Write Off Credit Card Debt and Write Off Debt
Write Off Credit Card Debt
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Write Off Credit Card Debt
Clear Credit Card Debts & Write Off Debt with an IVA or Debt Management Plan
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Welcome to the Write Off Credit Card Debt website. If you want to write off debt (credit card or any other kind of debt) with a debt management plan such as an IVA (Individual Voluntary Arrangement) then we can help you today.
If you find yourself overstretched or if you have been getting letters of phone calls from creditors asking for payment then perhaps now could be the time to restructure your financial affairs into a debt management programme or IVA (individual Voluntary Arrangement) which will write off debt (the majority of your total unsecured debt) and then reschedule the rest into manageable monthly payments. From day one of the plan your creditors should stop contacting you, though this cannot be guaranteed.
So if you have at least two accounts in debt, and total debts of £2,000 or more, enter your details below to see if you qualify. (If you owe less than this, or are on state benefits, then use this link to apply instead.)
Note: Please make sure you take action now, before the courts change the law suddenly as they did with bank charge refunds last year. This may happen at any time.
Write Off Credit Card Debt. Consumer Credit Licence number 633327.
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Write Off Credit Card Debt: An IVA Can Be Used
Please note that a debt management plan or an IVA is able to write off debt over 5 years. An IVA or similar instrument can write off credit card debt in 60 months or less (3 years in Scotland with a Protected Trust Deed) by means of an arrangement with creditors and through an intermediary called an Insolvency Practitioner. In the case of an IVA or other debt management programme, you may write off your credit card debt (and other unsecured debts) with the agreement of your creditors, who will receive a reduced amount of money in exchange for a guarantee that they will receive the money over a structured settlement. This is attractive to creditors because it is better than receiving nothing at all.
You can write off debts with an IVA or Protected Trust Deed as part of a structured settlement which is valid in law. When you write off debt in this way you should be prepared to be bound by the terms of the IVA or PTD.
Application is free and the advice is independent. A fee becomes payable upon successful implementation of the plan, as with any commercial agreement. Use the above form if this is of interest.
Why Use Our Service?
There are some subtle differences between ourselves and other companies offering similar services, differences which our clients have come to value and appreciate. You'll notice that on our website we have no photos of girls jumping up and down in cornfields, or babies in bright bonnets. Instead you'll just find honest, independent advice and plain talking. We take great satisfaction in helping people.
Note: We do not recommend that you take out a so-called debt consolidation loan in an attempt to write off debts unless you can honestly afford to get yourself into more debt, which most people cannot. We really do recommend reducing your existing debt as the only long-term solution to debt misery.
Write Off Debt: Is My Credit Card Debt Written Off?
The only true way to actually write off debt completely and forever is to use an IVA or similar instrument. This will write off your debt from your credit record after six years. In England and Wales an IVA can write off most of your total unsecured debt. In Scotland the equivalent instrument is the Protected Trust Deed.
The Best Way To Write Off Debts
Undoubtedly the very best way to write off debts is to apply for an IVA (Individual Voluntary Arrangement) or similar regulated debt management programme. This may write off most of your debt (unsecured debt only).
To write off debt with either an IVA or Trust Deed the applicant will need to meet certain requirements related to income and expenditure. To write off debts in this way demands that you adhere to a schedule which must be maintained. If you fail to maintain the agreed payments you will go into default and this could lead to worse things, even bankruptcy.
Monthly repayments on the IVA or debt management plan will be worked out in advance by someone who is qualified to do so (usually an insolvency practitioner) and so the figures you enter as your income and expenditure must be accurate and reflect your true circumstances.
The Best Way To Clear Credit Card Debt
The best way to clear credit card debt is similar to the above (the IVA and the Trust Deed). It is only by these legal instruments that you can actually clear credit card debt. The old methods involving a reference to sections of the Consumer Credit Act 1974 are no longer practised by most people because of recent legal cases. So the only realistic way to clear your credit card debt is with a recognised debt management plan such as an IVA. These actually clear your credit card debt (unsecured debts only, it should be pointed out) and they are actually removed from your credit record by statute after 5 years.
It is important to note that often the phrase "to clear credit card debt" is sometimes used in a colloquial fashion to signify that an unenforceable agreement has been identified. This should not, of course, be confused with actually clearing credit card debt by more mainstream methods such as the IVA and similar debt management programs which are designed to clear the bulk of credit card debt (though in most cases the percentage will be smaller). Secured loans cannot normally be included in such arrangements.
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Write Off Debt: Some Legal Notes
Note: If a debt is found to be unenforceable this means that the debt can not be collected. It does not mean that the debt is wiped, cleared or written off, other than in exceptional circumstances. All references here to write off debts, writing off or wiping off or clearing debt and to 'write off credit card debt' are understood in the colloquial sense. In most cases the debt will remain outstanding and on file. It is only possible to write off debt in accordance with regulated programmes and over the medium or longer term.
Please be aware that, in any application to write off debt, figures entered need to be accurate by law, and to give the best service to you. It is extremely important that you budget for all necessary expenditure including rent or mortgage, council tax and utility bills, etc., and any other necessary outgoings related to the upkeep of your household and inrelation to any specific circumstances that may relate to you. This website only collects data on behalf of debt management professionals, from which it will receive affiliate remuneration for data collection only and does not itself engage in any debt management services. Other debt management options are available and may be more suitable.
People entering into an IVA or debt management will have this entered on their credit profile and this may affect their ability to get credit in the short term or even in the long term in some cases. It is free to apply from this website to write off debt by means of regulated debt management; you will be given advice by debt management professionals and a 'cooling off' period, by law, to decide whether or not the debt management plan is suitable for you, and you should be aware that a fee will be chargeable upon a successful arrangement, as with any commercial transaction. Failure to meet the repayments on an IVA or any debt management programme may result in serious consequences, including, but not limited to, bankruptcy. Bankruptcies, CCJs and similar defaults will be entered into a public register and will remain there for a statutory period of not less than six (6) years.
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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.
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