We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Debt Free Loan Free Consumer Rights Experts
Radar_Rosie
Posts: 8 Forumite
I am trying to learn to be astute with money and hit my first hurdle. I want to rid off my debts as quickly as possible but am unsure if I have come across a "Golden Goose"
Can someone advise me on whether the Debt Free Loan Free Consumer Rights Experts are a good as they seem? I have 2 credit cards and a secured loan that were taken out before the magic date of April 2007 and according to the blurb they may be able to get the debt written off as " Legally Unenforceable Credit Agreements". This could potentially write off £40,000 of personal debt. Results are dependent upon Solicitors viewing the original credit agreement and me stumping up £580 for them to look at them and the possibility of loosing £95 administration fees for every agreement not successful.
If there is a better way please let me know or should I see if I can get a lower rate with my credit card companies and persevere with paying off my cards and wait for a couple of Endowments in 2010 & 2011 to pay out and then pay off what debt remains
Can someone advise me on whether the Debt Free Loan Free Consumer Rights Experts are a good as they seem? I have 2 credit cards and a secured loan that were taken out before the magic date of April 2007 and according to the blurb they may be able to get the debt written off as " Legally Unenforceable Credit Agreements". This could potentially write off £40,000 of personal debt. Results are dependent upon Solicitors viewing the original credit agreement and me stumping up £580 for them to look at them and the possibility of loosing £95 administration fees for every agreement not successful.
If there is a better way please let me know or should I see if I can get a lower rate with my credit card companies and persevere with paying off my cards and wait for a couple of Endowments in 2010 & 2011 to pay out and then pay off what debt remains
0
Comments
-
Rosie, whatever you do, please do not do this!
This company is going to charge you a very large amount of money just to check your credit agreements, which is something that some clever people on here can do for free. Also, as far as I know, the debt doesn't get "written off", it just means that they cannot pursue it in Court, you will still owe the money.
I'm not certain on the details of how Consumer Credit Agreements made prior to 2007 actually work, but there are plenty of people on here who do and hopefully they will be along soon.
Just didn't want to read and run.
Good luck xx
Finally a Homeowner 04.10.13 :j
Frugal Living Challenge 2015 £958.70 / £12,000
"So much to do, so much to see. So what's wrong with taking the back streets?"0 -
Hi Rosie
Just to Echo what Katie says you can check your own credit agreements (with help from people here) for the price of a £1 postal order and the cost of a sendign a letter recorded delivery.
Agreements pre April 2007 should have certain prescribed terms included and some creditors are sometime unable to supply a copy of this information. It doesn't write off the debt and any company promising this are basically crooks. It does mean the debts may not be enforceable in court which is useful if they are threatening you with a CCJ. It may also help 'persuade' them to accept a DMP (debt management plan /reduced payments) if you are unable to meet your minimum payments.
EDIT And here is a long thread on the same subject! http://forums.moneysavingexpert.com/showthread.html?p=23010783A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards