"Write Off" your debt companies

RAS

read here http://forums.moneysavingexpert.com/showthread.html?t=1083247 and then leave them well alone.

The OFt have a warning out on these - some are the same people are used to offer non win no fee claims for injury.

smileybunny

Is there anyone out there up to speed on the 'secret loophole' claims for cancelling credit card debt legally' using an article of novation and some sort of legal dispute about the actual credit agreement. It seems to me that the people who are selling the info claim that because the c/c companies give your agreement a value which is then 'deposited' in an account in your name you arn't actually borrowing any money at all.

It's all a bit complicated for me but if there is actually a ' legal loophole' why cant we get it out there for free to everyone who wants to take advantage of it.

Anyone else up for getting to the bottom of this one?

HHH_2

the companies who promote this are usually charging you and it's unlikely to work, I assume they are taking about IVAs, yiou can research IVAs on these boards to find out more

smileybunny

Thanks for your reply

The 'company'??? charges about £650 I think for template letters which they claim you can send to creditors and totally eliminate credit card debt. It was a while ago that this price was quoted so it maybe more now. They DO claim that there is a loophole in the law that allows this to be a legal way of wiping out the whole debt with NO cost.
They mention an article of novation - could anyone explain this to me.
You have to pay to go bankrupt anyway dont you, so if I get to that I would be tempted to have a look at this option.
Sound too good to be true so it probably is BUT if there actually is a "secret loophole" shouldn't we share the news.
You only have to read this forum to see how peoples lives are being affected and if you've had debt for any length of time you really have paid the c/c companies a good wack already.
If I eventually get to a position where I could afford to get all the bumf from them (If I ever get any bank charges back!!!) I would be happy to share it for free.
They are trying to recruit agents at the moment and I have emails from them.
One other thing - if it is NOT a legal option but a scam they should be stopped from advertising and taking desperate peoples money.:j

fermi

smileybunny wrote: »

One other thing - if it is NOT a legal option but a scam they should be stopped from advertising and taking desperate peoples money.:j

Hopefully they will be, because I reported them to the authorities the other week. :beer:

smileybunny

They state it is an alternative to bankrupcy, IVA, DMA etc.
Adverts can be found in local papers, usually a boxed ad. "secret loophole"
Info is readily available from them so just wondered if anyone else had
a) come across them
or
b) used the info successfully (or unsuccessfully)

smileybunny

Tell me more!!!!

smileybunny

Who did you report them to and is it def a scam.:mad:

rog2

smileybunny wrote: »

They mention an article of novation - could anyone explain this to me.

A 'Novation Agreement' is an agreement which transfers the rights and obligations of one party under a contract, whilst the other contracting party remains the same:

http://www.website-law.co.uk/services/novation-agreement.html

I fail to see how this could be used to 'write off' consumer debts.

sarah03_2

HI

Had a phone call from a guy this afternoon from claim uk management.
They state that they can get loan/credit card agreements wiped because of errors on them. Said I had a loan owing about £5500, he said it would cost £275 for them to get the amount outstanding wiped. I asked what if they couldn't I would be £275 out of pocket - he then stated if that was the case then I would only have to pay admin costs of £30 - £40.

I've never heard of these people but did look at the website and did watch the Panorama program.

Any thoughts?

xxx