Having your Debts written off - Has anyone heard of this?

kats9lives

I've been sent an email from a friend which details the below - firstly has anyone been successful with this? does anyone know if this would affect your future lending abilities? is it really true?!

I was unsure about doing this at first because morally it did not seem right that people could borrow money in good faith via a loan or credit card and then get this written off due to a legal loophole in the Consumer Credit Act! But then I thought what have these lenders done for me? They spent most of last year pricing mortgage brokers out of deals by making the best deals only available direct through their branch networksand then they were bailed out by tax payers money to which I was and still am directly contributing to my own downfall. Finally some lenders are now talking of paying out bonuses to staff! I therefore stopped worrying about whether this was morally and ethically right and put in my own application to get my loan and most of my credit cards written off!

I won’t bore you with all the detail but the majority (not all) of credit agreements taken out before April 1st 2007 may be deemed as unenforceable due to loopholes in the Consumer Credit Act at that time. In order to find out if your agreements may qualify you can take a simple 2 minute test on my new website www. If you do qualify then I can arrange to come out and see you to complete all the paperwork required then Credit Issues Ltd will assess the agreements you entered into to see whether it is possible to write off or reduce your credit card or unsecured loan balance through a completely legal process.

There is a cost to this service of £450 upfront for the first agreement and then £150 for every other agreement after that. If it is found after research that your contracts are enforceable and Credit Issues Ltd cannot assist you then they will refund all of your money except £50 for each agreement – so in short it will cost you approx £50 per agreement to find out whether you have a case or not. If they believe you have an unenforceable contract they will strive to either write off the balance or get this greatly reduced and will charge a flat fee of £1000 on success. I would therefore suggest that this is only worth doing if your balances are in excess of £3000 in order to financially benefit from a successful case.

Credit Issues Ltd helped write off £156,000 in December 2008 based on 30 cases alone and having done my research they seem to be the fairest and cheapest provider of this type of service. For example there is a company in Derby who charge £495 upfront which is not refundable so if you have not got a case you will have lost £495! Some firms even charge up to 30% of the potential savings which could be huge! The £1000 success fee irrespective of the number of agreements that Credit Issues charge is therefore fantastic value for money.

savemoney

Its a new web site only registered end of Jan 09, no info in google as yet

http://whois.domaintools.com/creditissuesderby.co.uk

petermb_2

kats9lives wrote: »

I've been sent an email from a friend which details the below - firstly has anyone been successful with this? does anyone know if this would affect your future lending abilities? is it really true?!

I was unsure about doing this at first because morally it did not seem right that people could borrow money in good faith via a loan or credit card and then get this written off due to a legal loophole in the Consumer Credit Act! But then I thought what have these lenders done for me? They spent most of last year pricing mortgage brokers out of deals by making the best deals only available direct through their branch networksand then they were bailed out by tax payers money to which I was and still am directly contributing to my own downfall. Finally some lenders are now talking of paying out bonuses to staff! I therefore stopped worrying about whether this was morally and ethically right and put in my own application to get my loan and most of my credit cards written off!

I won’t bore you with all the detail but the majority (not all) of credit agreements taken out before April 1st 2007 may be deemed as unenforceable due to loopholes in the Consumer Credit Act at that time. In order to find out if your agreements may qualify you can take a simple 2 minute test on my new website www.creditissuesderby.co.uk If you do qualify then I can arrange to come out and see you to complete all the paperwork required then Credit Issues Ltd will assess the agreements you entered into to see whether it is possible to write off or reduce your credit card or unsecured loan balance through a completely legal process.

There is a cost to this service of £450 upfront for the first agreement and then £150 for every other agreement after that. If it is found after research that your contracts are enforceable and Credit Issues Ltd cannot assist you then they will refund all of your money except £50 for each agreement – so in short it will cost you approx £50 per agreement to find out whether you have a case or not. If they believe you have an unenforceable contract they will strive to either write off the balance or get this greatly reduced and will charge a flat fee of £1000 on success. I would therefore suggest that this is only worth doing if your balances are in excess of £3000 in order to financially benefit from a successful case.

Credit Issues Ltd helped write off £156,000 in December 2008 based on 30 cases alone and having done my research they seem to be the fairest and cheapest provider of this type of service. For example there is a company in Derby who charge £495 upfront which is not refundable so if you have not got a case you will have lost £495! Some firms even charge up to 30% of the potential savings which could be huge! The £1000 success fee irrespective of the number of agreements that Credit Issues charge is therefore fantastic value for money.

