Wipe Off Credit Card Debt

 

 

 

 

Reduce Your Credit Card Debt

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Why Reduce Your Credit Card Debt?

Reduction of your outgoings so that we can keep afloat during the current financial situation is important for us all. We need to prioritise the important things like our mortgage or rent, our clothes and the food we eat, as these are the necessary things we need to live.

But you could also reduce your credit card debt in order to have more money left over for the other things. You could do this because nowadays there is no room for wasted expenditure. Financial consultants will tell us that we can always make cuts in this expenditure, and the easiest way to make those cuts is by identifying which of these we do not need to pay.

 

How Do You Reduce Your Credit Card Debt?

If you want to reduce your credit card debt there are two broad means of doing it (these are both perfectly legal, by the way).

  1. Determine whether the debt is valid in law.
  2. Enter into a legally binding agreement to reduce it.

When you want to reduce your credit card debt then the first of these is the place to start. If a credit agreement was drafted before April 6th 2007 and it does not meet the provisions of the Consumer Credit Act (1974, amended 2006), then it cannot be enforced, even by a court. Whether we want to take advantage of this is up to the individual conscience. But most people would share the assumption that there is no point paying good money into something where we don't legally need to.

When greedy bankers booked more business than they could look after, resulting in the present mess, is it our fault if we apply the law which was set in place to protect us?

Seventy percent of such credit contracts taken out before 6th April 2007, it is thought, can never be enforced because they were improperly drafted.

The other legal way to reduce your credit card debt is to apply for an Individual Voluntary Arrangement or IVA, which writes off up to 70 percent (sometimes even a bit more) of your total debt and provides for the remainder to be paid off over 60 months. This is done by a qualified Insolvency Practitioner (not by a commission-based salesman) and is a legally binding instrument.

If you are wondering how to reduce your credit card debt then make a phone appointment by filling in the web form below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Reduce credit card debt

 

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 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.