Wipe off your credit cards. Is it too good to be true?

Chewy_III

I have just been contacted be a company offering to wipe off my credit card balances, sounds fantastic! Can it be true?

Apparently some cards, loans or finance taken out before April 2007 can be legally written off.

The company wanted 5% of the outstanding balance upfront then a further 10% once the debit has been cleared, they also claim to have had a 100% success rate with the cards I have. They also say that it won’t affect my credit rating.

Has anyone else heard of this? Has anyone done it? It sound a no brainer apart from the £850 they want upfront to see if I qualify.

BigDave81

This thread explains the process that you can follow yourself

http://forums.moneysavingexpert.com/showthread.html?t=1868507&highlight=unenforceability+template

You will ruin your credit rating for 6 years though by defaulting on the payments.