There are companies, only one or two mind, who will do the same work without a fee up front. Costs are levied to the lender not the borrower.

kats9lives

I'm not concerned about the company being ligit as i no they are - my main concern is if its worth my while persuing a claim.

I've a £12.5k loan which was taken out Jan 07. But the loan is with the same people i bank with and don't want it to jeapodise my overdraft and current account........and more long term, my credit file.

kats9lives

P.s Which companies do this with no fee

ILW

kats9lives wrote: »

I've been sent an email from a friend which details the below - firstly has anyone been successful with this? does anyone know if this would affect your future lending abilities? is it really true?!

I was unsure about doing this at first because morally it did not seem right that people could borrow money in good faith via a loan or credit card and then get this written off due to a legal loophole in the Consumer Credit Act! But then I thought what have these lenders done for me? They spent most of last year pricing mortgage brokers out of deals by making the best deals only available direct through their branch networksand then they were bailed out by tax payers money to which I was and still am directly contributing to my own downfall. Finally some lenders are now talking of paying out bonuses to staff! I therefore stopped worrying about whether this was morally and ethically right and put in my own application to get my loan and most of my credit cards written off!

I won’t bore you with all the detail but the majority (not all) of credit agreements taken out before April 1st 2007 may be deemed as unenforceable due to loopholes in the Consumer Credit Act at that time. In order to find out if your agreements may qualify you can take a simple 2 minute test on my new website www.creditissuesderby.co.uk If you do qualify then I can arrange to come out and see you to complete all the paperwork required then Credit Issues Ltd will assess the agreements you entered into to see whether it is possible to write off or reduce your credit card or unsecured loan balance through a completely legal process.

There is a cost to this service of £450 upfront for the first agreement and then £150 for every other agreement after that. If it is found after research that your contracts are enforceable and Credit Issues Ltd cannot assist you then they will refund all of your money except £50 for each agreement – so in short it will cost you approx £50 per agreement to find out whether you have a case or not. If they believe you have an unenforceable contract they will strive to either write off the balance or get this greatly reduced and will charge a flat fee of £1000 on success. I would therefore suggest that this is only worth doing if your balances are in excess of £3000 in order to financially benefit from a successful case.

Credit Issues Ltd helped write off £156,000 in December 2008 based on 30 cases alone and having done my research they seem to be the fairest and cheapest provider of this type of service. For example there is a company in Derby who charge £495 upfront which is not refundable so if you have not got a case you will have lost £495! Some firms even charge up to 30% of the potential savings which could be huge! The £1000 success fee irrespective of the number of agreements that Credit Issues charge is therefore fantastic value for money.

Has your friend who sent you this had any loans written off?

kats9lives

They haven't tried yet

IWantToBeFree_2

kats9lives wrote: »

I'm not concerned about the company being ligit as i no they are - my main concern is if its worth my while persuing a claim.

I've a £12.5k loan which was taken out Jan 07. But the loan is with the same people i bank with and don't want it to jeapodise my overdraft and current account........and more long term, my credit file.

How about paying the loan back? Surely the fact that you freely spent the money means that you accepted the terms and conditions of the loan?

Also, you can do this yourself for a £1, you'd be a fool to pay anyone to do it for you.

SamSam_3

How can you do this for £1.

I have been contacted by a company called 1stlineservices and they offered me the same service for £99 admin charge. They claim to look into all my agreements and if no claim can be made they refund the £99. If a claim is made they take 15-20%.

I have been trying to find out info about this and am not getting any joy.

I thought if anywhere might have the answer MSE would.
Thanks
Sam

McKneff

If it sounds too good to be true, it always is.
The company is probably run on all the £99 people send in.
I presume you mean if a claim is successful and not just made they take 15 to 20%

The wording is crucial - if its just made can they still take the %
It may just be made and not successfull, can they still take the %

petermb_2

It is possible to challenge some loans. If the agreements do not stand up to the rigourous rules stipulated by the Consumer Credit Act then the loan may be deemed unenforceable.
It is no easy to do it yourself as the lenders haev over decades built up a robust denial and bluff system to put the average borrower off the scent. They have been able to get away with this because in many case we have been talking about secured loans and if you challenged and witheld payment they would still seek to repossess or threaten to.

The issues regarding the failings have been known for some time but few could take advantage because only lawyers had the power to force lender to capitulate in some cases.

This is now changing b ut many companies have jumped on the bandwagon as the next in thing. You do not have to pay fees up front and you certainly do not need to pay 10%, 20% or 30% of your compensation as the ethical and professional companies and they are very few and far between offer a free service where the costs are levied to the lender instead of the borrower.