Full and Final Settlement - Link Financial

dandilicious28

I have managed to settle all of my accounts over the last 6 months through negotiation even a mainstream original lender with the exception of one debt with Link Financial. Despite numerous offers they have countered with a figure which only represents minimal discount way off what my other creditors settled on. When I spoke to them they said one of the factors is because it’s a paying account, so it’s almost like they are holding it against me for paying regularly over the years. So if I stop paying they will accept a lower offer?
the minimum payment I am making through the DMP would take 50 plus years to pay off, and I’m surprised that the significant sum I offered is being rejected.
does anyone have any experience with them and what worked?

I really want to get out of the DMP as a house move and mortgage requirement may be needed in 2027.

Grumpelstiltskin

What type of debt was it, credit card, loan?

How old is it?

Brie

Do you have the money to pay the amount they are suggesting? Not saying you should pay it but just that you might consider it an option in order to move on.

ManyWays

What is the default date on this account?

dandilicious28

I can’t stretch to their settlement, the account defaulted in 2021 and it was a loan.

ManyWays

Have you asked Link (not the original lender) to produce the Consumer Credit Act agreement for the loan?

sourcrates

A little while ago they were taking all the deals they could get as the business overall had underperformed in the last financial year, and they were desperate for capital, it appears that strategy has now ended.

Normally they are the hardest to negotiate a reasonable settlement deal with.

Rob5342

https://forums.moneysavingexpert.com/discussion/comment/82108248#Comment_82108248

You should definitely do this if you haven't already, if they can't produce the cca then you can completely ignore the debt.

MammaOftwo

I'm in exactly the same boat with Link, the original debt was with Zopa and defaulted six years ago - Link took it over two years ago on behalf of LC Asset 2 S.a r.l. and they're happy to receive token payments forever or give a 10% discount, I know Zopa still have the paperwork so assume it wouldn't be too difficult for Link to get a copy.

ManyWays

so assume it wouldn't be too difficult for Link to get a copy.

You should NOT assume that as you have no idea about the terms link bought the debt on.

Some debts are sold with the CCA.
Some are sold with no CCA but the debt purchaser has the righ to ask for it
Some debts are sold with no right to ask for it,.

Until you ask Link, you have no idea which applies to your debt

Rob5342

I agree, some people have reported that the cca can't be produced for quite recent debts they have where they thought it should have been easy to produce. Don't get your hopes up but it's always worth a try.

In response to the original question, I found them difficult when it came to settlement offers too. I made offers a couple of times but they wouldn't engage with a serious counter offer and just said they would accept 10%. If you stopped paying how long would it take you to save enough to clear it in full?