Link Financial is a debt collection agency that collects debts on behalf of other companies and organisations such as HMRC, DVLA and NPower, which is why you may not recognise the name. Link Financial also buy debt ‘bundles’ from companies and will then own your debt.
Who are Link Financial Debt Collectors?
Link Financial is a debt collection agency that collects debts on behalf of other companies and organisations such as HMRC, DVLA and NPower, which is why you may not recognise the name. Link Financial also buy debt ‘bundles’ from companies and will then own your debt.
Why are you being contacted by Link Financial Debt Collectors?
Link Financial will contact you to pursue an overdue balance on a debt they have been passed to manage or one that they have bought.
To initiate debt recovery, Link Financial will send a letter; typically these are system-driven and standard. They will follow up with a telephone call or text. They will demand you contact them to arrange payment and if unsuccessful, will threaten to come to your home. They may then send further letters offering an out of court settlement, or threaten to take you to court to obtain a County Court Judgment or make you bankrupt.
It is worth confirming that the debt is yours if you are in any way unsure. Link Financial have often sent letters to people with the same name in the hope that someone will make a payment.
What can Link Financial do?
Link Financial must follow the strict debt code of conduct for debt collection as set out by the Financial Conduct Authority (FCA.) To be considered fit to operate as Debt Collectors, agencies such as Link Financial must comply with the minimum standards laid down in the FCA guidance.
Following the FCA rules, Link Financial is permitted to make contact with you regarding your debt and chase for payment. Link Financial is permitted to send debt collectors to your home, with prior notice, if you do not make payment. Your credit rating may suffer if you have a debt with Link Financial because your account will be marked as defaulted.
They are not allowed, however, to harass you, call you at work or at unreasonable times, nor can they discuss your debt with your family or employer. Taking unauthorised payments or asking you to borrow more money to pay off this debt is not allowed. Link Financial cannot claim unfair or excessive collection penalties or threaten to seize your property when they lawfully cannot. Threatening unlikely legal action or sending letters which look like court documents is also against the guidance.
Do I have to pay Link Financial?
If the debt is affordable it is always best to repay it. If your debt is unaffordable, there are debt management options available. Before you pay Link Financial you are entitled to explore alternative options.
Ignoring Link Financial’s communications will not make the situation disappear. If Link Financial has contacted you, it is advisable to respond, otherwise, further action could be taken, such as penalties added to your existing debt or Link Financial may seek a County Court Judgement. If they successfully obtain a CCJ they can instruct bailiffs or seek a charging order to put your property against the debt if you are a homeowner.
Can I write off my debts with Link Financial?
There is a possibility that you can legally write off your debts with Link Financial. In England, this involves an Individual Voluntary Arrangement (IVA) which consolidates all your unsecured debt into one affordable monthly repayment over a set time period. After that time period, the debt is written off. In Scotland, a similar scheme is called a Protected Trust Deed. Seeking professional debt advice to discuss your options is advisable.
Some debts have a time limit and when that time limit expires they become statute-barred – not legally enforceable. In England, this term is typically six years and five years in Scotland. The timeframe starts from the last payment made or when the debt was last acknowledged via letter to the creditor. To be statute-barred the debt needs to meet the below criteria:
• A CCJ has not been registered against you by the creditor
• No payment has been made against the debt in the limitation period
• You have not admitted to the debt in writing in the limitation period
It may be advisable to seek professional legal advice to confirm the criteria is met.
Search Debtbuffer for further information on letter writing services to stall being chased by creditors, or use our AI Chatbot to discover possible debt management solutions. At Debtbuffer we want to help you take back control of your life and money; life is too short to carry the burden of bad debt.
