'Write Off Credit Card Debt' and 'Write Off Debt'
Wipe Off Credit Card Debt Legally
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Can I Wipe Off Credit Card Debt Before April 6th 2007?
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Wipe Off Credit Card Debt
Wipe Off Credit Card Debts and Loans Taken Out Before April 6 2007
If you have any credit card or loan agreements taken out prior to April 6th 2007 then there is a high possibility that they will be unenforceable. A large proportion of debts taken on before that time have been discovered to be unenforceable by law, to the extent that even a Court cannot order their enforcement. When such a debt is unenforceable it means that lenders offering credit without proper documentation cannot enforce recovery of the debt resulting from it.
You will then be in a position of knowing with certainty that your lenders cannot enforce collection of your remaining debt. You cannot be forced to pay the outstanding balance of any debt which is unenforceable. Many thousands of people in the UK are now in this happy position.
Additionally, if you have taken out payment protection insurance (PPI) with your credit agreement then we can get that back for you so you as well. This money is yours by right, but you do have to ask for it.
Our system also allows you to track your claim online in real-time, so you can see exactly what is happening on a daily basis and with total transparency.
We can also help you reclaim all your credit card charges for the last 6 years; by law the banks must pay all this money back to you, with interest at 8%. But you have to ask them first.
Special Offer: As a trial special offer we will look at multiple claims for a low upfront Admin fee of just £99 for unlimited claims for you and your household.
But there is still a route with no upfront fees. If you have at least one balance with over £5,000 we will look at your account to see if it is unenforceable. If in doubt complete the short form below and we'll phone you back. (UK residents only):
Write Off Credit Card Debt is registered and regulated under the Data Protection Act. Reg. No. Z1620707 and licenced by the Office of Fair Trading. Consumer Credit Licence No. 633327.
Please make sure you take action now, before the courts change the law as they did with bank charge refunds last year. This may happen at any time.
Establishing that your account is unenforceable means that the debt cannot be collected; the debt itself does not disappear, only your requirement to pay it. It will probably remain on your credit file for 6 years, unless the debt itself is proven to be in error or a factual mistake. You should avoid companies who tell you that they will make the debt disappear, because that is not what happens! The only thing that is removed is your obligation to pay the debt. Because you cannot be compelled to pay an unenforceable debt. Not even a judge can make you pay.
The lender's original credit agreement does not comply with the Consumer Credit Act requirements, therefore you are released from the legal obligations of repaying the debt. There is, frankly, a lot of nonsense about unenforceable debts and about how they don't really exist. The reality of the law is that you you do not need to repay a debt which is unenforceable, because its collection cannot be enforced, by definition.
The debt does not, however, disappear. Don't listen to anyone who tries to tell you that it does. You just don't have to pay it, that's all. And think of what a difference that would make to your household budget every month!
To write off credit card debt may mean one of two things, when spoken of informally. It may mean taking out an IVA and writing off up to 75% of it as part of the IVA's terms. Or it may mean finding out if the debt is unenforceable in which case you won't have to pay any of it back anyway.
All This About Wiping Off Credit Card Debt: Is It a Loophole? How does it work?
The Consumer Credit Act of 1974 allows borrowers to challenge unfair credit agreements. Credit Agreements up to £25,000 and issued before 6th April 2007 must comply with the terms of the Act. Most UK banks and lenders have not followed their legal obligations under the Act over the years. This means that such contracts may be legally unsafe and not valid in law. Unenforceable credit agreements from an array of lenders have contained potential breaches following an audit process. The result is that you can make unenforceable your credit card debt as the debt cannot be collected.
We take details of your debts and our specialist legal team challenge the agreements with the lenders. They obtain documentation on your behalf and then verify the legality of the contract. Our legal team will then, via specific correspondence, prove that your agreement is not valid.
Wipe Off Credit Card Debt: An IVA Is A Different Instrument But CAN Be Used
Please note that this is not a debt management plan or an IVA, where the debt is written off 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.
We are also affiliated to IVA and debt management specialists, if that should be more suitable to your own circumstances. You can apply for a debt consolidation plan when speaking with our advisor. Application is free and the advice is independent.
Note: We do not recommend that you take out a so-called debt consolidation loan 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?
No. As stated above, establishing that a debt is unenforceable does not write off debt in the sense that you will have your credit card debt written off (and other types of debt written off). It means that the original credit agreement is unenforceable and that the lender may not enforce the collection of the debt. It is important that people are quite clear about this. Recently many claims companies have made statements to the effect that they can write off credit card debt or that they can get your credit card debt written off. This can happen, but it is very rare.
But the distinction is worth making: establishing that your debt is unenforceable means that you do not need to continue paying the balance due on this debt because you cannot be forced to do so. We will help you to get to this happy position by examining the credit agreement and seeing if it is indeed unenforceable. We will write to your lender to tell them this. In a few cases the lender has been known to remove this debt from a client's credit record and to actually write off debt, but this is very rare. Under normal circumstances it will remain for six years until it can be removed according to statute. Only then is the debt written off.
The Best Way To Write Off Debt
Undoubtedly the very best way to write off debt is to apply for an IVA (Individual Voluntary Arrangement). This will write off debt by up to 75% (unsecured debt only). The Scotland the equivalent instrument is a Protected Trust Deed, with which one is able to write off debt up to 90%.
To write off debt with either an IVA or Trust Deed the applicant will need to meet certain requirements related to income and expenditure.
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. These actually clear your credit card debt (and all your other unsecured debts) and they are actually removed from your credit record by statute after 6 years (5 years in the case of the Trust Deed under Scottish law).
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 lehal methods as the IVA and similar debt management programs which are designed to clear credit card debt up to 90% (though in most cases the percentage will be smaller).
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Wipe off credit card debts legally. All rights reserved.
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, 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.
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Wipe off credit card debt before April 2007
Write Off Credit Card Debt and Write off Debt is a trading name of Credit Clear UK Ltd. Registered in England and Wales. Company registration number 06606100. Credit Clear UK Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities. Its registration is recorded on the website www.claimsregulation.gov.uk. Registration Authorisation number CRM 13650.