all I can afford. Can they do anything/take action? Life and circumstances have changed, I know I owe the money I just can’t afford more right now. Thank you 

Most debt companies are unlikely to take action, especially when you're already giving them something. It costs money for them to take you to court and it could end up in you paying the same or even less, so it's not worth their while unless they're confident of getting more. So if you can't afford more then, it's not in their interest.

I have 5 different debts with Link (1 account for the last 3 years and 4 accounts for around 2 years).
Over the last year I've had to reduce payments (by half) on all of them and whilst they accepted the reductions on the biggest 3, they refused on the other 2. I just paid the amount I'd offered them and then eventually they just accepted it, so my account had the new amount as a payment agreement.

When they refuse, they usually tell you to speak to one of their advisers or ask you to fill in a budget, under the guise of being helpful, but I suspect it's more to get you on the phone or get a look at your finances to see if they can squeeze more out of you. I just ignored what they asked and paid the amount I'd offered.

Link generally send lots of texts and phone up fairly regularly but I just ignore them. If something important comes through snail mail then I may react to it depending on what it is.

Rob5342

I agree, just pay anyway. They could take legal action if they really wanted to, but that would only result in the court setting payments at a level that you could afford. Worst case you would just be ordered to pay the same amount, and there is no incentive for them to go through all that hassle unless they thought you could afford more than you say. These companies buy debts at 10% or 15% of their value and then try and make out that they are being hard done by when they are actually making a nice profit out of you.

In short legal action is possible, but not very likely, and they couldn't get any more out of you anyway. 

SPM87

who advised you to pay them what you can "afford" pay them £1 per month maximum if you are choosing to pay. It is also not obvious you should be paying them at all. Link have a reputation of buying unenforceable debts just fyi. 

Rob5342

SPM87 said:

Link have a reputation of buying unenforceable debts just fyi. 

I think all debt purchasers just buy job lots of debts with no idea if they are enforcecable or not. It's always worth checking at some point, especially if you want to make a settlement offer.

SPM87

Rob5342 said:

SPM87 said:

Link have a reputation of buying unenforceable debts just fyi. 

I think all debt purchasers just buy job lots of debts with no idea if they are enforcecable or not. It's always worth checking at some point, especially if you want to make a settlement offer.

you could be right but they are definitely renowned for trying it on. I had a 50% settlement offer on an account within 6 months of default... I suspect this is one of such cases 

sourcrates

They all buy large portfolios of bad debts not knowing the first thing about them.

No paperwork ever changes hands unless you request it, then it has to come from the original lender.

If lenders can afford to offload accounts at 12-15% of face value to shysters like this, why can`t they offer the same deal to the original debtors instead?

It would make such a difference to peoples lives, but no, they are too bleeping greedy to do that, so the likes of Link/PRA/Lowell/Cabot/Arrow Global and others make millions from those who can least afford it.

Merry Christmas I think not.