Everybody knows and accepts that we are in the depths of a recession that may even become a depression. Whilst it may be difficult to see what that means on a global scale, each of us is accutely aware of how this down turn has effected us.
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.
Steve Thatcher
www.helpwithdebtuk.com
Showing posts with label section 77 consumer credit act. Show all posts
Showing posts with label section 77 consumer credit act. Show all posts
Thursday, 29 January 2009
Tuesday, 6 January 2009
Credit Card Write Off FAQ's
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 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.
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.
Friday, 28 November 2008
Credit Cards Written Off
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.
WHY?
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:-
Credit Cards
Secured Loans
Unsecured Loans
Hire Purchase
Consolidated Loans
Car Loans/Finance
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
Tuesday, 21 October 2008
Write Off Credit Card Debt
It is possible to utilise a debt solution that doesn'y actually involve spending a penny repaying your creditors. I am able to utilise the provisions of the Consumer Credit Act 1974, to legitimately help people who may owe thousands of pounds turn around to their credit card company and say I'm not paying you a penny. The credit card companies can do nothing about it an dhave to write the debt off.
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.
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.
Monday, 6 October 2008
How to beat a statutory demand
I blogged earlier on my company's web page about a little known section in the consumer credit act that can be utilised to prevent or curtail collection activity from Debt Collection Agencies. I am re-printing the blog here.
How to beat a statutory demand
Now before we go much further this is not a guarantee, but we have found that there is a solution that puts the Debt collection agency on the back foot, when they send a stat. demand to you through the post.
Peoples first reaction when they get the demand is to panic. They see the words bankruptcy and a deadline of 21 days and they can’t think what to do. Our first reaction is to advise that in all probability the demand will not result in a petition for bankruptcy being issued at all. The statutory demand is being used by collection agencies as a debt collection tactic. If the debt has been incurred and there is no obvious dispute it may seem that there is no way out.
We may have the answer. It is using Section 77 of the Consumer Credit Act which obliges the creditor or the collection agency to provide a copy of the signed credit agreement, prior to having the right to collect the debt. They have twelve days in which to do so failing which the debt cannot be proceeded to be collected and any attempt to do so will be a breach of the Consumer Credit Act.
We have considerable experience and success in helping people stave off demands by using this tactic.
The statutory demand is being used now as a debt collection tactic and not because the DCA has any intention of following up with a bankruptcy petition.
For anyone interested in utilising this procedure, follow the attached link. http://www.helpwithdebt.org/
How to beat a statutory demand
Now before we go much further this is not a guarantee, but we have found that there is a solution that puts the Debt collection agency on the back foot, when they send a stat. demand to you through the post.
Peoples first reaction when they get the demand is to panic. They see the words bankruptcy and a deadline of 21 days and they can’t think what to do. Our first reaction is to advise that in all probability the demand will not result in a petition for bankruptcy being issued at all. The statutory demand is being used by collection agencies as a debt collection tactic. If the debt has been incurred and there is no obvious dispute it may seem that there is no way out.
We may have the answer. It is using Section 77 of the Consumer Credit Act which obliges the creditor or the collection agency to provide a copy of the signed credit agreement, prior to having the right to collect the debt. They have twelve days in which to do so failing which the debt cannot be proceeded to be collected and any attempt to do so will be a breach of the Consumer Credit Act.
We have considerable experience and success in helping people stave off demands by using this tactic.
The statutory demand is being used now as a debt collection tactic and not because the DCA has any intention of following up with a bankruptcy petition.
For anyone interested in utilising this procedure, follow the attached link. http://www.helpwithdebt.org/
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