Legislation that allows you to write off debt?

Wazzock

Hi everybody,

I recently received an e-mail about loans etc.. that mentioned something about using some government lagislation to write off part of your debt. I didn't read it too closely and have deleted the e-mail. Now I wish that I hadn't. Does anyone know anything about this, or is it a hoax/wishful thinking?

Wazzock.

fawd1

That's an IVA. It basically means that you pay a company a certain amount of money to deal with your debtors and get them to agree to reduce your debts. Stays on your record for the full six years though, so if you can pay anything off at all without doing it you're better off I would think.

hur575

I was advised to take one today and I got so annoyed with person because she keep telling but you will be free of debt in 6 years. I said yeah but it means I can not get credit but she keeps repeating her self. The reason I spoke to her because I applied for a loan and got rejection but the broker refer her, I explained to her my debt are do to my studies and hopefully my salary will go up and I have never missed a loan payment why I need to go that route?? I actually got very offended, she keeps telling me you are struggling, and I said it is hard but I have managed so far. Anyway I will never go down that route. I do not have ccj or anything it just some credit card missing payment and my account is back in order.

robert_harper_2000

You might have reading about Consumer Credit Act regarding you can request a copy of the agreement (not the application form) if the company has lost the agreement or it doesn't contain the prescribed terms. Then the debt is unenforceable.