Wipe Off Credit Card Debt

 

 

 

 

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Wipe Off Credit Card Debt Before April 6th 2007

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You can wipe off (make unenforceable) credit card debt before April 6th 2007 if it lacks certain provisions in the original credit agreement.

The Consumer Credit Act 1974 was amended in 2007 so that all credit agreements undertaken prior to the start of that financial year (i.e. 6th April 2007) must contain certain information relating to the loan in order for the creditor to be able to enforce it. If the original credit agreement does not contain these details, known as the prescribed terms, then it is in breach of the Act and it cannot be enforced, even by a court.

In some cases, even when it does contain the prescribed terms, it may only be enforceable by a Court Order.

But if it does NOT contain the prescribed terms it may not be enforced even by a court, and you may legally wipe off (make unenforceable) your credit card balance.

If any credit agreement you made prior to April 6th 2007 is lacking in these details it means that it is not compliant with the law. In most cases you will not need to pay anything further on this debt as it is deemed to be unenforceable.

If it is in the wrong format or lacks some details but not others, a debt may only be enforced by a judge. However, the absence of all of the prescribed terms means that it cannot even be enforced by order of a judge because it does not comply with the 1974 Act at all.

You can wipe off (make unenforceable) your credit card debt before April 6 2007 completely if this is the case.

Some instances are clear cut while others are not. In cases where there is doubt, or there are seen to be grey areas, it is best to seek experienced legal advice.

To use our service the following must apply to you:

1 You must intend to write off credit card debt or loan debt
2 Resident of England, Wales or Northern Ireland
3 Have unsecured debts of over £4,000
4 Have at least one credit card or loan
5 The Credit Card or loan taken out before 6th April 2007

If you wish to take this further with your own credit card debt or any other credit agreements then write in confidence to our legal team on a completely confidential basis using our online form.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

We are compliant with the CAN-SPAM Act. We will not pass your name or any other details to third parties apart from the specialist solicitor who will need to know these details in order to help you.

 

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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.