credit card balances wiped out

hovisluke

I have been offered by a company that for a fee of £450 for one credit card and then £150 per additional credit card they can contest the validity of the original credit agreement with the credit card firm if the agreement was set up before april 2007. As they say the consumer credit act 2007 made credit card agreements set up before that date contestable and in 95% of cases the balance can be wiped out .
Sounds too good to be true. Has anybody else heard of this or taken it up and to what success.

summermummy

I have had a similar offering, but I don't know if it is correct. I personally would not pay an upfront fee unless the company could show me evidence.

PROLIANT

hovisluke wrote: »

I have been offered by a company that for a fee of £450 for one credit card and then £150 per additional credit card they can contest the validity of the original credit agreement with the credit card firm if the agreement was set up before april 2007. As they say the consumer credit act 2007 made credit card agreements set up before that date contestable and in 95% of cases the balance can be wiped out .
Sounds too good to be true. Has anybody else heard of this or taken it up and to what success.

Well that is really gonna help the recesison isn't it! Not do your credit rating much good either, if my customers were hell bent on bumping me with a loophole in a contract I would ensure they had a nice default logged against them.

Moggles_2

This same question crops up time and again on the credit card board, but nobody ever comes forward with a success story.

If something sounds too good to be true, it usually is :rolleyes:

Paul_Herring

Wouldn't be anything to do with http://www.fool.co.uk/news/your-money/manage-your-finances/2007/03/30/beating-banks-with-bad-credit-agreements.aspx would it?

normanmark

I haven't heard of a case to do date that has been successful.

I'd recommend spending time chasing stuff like this into something more constructive like budgeting to pay off the debt asap!

ManAtHome

95% success rate and they still charge an up-front fee? Maybe not...

PROLIANT

normanmark wrote: »

I haven't heard of a case to do date that has been successful.

I'd recommend spending time chasing stuff like this into something more constructive like budgeting to pay off the debt asap!

At last somebody with a sensible answer, if people did this instead of scamming financial institutions then people like you and I along with many others who pay back what they borrow would not suffer from the backlash off the banking industry.

NickX

Well as of yet there have been NO reports on here of anyone who has had a successful experience with one of these companies.

In addition, the companies themselves do not appear to have any success stories to advertise their services with.

So, I really wouldn't lose any sleep over them bringing down the Banking industry just yet.