Thursday, 29 January 2009
The ability to obtain or extend credit has now almost disappeared. Couple with this the practice of the credit card companies, who realise that they have a tied in borrower base,to raise the interest on monies lent and you have an explosive cocktail leading the debt repayment failure.
The cycle is easy to see, you have maxed out your credit, you cannot get more credit, you need credit just to get through the month and help satisfy your monthly minimums on your borrowings, the credit card company raises it's interest charge, meaning you have to pay more, you cannot afford what you already owe, you default, they add charges, you fall further into arrears, the cycle is never ending. What can you do.
Solutions are available and I offer them all. We can help with debt management, we can propose an IVA, we can walk you through bankruptcy. We can write off your credit cards.
The latter is my favoured option at present as it can be done without harming a credit rating for those to whom this is important. For those who have credit rating issues, it can be taken alongside a debt management plan.
The procedure is simple and cost effcetive to begin.
For more information follow the links and call for a free sign up pack and FAQ sheet.
Tuesday, 6 January 2009
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 your credit agreements may be legally unenforceable. Recently, a high percentage of those agreements that have been challenged have been found to be unfair and unenforceable. The result is the debt can be written off as it cannot be collected.
Solicitors manage every case. 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. As it is unenforceable, they will require the card company to write off the debt. In any event you do not have to pay anything further as the agreement would be unenforceable.
Our Debt Write Off Pack contains all the information and documents you need. You can request one from our web-site or by calling us on FREEPHONE 0800 043 0067. We can start your claim as soon as you return the required documentation and fee(s).
Is it legal?
Absolutely, 100% legitimate. If the banks and lenders do not follow the legislation, they are breaking the law. We use the law to protect YOU, the consumer. The banks and lenders, however, don’t want the general public to become aware that they may not have to repay their loans of credit cards.
In what circumstances do these agreements not comply?
Most lenders have not included all of the key points in their credit agreements. These are known as prescribed terms. In some cases, the lender may be unable to produce an original copy of the agreement.
How long will it take?
This depends upon various parameters. First, your lender must produce a physical copy of your agreements within 42 days of our request. If they cannot do this, they are in default and your outstanding balance can be written off immediately. This could be a matter of weeks. Second, the response times from lenders to our requests for information and confirmation that the debt has been written off can vary. Typically 4-9 months should be allowed.
Which type of debts can be written off?
Provided they were issued before 6th April 2007, secured or unsecured loans including consolidation loans, credit cards and store cards and car loans/finance, up to £25,000.
How much does it cost?
£125 fee is payable for each agreement scrutinised by our legal team. The success fee for writing off your debt is 12% of the total. For credit cards this is payable in four instalments of 3% of the total, the equivalent of making four minimum payments on your card(s). The same applies for loans. The success fee covers all legal costs associated with your claim.
Can I continue to use my credit cards?
NO. Using the cards may affect the process of getting your debt written off.
Should I continue to make payments to my credit cards/loans?
Once your claim has been accepted, you can stop making payments.
What happens if my lenders contact me after I start a claim?
Our solicitors will deal directly with your lenders. This should stop them contacting you to discuss the debt. If they do, you should not answer any questions or get into conversation but ask them to put any correspondence in writing. We might be able to use this to win your case.
Are there any adverse repercussions?
NO. It is highly likely that the lender(s) will close the credit card account, however, there are plenty more credit card companies available to you.
Can I do this if I have a bad credit history?
YES. Once we have helped you to clear your debts this will also help to clear your credit file as the debts will no longer exist.
Will my credit rating be adversely affected?
NO. Legally, once written off, the lender has to remove all trace of the account.
Does it matter if I’m already in an IVA?
NO. This is a separate service and does not affect any other actions that you may have started.
Can you help if my lender has a CCJ or Charging Order against me?
YES. If we believe that the credit agreement on which the judgment or order is based is unenforceable, then we can put that debt into dispute before getting it written off. As soon as the debt is put into dispute, all legal action against that debt is frozen immediately. This will give our specialist legal team the time they need to build a claim against that credit agreement. We can stop the CCJ or Charging Order and get it reversed by challenging the credit agreement on which it was based.
Tuesday, 9 December 2008
As many people are coming to understand if a credit card was taken out prior to the 6th April 2007 there is a very significant chance indeed that it is an unlawful credit card agreement and it is possible to write off the debt. The Consumer Credit Act 1974 has a fundamental requirement that any agreement must comply with certain prescribed terms.
Examples of Unenforceable Credit Card Agreements
• The lender doesn't have a copy of the agreement.
• The amount of credit (or credit limit) hasn't been stated on the agreement.
• The interest calculation is incorrect.
