squashing credit card balances

facemask10

Hi I have been hearing that you can get your credit card balances squashed, is this true? How do I go about it? I am told that you must keep paying the minimum whilst going through the process and that you pay something like 450 pounds for each card to be done, but if you owe a lot on your card surely it's worth it? Does anyone out there know anything of this please?

latecomer

Try using the search....its brought up several times a day normally.

DesignerG

I registered to be able to ask the same question as posed by Facemask10, which is different to the areas already covered. The search doesn't bring up any info concerning this particular topic. I was interested because Credit Clear offers a 100% money back guarantee to clear credit card balances. I am concerned because it sounds too good to be true and was hoping that I would find some info on Martin's site.

Apparently, prior to April 2007 credit card agreements were incorrectly worded, which invalidates the agreement. The reasoning, therefore, is that the debt is invalid. This is not in relation to Personal Protection Insurances, which were mis-sold. The Motley Fool forum discussed this company briefly and compared it to another, offering a similar service, with a discount for subsequent services, but charges a percentage of the debt written off. Presumably, if you have successfully had one credit card balance written off, you will want the others to be written off too.

I almost signed up for it as, but although a charge of 495GBP is small against a large debt, it is a lot of money if the reasoning is false and the contracts are legally worded. So I am asking if anyone knows of this scheme, if it has a legal basis. If the question cannot be answered here, can anyone recommend an online lawyer, who would be able to quickly look at the Credit Clear claims and verify or dismiss them as appropriate.

Thankyou in anticipation.

richardhead_2

as they say ? If it sounds too good to be true. It most likely is'nt. :money:

Moggles_2

This question turns up time and again on this board, yet forum users who have actually gained from these services are conspicuously absent.

Without testimonials, I would steer well clear.

DesignerG

can you point me to a discussion relating to this please, because my searches don't bring up anything relevant - what am I doing wrongly?

Mozette

Someone has to say it:

The best way to clear your debt is to pay back the money you borrowed.

DesignerG

Actually I never thought of that - but it isn't for me that I'm asking. I was interested to warn people, but wanted to be sure of my facts first. I thought this was the place to find answers. This answer must apply to banks too who also borrow money, then apply to governments to be bailed out and the government then taxes citizens to cover it.

thankyou for being so informative

facemask10

latecomer wrote: »

Try using the search....its brought up several times a day normally.

thanks for this, but I did try to search and got nowhere, which is why I've asked the good people of the forum, knowing they are a mine of information

facemask10

DesignerG wrote: »

Actually I never thought of that - but it isn't for me that I'm asking. I was interested to warn people, but wanted to be sure of my facts first. I thought this was the place to find answers. This answer must apply to banks too who also borrow money, then apply to governments to be bailed out and the government then taxes citizens to cover it.

thankyou for being so informative

I was spoken to by my financial adviser, who brought the subject up, so I can only assume that it is something we can do as he's never given us a bum steer in 10 years. I believe you're on the right lines by what you say. I just wondered if anyone on the forum knows anymore about it, so I can do my research before going ahead with the claim. When I find anything else out I will post it.

YorkshireBoy

facemask10 wrote: »

I did try to search and got nowhere

Enter "April 2007 unenforceable agreement" (without the quotes) in the forum search tool (top right) and you'll see from the many results returned it's been done to death over recent months.