Do you have debt with Link Financial: Should I repay my debts??
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Link Financial: Should I repay my debts?
If you’ve been receiving phone calls and letters from a debt collection agency called Link Financial saying that you owe them money, there are probably a few questions running around your head. The most important one is ‘Should I pay the money they’re asking for?’
In this guide we’ll explain more about who Link Financial is, how they operate in the debt collection industry, and how you should respond if they contact you asking for payments.
Do you have debt with
Link Financial?
How much debt do you have?
£10,000+ £6,000 - £10,000 £2,000 - £6,000 £0 - £2,000Who is Link Financial Outsourcing Limited?
Link Financial Outsourcing is a debt purchasing and debt collection company based in England, who operate all around the UK.
According to their website, Link Financial Outsourcing is one of the largest debt purchasing companies in Europe.
They specialise in recovering debts from both consumer loans (like mortgages, credit cards, and auto loans) as well as business loans.
Founded in 1998, Link Financial now employs over 900 people and claims to manage more than 4.5 million customer accounts across 9 different European countries.
Where is Link Financial based?
While Link is a Europe-wide operation, their headquarters are in the UK.
Their main business address is as follows:
Link Financial Outsourcing Limited
5 The Peak,
Wilton Road,
Pimlico,
London
SW1V 1AN
Are they a licensed debt collection agency?
Link Financial is regulated by the Financial Conduct Authority (FCA), an independent body that oversees the practices of around 50,000 financial services companies in the UK.
According to the Link Financial website, being customer-centric and compliant is a big part of their approach to debt collection activities.
Like many debt collection companies, they’re members of trade bodies like the Credit Services Association (CSA), and they work with the Financial Ombudsman Service to help resolve customer disputes.
You can find out more about Link’s approach to compliance on their website, here.
Why would I receive a debt letter from Link Financial Outsourcing?
As mentioned previously, Link Financial is a debt recovery company, but they’re also one of the biggest debt purchasing firms in Europe.
Their model involves buying debts at a discounted rate from other creditors, whether it’s a credit card company or a high street bank. Once they have purchased a debt, Link Financial collect that debt in order to turn a profit.
If you have received a debt letter or phone call from Link Financial claiming that you owe money, the most likely explanation is that they have bought one of your debts from your original creditor.
They are therefore within their rights to pursue you for that debt using all available legal means.
Why choose Creditfix?
- Write off unsecured debts over £6,000
- Stop interest and charges soaring
- Reduced payments from £110 per month
Should I pay Link Financial debt?
Before deciding to pay money to a debt collection agency, it’s important that you understand more about the debt in question. That’s why you should get in contact with the debt collection company as quickly as possible.
Don’t ignore debt collection agencies
You should never ignore debt collection letters from companies like Link Financial. The longer you leave your debts unpaid, the bigger they become.
Instead, your first should be to contact link financial and ask for proof of the debt you owe. If the debt is legitimate, they should be able to provide details of how much you owe, as well as information on the original creditor who owned the account.
You can contact Link Financial in the following ways:
Phone: 0800 064 4499
Email: [email protected]
Post: The Peak, 2nd Floor, 5 Wilton Road, London, SW1V 1AN
Repay the debt collection company upfront
If Link is able to provide proof of the debt owed, the easiest way to end the debt collection process and move on with your life is to repay what you owe upfront.
If you have the money to do so, Link Financial accepts payments in various ways, including paying online via the website, paying over the phone, or sending a cheque to their postal address.
Once you pay Link Financial in full, you should eventually be removed from their contact list.
Repay outstanding debts over time
Not everybody is able to repay a debt in one go. If you find yourself in this situation, Link may be open to some form of payment arrangement.
The easiest way to set up a payment plan is to contact Link and set up a direct debit which allows you to repay your debt through a series of monthly payments. The other option is to make a settlement offer.
A settlement offer is when the debtor (you) makes an offer to repay a portion of your debt upfront in return for the rest of the debt being written off.
Debt recovery can be expensive so it often makes more economic sense for a collection agency like Link to come to a settlement agreement.
Although settlement agreements might save you money, your debt technically hasn’t been repaid in full. That means it will remain on your credit file for six years, which will damage your credit rating and make it more difficult for you to do things like apply for a mortgage.
Can a debt collector like Link Financial take me to court?
Yes, if you continually ignore a debt owed to a debt collector like Link Financial it’s possible they can pursue you through the courts.
They tend to do so by applying for a court order known as a County Court Judgment (CCJ).
County Court Judgement
A County Court Judgment, or CCJ, is a court order issued by the county court in England and Wales.
Creditors can apply for a CCJ against you if they feel you are unfairly withholding money you owe them. If the court agrees, you will be ordered to repay the money you owe within a timeframe decided by the court.
A CCJ taken against you will be listed on your credit file for six years, and failure to repay a CCJ often results in more serious court action being taken.
If you receive a CCJ over an unpaid debt, you should seek professional debt advice immediately.
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What should I do if I owe money I can’t afford to repay?
Falling into arrears is stressful under any circumstances, but especially for people who simply cannot afford to repay the money they owe.
If you find yourself in that situation, try not to panic. There are debt solutions available in the UK that allow people to deal with unaffordable debt without filing for bankruptcy. One such solution is an Individual Voluntary Arrangement.
An Individual Voluntary Arrangement, or IVA, is a formal debt solution that transforms all of your unsecured debts into a single, affordable monthly payment.
An IVA also gives you legal protection from creditors, freezes interest and charges on your debts, and could allow you to write off a portion of the money you owe.
To find out more about IVAs and other formal debt solutions, click here.
Where can I get debt advice and help to deal with Link debt collectors?
If you owe money to debt collectors that you can’t afford to repay, you’re probably worried about what to do next. We can help.
At Creditfix, we’re experts in dealing with debt collection agencies. We’ve helped over 182,000 people deal with unaffordable debt and get their financial independence back.
For free advice, or to discuss how a debt solution could work for you, talk to one of our friendly debt advisers today. Call us now on 0800 0431 431.