• The agreement hasn't been signed by both the debtor and creditor.
• An increased credit limit has been provided on a credit card agreement without it being requested.
• The credit charges are not deemed to be fair.
• No rate of APR is displayed.
• There is no mention of any 'cooling off' period.
What will be the result if the credit agreement is lost?
Sending the lender a S77 request entitles the borrower to get a copy of the credit card agreement. It is necessary to include a postal order for £1 as required by the act.
The lender has to send a copy of the agreement within 12 days failing which it is in default. If the lender cannot provide a copy of the actual, signed credit agreement they aren't in a position to enforce the debt as it is an illegal credit card agreement. It is then possible to require them to remove data they hold about you from their records and those held by credit agencies.
Will This Have a Negative Impact on Credit Ratings?
Provided payments are kept up during the legal challenge, no credit rating will be affected. Those who have adverse credit will actually improve their credit rating. This is because the debt was deemed to have never technically existed so no adverse credit entries can be registered for a debt that doesn't exist. These entries can be removed when a case is successful.
How Long Will it be Before the Outcome?
The duration of any case does vary depending upon the institution and complexity of the case. Most cases are usually settled within 6 months, sometimes a lot sooner.
What Happens if the Unlawful Credit Card Agreement Case is Successful?
If it is decided that there is an illegal credit agreement, it is possible that the entire debt will be written off. This will mean that the balance is completely wiped and will not show on credit reference agency records.
What About Credit Card Debt that Cannot be Written Off?
For more recent credit card debts that cannot be written off, it is worthwhile considering a Debt Management Plan or even an Individual Voluntary Arrangement (IVA). It is imperative the serious debt problems are dealt with as efficiently as possible.
So it is possible to get debt written off yourself but most companies will only take seriously a threat issued by a solicitor.
IF YOU HAVE A CREDIT CARD AND YOU THINK THAT YOU MAY BENEFIT FROM A REVIEW OF THIS CARD AND WHETHER IT COMPLIES WITH THE CONSUMER CREDIT ACT 1974, PLEASE CONTACT THIS FIRM WITHOUT FURTHER DELAY.
Friday, 28 November 2008
Are your loans and credit cards unenforceable?
We can get you on the road to reclaim.
You might be abe to stop paying back your credit agreements and be due a refund of all or part of the payments you have made.
I myself have had £50,000 worth of credit card debt written off!
Help With Debt can check that your credit agreements comply with the Consumer Credit Act 1974.
If a credit agreement does not comply with the Consumer Credit Act 1974 it may be deemed to be unenforceable.
Our solicitors can then act on your behalf to attempt to:
Write off any outstanding balance
Reclaim previous payments of interest and charges
We can audit Credit Agreements of up to £25,000 with a minimum outstanding balance of £5,000 for loans and £500 for credit cards including:-
Who Will Qualify?
Any individual in a credit agreement that is regulated by the Consumer Credit Act 1074
The Agreement must pre-date 6th April 2007
Loans to be between £5,000 and £25,000 and be on-going
Credit cards must have a limit of £25,000 and have a balance outstanding of £1,000
So do you have any agreements that we can audit for you? You could be within weeks of writing off thousands of pounds
Thursday, 27 November 2008
I was told earlier this month by my two erstwhile partners that they no longer wished to pursue the business. I was encouraged to strike out and set up on my own.
This I did as the debt solutions company to me was something I believed in and not a means to an end.
How naive I was, no sooner was I out the door and transferring my shares, than my ex partners began ring fencing the business, and tying in the contacts that I had brought in.
No matter, I will prevail. I will re-establish what I do, re configure all my templates and come back stronger and wiser.
If you read this and would like to help, send those in debt my way.
Thursday, 30 October 2008
What has this got to do with debts and debt relief? Well I think that we all need some beautiful thinking, or positive movement of mind to try to unshackle our thoughts from impending doom and destruction that seems to be pre-eminent when ever one turns on the TV or radio.
The media are obsessed in this 24 hour instant news world with reporting every nuance and twist and turn of monetary machinations. If we dwell too long we will find that we spiral ourselves into a tumult of despair and foreboding.
In this Autumnal snap of Arctic air, take time today to stand in the wind and breathe deeply. Fill your lungs with cold, life giving breath, empty your mind of grim thoughts and resolve to change your life for the better.
What better way to do that than to pick up the phone and speak to a Help With Debt Advisor. Help With Debt and Eunoia, a perfect combination.
Tuesday, 21 October 2008
It works even better with Debt Purchasers, who whilst they may purchase the right to pursue the debt, often forget to take delivery of the documents evidencing the debt. Silly Billys.
Do you want to know how to do it?
Drop me a comment and I'll tell you how.