I didn’t borrow money from LINK , so why am I being asked to pay you?
Just as your previous lender had the right to receive repayments from you, they can also pass on the rights to this debt to another company. In your case, your debt has now been passed to us. You shouldn’t be alarmed by this: LINK has more than two million customers, and like them you will find us fair, helpful and sympathetic.

What’s the legal basis for this? LINK Financial, and the lenders we work with, operate strictly within UK consumer credit law. The legal term for your debt is a ‘chose in action’, and under Section 136 of the Law of Property Act 1925, we send our customers a ‘Notice of Assignment’ letter. This confirms that your debt is now with LINK Financial.

I’ve sent a cheque to my original lender. Is this a problem?
No – they will pass the payment on to us. But remember that this will take time and means a delay in paying off, or reducing, what you owe. Always make future payments to LINK directly.

Will you add interest to my debt? 
The vast majority of the accounts serviced by Link do not accrue interest during the collections process.  We try to negotiate the repayment of the outstanding balance with you without adding any additional costs. The Notice of Assignment sent to you  clearly specifies if interest is being applied to the debt. However if we are unable to reach an arrangement-to-pay and the account is passed to our internal legal team, then, statutory interest will be charged up to the point of entry into judgement.

A small but specific section of accounts are charged interest throughout the collections process. These are particular personal loan balances and the interest amounts applied by Link are charged at the pre-existing contractual rate and up to the maximum amount that would have been charged by the original lender had you not defaulted on the loan.

I can’t pay this debt in one go. Can you help?
We believe that it’s in everyone’s interests – yours and ours – to work with you to create a plan that helps you repay what you owe. We can often set up a payment plan that asks you for lower payments over a longer period, to help you get back on your feet. This can also include stopping the clock on interest charges. But we do need your complete co-operation. Please be open with us, and be prepared to give us a full picture of your finances.

Will you take any legal action ?
We do take legal action; we will always notify you or your advisor  of any action that is being considered to recover this debt.

As a LINK customer, am I now on a “credit blacklist”?
There are credit reference agencies which may hold information on your financial history. To receive a copy of your own credit report, please go to www.experian.co.uk, www.equifax.co.uk or www.callcredit.co.uk . LINK Financial also contributes data to these agencies, although for thousands of our customers we’re pleased to report that they are maintaining their account with us properly, or indeed have paid back their debt in full.

But will I always have problems getting finance?
Not necessarily. The very best thing you can do is to keep up your payments to LINK and your other creditors. In time, this will actively rebuild your credit rating.

I’ve repaid my debt but this hasn’t wiped the slate clean on my credit report. Why not?
A credit reference agency will only remove negative information if there has been a genuine mistake, or if you’ve been hit by fraud. But on the positive side, remember that LINK will report your debt as ‘satisfied’ once it has been repaid.

I am being advised by a debt management company?
We have a team dedicated to managing customer accounts where a debt manager has been engaged. You should ask your advisor to contact us and provide a copy of their authority to act on your behalf and a copy of a financial statement, we will then try and liaise with them.  We treat all debts on a case by case basis.

Our customers choose to pay their debts back with or without the support of an advisor. Regardless of the assistance you take we will approach your account in the same professional manner and interest will only be charged in line with our policy.

I can’t see a way out of my financial difficulties. What do I do?
Firstly, don’t be tempted to ignore letters or try to hide from your creditors. This can only make things worse. If you’re worried about the money you owe LINK, give us a call on and talk to us. Secondly, you can get yourself independent, expert help; there are free services open to you. We can recommend: