Big debt with a massive interest rate.

in.debt.dan

Hi gfplux, thanks for the advice I'll dig out all the T's & C's over the weekend. :T

in.debt.dan

Hi Guys,

Thanks for your reply's greatly appreciated. Does anyone know about the company who can write debt off because of some clause? I heard the advert on the radio, it says any loans, credit cards taken out before july 2007 can be wrote off? Does anyone know the full ins and outs of this?

Also im sure it must be illegal for virgin to put the APR up so dramatically if I was never made aware of the fact?

Once again thanks,

Hope you all enjoy the weekend.

Regards, Dan.

GeorgeUK

Do not go with companies that say they can get a debt written off.

You can have a look on the board for consumer credit agreement (CCA) letters and how to check whether the debt is enforcable or not. An agreement before 6th April 2007 must have certain terms on it to be enforcable. It can get a little complex though.
http://forums.moneysavingexpert.com/showpost.html?p=22311877&postcount=3

The Virgin APR will be a variable rate - banks are not restricted to the amount this rate varies.

I would still try to use any older cards that you previously cleared to try to transfer to.

JimmyTheWig

My only advice (easier said than done) is to pay it off as quickly as you can.
The more you can pay off each month the better.

The figures are sometimes surprising.
What's the minimum monthly repayment?
How much are you currently repaying a month?
What do you think you could pay off a month if you really focussed on it?