"Write Off" your debt companies

ladybez

There are whole threads on here about this. As I understand it SOME credit card agreements and loan agreements executed before April 2007 did not contain all the info they should have done, there are template letters on the boards to enable you to do this yourself, ratherthen pay someone to do it for you. However, the loans are not wiped off and defaults etc can still be registered for them so tread carefully, have a search around the boards for CCA agreements and read up. If you need any more info, someone more experienced will be along shortly. Take care.

RoyWa

I have been approached by these people is it a scam?????????????

euronorris

More details please.

fermi

If it is the "we will buy your debt" scam, then yes it is a total scam.

The Office Of Fair Trading has confirmed this.

http://www.oft.gov.uk/news/press/2009/72-09

OFT warns consumers about 'debt sale' scams

72/09 23 June 2009

The OFT is warning consumers not to be taken in by businesses claiming to help them become debt free by 'buying' or 'selling on' their debts.

The warning follows a significant increase in the number of adverts on the internet and in newspapers from debt and claims management companies that misleadingly state they can take over liability for debts or write off debts by purchasing consumers' credit agreements.

In fact the law does not allow the sale of debt without the lender's permission and so businesses that suggest otherwise are making clearly misleading claims. Brokers who introduce clients to debt and claims management companies that say that they can 'buy' and 'sell on' consumer debts are also misleading consumers.

Consumers need to be aware that if they 'sell' their debts to one of these businesses, either directly or through a broker, they will still be liable for their original repayment obligations as well as losing the money they paid for this false service.
Consumers will also still be subject to any debt collection activity and negative credit scoring associated with the original debt.

The principal regulator for claims management companies is the Ministry of Justice. Those businesses that operate in the credit/debt sector also need to be licensed by the OFT. Some of the firms offering these services do not have consumer credit licences and the OFT is working in partnership with local trading standards services to prosecute them for unlicensed trading. Formal licensing enforcement action has already been initiated against licensed companies whose advertising or websites are making these misleading claims.

Ray Watson, OFT Director of Credit, said:

'Like most scams, when something looks too good to be true, it usually is, and this is certainly the case here. You cannot simply sell on your debt and its liabilities, and businesses that make misleading claims to the contrary are just trying to take advantage of consumers' distress.'

'The OFT will not hesitate to take swift action against businesses which deliberately mislead consumers.'

'Consumers with debt problems should contact their creditor to arrange a repayment plan or their local Citizens Advice Bureau who will be able to provide free advice.'

RAS

If this is anything to do with RAnkine, then

1. Anything that a company can do effectively, you can do at very little cost yourself. We have whole threads on this.

2. Many of these companies make exaggerated claims for what it possible, for instance suggesting it will not affect your credit rating.

amin001

i also was approched by the so called companies get rid of my debt - after reading through this - when they call me i tell um bog off

fermi

The Rankines have had their claims management authorization cancelled by the Ministry of Justice.



http://www.claimsregulation.gov.uk/details.aspx/16635/Momentum_Network_Ltd/2

:beer::j:T

fatbelly

fermi wrote: »

The Rankines have had their claims management authorization cancelled by the Ministry of Justice.

Good.....!

mr_unclean

I have seen a number of ads recently in newspapers claiming to be able to wipe out cc debts.

They say there is a legal loophole for debts incurre before april 2007.

Anybody know about this?


any comments greatly appreciated.


rgds

Tixy

Hi mr unclean and welcome to DFW. You will see someone has moved your post to this thread which is all about the same question (its a common qustion for new posters). Unfortunatley there is no majic way to write off your debts, and what these companies can do you can do for yourself for a couple of £s (with a little help from some of the knowledgeable guys on here).