75% of Debt Wiped off?

Spikey_2

Hi guys,

Whilst listening to the radio today I got the last bit of an advert.

They said that due to new government legislation upto 75% of your debt can be wiped off and your interest frozen?

Can somebody explain this please.

Where's the catch etc?

TIA

Spikey

MrsTinks

I guess on the radio they don't have the small (tiny) print the TV adverts do... "this could affect your credit rating for years to come"... I'm guessing IVA's and DMP's... Maybe even bankrupcy? :dunno:

Yes you MIGHT get up to 75% of your debt written off... but you will pay them for the priviledge and your credit rating will be pants for years to come... not that this is a bad thing

I'll try to catch the name of the next TV advert I see (I tend to blank them out as they raise my blood pressure :rotfl:) and see if I can find the exact details...

MrsTinks

oooo found it look up debtreducers.co.uk (boo hiss) - you will see the claim for 75% etc and they list IVAs, bankrupcy, consolidation loans, remortgaging. And if you look up debt management they list under IVA that you could write off up to 75% of your debt...

CCCS and payplan say I

CLAPTON

you were watching an advertisement from a company hoping to make money out of you.
nothing wrong with that of course.

they almost certainly referring to IVAs which is some circumstances can reduce your debts ...but come at a price of course.

post your Statement of affairs here and people can advise what is suitable to your circumstances..

see
http://forums.moneysavingexpert.com/showthread.html?t=107280

frankie1_2

Several companies offer this facility. The costs to you are high as they will charge you a significant % of your agreed repayment.
I don't think that the feedback on these companies has bee too positive.
There are companies which offer similar services for free eg. CCCS and Payplan. It may be worth you giving them a call.
You could forward your SOA so we may be able to offer you some advice in reducing your outgoings
Good luck