desperately need help

[nomorestudent]

I have today received a letter from Link financial outsourcing, saying I owe £5K from a student loan I had from 1994 - 1997. I called them straight away to say i will pay monthly and they are saying that isn't acceptable and that unless I pay it all immediately, they will be round to repossess things etc. WTAF??? How can this be so? Please help!

[Frontpaw]

Did you have the loan? I don't know for certain but am pretty sure they can't just send a 'deamand with menaces' letter. I assume this isn't the company you had any load with and they have either outsourced the loan or sold it onto a collection agency.

Put it in writing that you are willing to pay it off at X a month.

Drumbs fingers waiting for someone who knows better to come along.

[savoycabbage]

Is it your official student loan from the student loan company? Have you got any paperwork?

[nomorestudent]

It was my original student loan yes. I have not been in touch with anyone about it since last century!! Having just done a bit of fishing, it seems this company is threatening a lot of people but debts older than 6 years are 'statue barred' it seems? They can't just turn up at my house and start removing things can they [cry] I shouldn't have phoned them appreantly, but obvioulsy wanted to sort it out.

[Yddraigdragon]

There is a fair bit about this on the internet. Google Link financial threats or similar or other peoples experiences?

[savoycabbage]

Yes you have to write to the student loan company every year to arrange to pay or defer so when you didn't they must have sold it!

[TequilaMockinBird]

Sounds like it is statute barred. Have a look on MSE, there is lots of advice re statute barred debts on there.

[nomorestudent]

I have found out that they are a very nastycompany - have registered with consumer forums who have a whole load of info about them. I think I need to write them a letter about statute barred debts. Still scared though

[iammovingsoon]

But does it make any difference that you've now agreed to pay it? I.e. that might override the six years thing.

[fergoose]

They cannot come and possess things - they need a court order to do that! Plus statute barred - I am sure they don't have a leg to stand on.

[nomorestudent]

well I didn't agree to pay I just said look I don't have £5 to pay you, I could make an arrangement. the she just got funny and said, sell something or ask your family. At which point I just repeated, we do not have anything and cannot ask famiy. She said, well in that case we'll give you 21 days. I said I'm sorry I cannot speak to you right now, this is riduculous - and put the phone down So perhaps I've blown it. Gah.

[prh47bridge]

The fact that the OP has offered to pay may mean that the debt is no longer statue barred as she has acknowledged its existence. For a debt to be statue barred it must be 6 years since the OP made a payment or had any contact other than deny the existence of the debt.

They still need to go to court before they can come and take things. Assuming the court decides that the money is owed, they are likely to accept a reasonable offer of repayment by monthly instalments.

[nomorestudent]

FUCK !!!

[fergoose]

You can write a letter which asks for proof of the debt, and proof that it is yours and not statute barred. There are copies on MSE and Consumer Action Group. I would be firing one of those off to them now if I were you.

[LadySybildeChocolate]

phd is right, once you offer to pay anything then the 6 years starts again. They are not allowed to use bullying tactics against you though, which includes telling you to borrow the money or threatening the bailiffs! I suggest that you contact the CAB, as this breaches legislation.
The bailiffs are only brought in if there's a CCJ/court order in place. It's important not to let them into your home, even for a minute. Once they have access once, they will take an inventory of your goods and will remove them whenever they wish.

Don't panic, just go and see the CAB.

[nomorestudent]

trying to remember what I said now -I said that there was no way we could pay that much upfront - not sure I actually said we will pay monthly iyswim. God, I'm just terrified. First time in my life I try to sort something out in a reasonable way ..

[nomorestudent]

Just been getting advice on consumer forum, they say that it needs to be a written admission of the debt?

[LadySybildeChocolate]

No, it's verbal also. You really do need to go to the CAB.

[fergoose]

well I would take advice from the consumer forum to be honest and I would not put anything in writing with any offers to pay anything at present.

At the moment I would treat it as statute barred and write to them stating that now.

[LadySybildeChocolate]

Actually, a student loan debt has different time limits to become statute barred. It all depends on when the loan was taken out, for one around this date it's 21 years IIRC. //www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/DG_10034866

For a normal loan, the 6 years do apply. A student loan isn't a normal loan though. I'm sorry.

[LadySybildeChocolate]

//forums.moneysavingexpert.com/showthread.php?t=869805 Sorry, it's 25 years.