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
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.)
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.
Note: This service is NOT to be
confused with unenforceable credit agreement services, which relate
to a lack of proper documentation on debts taken out prior to
2007. We do NOT provide such a service. We help people restructure
their financial obligations through a debt management plan such
as an IVA (which will write off the bulk of your
total unsecured debt, leaving a manageable sum to repay each month
until the debt is declared satisfied, usually after 5 years).
Off Credit Card Debt.
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.
Way To Write Off Debts
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.
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.
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
Off Credit Card Debt RSS Feed
Management Credit Score
Off Debt: Some Legal Notes
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.
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.
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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NOTE: This website is no longer functioning as a lead generation source as described in FCA PS 14/3
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