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Write off your Debts.
SailorSam
Posts: 22,754 Forumite
I've been listening to 'Moneybox' this lunchtime on the radio, They did an interesting story about these firms that offer to get your debts written off. One of the moneybox staff had received an unsolicited email asking if she had loans and would like them written off. Moneybox decided to follow up the story
A researcher phoned asking how future credit would be effected and told there was no problem this didn't effect that. The firm claimed a success rate up to 90%, they wanted an upfront fee of £245 to look into the paterwork and search for loopholes and then a further 15% to take action
Moneybox experts said this success rate was a fairy tale, and even if a claim was successful it would effect future credit, Loans were not written off but at best made unenforceable, meaning while you didn't have to pay them, they were still on your record as a black mark.
Moneybox described this as a disaster waiting to happen and listeners emailed to say they had had dealing with these firms and been left in even more debt, the moral of the story seems to be, take care.
A researcher phoned asking how future credit would be effected and told there was no problem this didn't effect that. The firm claimed a success rate up to 90%, they wanted an upfront fee of £245 to look into the paterwork and search for loopholes and then a further 15% to take action
Moneybox experts said this success rate was a fairy tale, and even if a claim was successful it would effect future credit, Loans were not written off but at best made unenforceable, meaning while you didn't have to pay them, they were still on your record as a black mark.
Moneybox described this as a disaster waiting to happen and listeners emailed to say they had had dealing with these firms and been left in even more debt, the moral of the story seems to be, take care.
Liverpool is one of the wonders of Britain,
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
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Comments
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Moneybox experts said this success rate was a fairy tale, and even if a claim was successful it would effect future credit,
Correct.Loans were not written off but at best made unenforceable, meaning while you didn't have to pay them, they were still on your record as a black mark.
Again correct.Moneybox described this as a disaster waiting to happen and listeners emailed to say they had had dealing with these firms and been left in even more debt, the moral of the story seems to be, take care.
Not at all surprised.
a) There is no way you should EVER EVER EVER pay a company to do this.
b) You should NEVER try this on your own if you have not already been defaulted.
If your credit record is currently OK, then it will result in it being trashed.
However, if you have already been defaulted and are being threatened with court action then it can be useful to check whether any agreement is enforceable. You can do that yourself though. No need to pay one of these "rip off" companies.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
As worth noting that the upfront fee is usually nonrefundable too.Total 'Failed Business' Debt £29,043
Que sera, sera.
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