"Write Off" your debt companies

marcuszs

had a phone call today from TelXL Ltd saying that they could try to get my loan's written of if the agrements had been drawn up incorectly.
the worrying thing is that they didnt seem to know anything about me or how much i owed and who to?
now they also said that i had to pay £199 up front and if they couldnt carry on with my claim they would refund in in full within 14days?

sounds like a scam but i really dont know.

the number they rang me on was 01606 265929

rog2

marcuszs wrote: »

had a phone call today from TelXL Ltd saying that they could try to get my loan's written of if the agrements had been drawn up incorectly.
the worrying thing is that they didnt seem to know anything about me or how much i owed and who to?
now they also said that i had to pay £199 up front and if they couldnt carry on with my claim they would refund in in full within 14days?

sounds like a scam but i really dont know.

the number they rang me on was 01606 265929

Just read through the whole of this thread, and think very hard before entrusting any private claims company with your personal details.

Certainly do NOT agree to any up front fees, whatever they say.

LittleMissRed

Does anybody know anything about this?

They claim that the credit agreements are not enforceable and they will be able to write off any debts you have remaining and claim back interest paid for the sum of £350 admin fee, plus 10% of what you did owe.

This sounds too good to be true and worries me about any subsequent lending barriers that may be placed if you followed this course of action.

Any thoughts would be appreciated!

Thanks

gwon

Don't pay anyone any money for solving your debts. Does adding more money on top of what you need to clear sound like a good plan?

I had a similar call from a company recently. Your best course of action is to speak to someone like the Consumer Credit Counceling Service, who are a charity and will offer the same services as these charging companies for FREE.

I recently set up a Debt Management Plan with the CCCS, which saved me paying some cowboys £300 in set up fees and then 17.5% interest every month.

So while it sounds too good to be true...you can actually get away with an even better deal! Give the CCCS a call and they'll go through your finances and help you out however they can!

fatbelly

LittleMissRed wrote: »

They claim that the credit agreements are not enforceable and they will be able to write off any debts you have remaining and claim back interest paid for the sum of £350 admin fee, plus 10% of what you did owe.

This sounds too good to be true ...

It is!!!!!!!

shanks

Has anyone heard of debt buyers?

thedebtbuyers.co.uk (forum wont let me post the url)
I'm not sure exactly how their service works.
Any thoughts?

Thanks for reading,

Shanks

fermi

It is a scam.

The OFT has already had several of these sites/companies shut down for making false claims.

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.'

fermi

** BG comment **

Please keep this thread on topic, which is discussing the merits of the claims made by these companies & alternatives in the context of people who need help with their debts.

Please see this rule.

LexieLou

Hi,

I'm using Credit Issues, please please don't lecture me on doing it yourself. I know that now, but didn't at the time. Anyway, I was told that they could write off my debt. They can't, it's simply classed as unenforceable. Can I go to the MOJ about this, esp as I have paid £800 to them!

LL xx

youngguns123

Hi All,

New to the forum. I jsut wanted to ask if anyone has had any success wiping out debts of creadit cards/loans made prior to April 2007. What's the deal here how can the debt be wiped off? Was there something that the lender may not have sent out in writing meaning that the debt is unenforceable.

Thanks,
Youngguns123