credit card (aqua) selling to Link Finance

stressybessy21

hi, I'm looking for advice.

i have a credit card with Aqua, I've recently been sent an email that they are now selling my account to Link Financial Outsourcing. i know i have to wait for them to contact me within 60 days, however i have financial anxiety and questions.

firstly, what does this mean?

what can i expect from this?

my current debt owed on this card is £4650. it says in the letter that my existing repayment arrangement will be honoured by Link while i continue to maintain those repayments. does this mean until i am contacted by Link? or will they honour until i can actually pay off in full?

i have planned to get a loan to pay off existing debt but i have a few missed payments from recent (not being payed on time by work) which means i wasn't able to get a loan to pay this card off before link take over.

suggestions and options and whole hearted advice completely welcome.

thank you for reading :)

sourcrates

Well it doesn't really mean much at all to be honest.

Most financial institutions won`t bother servicing bad debts for very long, its quite common for them to sell them to specialist debt purchasing companies, such as Link.

When your debt is sold, all rights and privileges of the original creditor pass to the new owner, and assuming this has already defaulted, there will be no further interest or charges added, ever, so getting a consolidation loan where you pay high interest normally, would have been a silly idea anyway.

You continue to pay what is affordable to you, for as long as the debt is outstanding.

Link will write to you, and you can pay on their website, nothing else changes.

ManyWays

I agree with @sourcrates.
You could also think about an affordability complaint to Newday who are the lender behind the Aqua brand. If you win this your balance will be reduced by some of the interest you have paid before