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Writing off your credit card debt???
Comments
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How about...SpongeBob_NoPants wrote: »Circumstances change
Circumstances change
Your two point plan is flawed.
1) Don't borrow what you can't pay back later this month when the statement will arrive.
2) Pay your debts incurred this month later this month when the statement will arrive.
After all, that's how credit cards are supposed to be used isn't it?
If you can't do either of the above, then you must ask yourself "what will I do if my 'circumstances change' later on"?0 -
Hello to all
I have recently heard about a company that will write off your credit card balance & get you back all payments/charges (including interest) you have made on the account over the time you have had it. They charge £500 for first card & £125 for each card after that.
Once I find the website again I will post it up for all to see.
It all sounds to good to be true if you ask me, does anyone have any further information on this?
Here is the website http://www.cartelclientreview.co.uk/credit-card-claims.aspx
Why do you want to write off yuor credit card debt?
Surely you have spent the money? Now is time to pay it back.
All else is theft
Grow up and face your responsibilitiesThe best way to escape a problem is to solve it :j0 -
Sorry Faz, maybe not had enough time to get a broader spectrum of opinion, but my personal opinion is that these companies are pitching the idea that they have a magic wand that they can wave to make it disappear. The money they charge you is guaranteed, the outcome is hazy at best, IMHO it's good money after bad.
I'm happily stoozing well over £ 50K, if there was even a remote pain-free chance that I could contact these companies and never have to repay it then I'd pay the £ 500 in a second.
If it was really that simple and there were no repercussions then we'd all be doing it and this would be one of the forums where people would be telling you how to do it."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
YorkshireBoy wrote: »How about...
1) Don't borrow what you can't pay back later this month when the statement will arrive.
2) Pay your debts incurred this month later this month when the statement will arrive.
After all, that's how credit cards are supposed to be used isn't it?
Wrong YorkshireBoy, that is how a charge card works. A credit card is nothing of the sort.0 -
Pay me £500 and I will tell you how to write off your balance. Simply pay off what you owe, spend no more, and your balance will be zero - magic
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SpongeBob_NoPants wrote: »Wrong YorkshireBoy, that is how a charge card works. A credit card is nothing of the sort.
Spongebob - step away from the keyboard. Count the stars, the posts and the number of thanks. YorkshireBoy is vaguely familiar with credit cards. He's had one or two. Probably even three.
The point is that at 29% APR, credit cards are a vehicle to facilitate a purchase, giving Section 75 protection. To avoid interest they should be paid in full at the end of the month. They are a nightmare trap for some people who see them as "easy borrowing" and the point we're trying to make is that there is no easy way out - if you've got large card debts for whatever reason (and circumstances can be a huge part of it) then you need to sit down and do the hard work to plan a way out of it, not throw £ 500 at a company who promise to make it all better."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Spongebob - step away from the keyboard. Count the stars, the posts and the number of thanks. YorkshireBoy is vaguely familiar with credit cards. He's had one or two. Probably even three.
Yes, he has many stars, as you do. I have a personal loan with HSBC @ 6.1% from 2 years ago (one month left) I have a LOB 3.9% from egg from 10 months ago. What is serving my circumstances better.....the credit card or the loan?0 -
So treat your credit card as a charge card and it doesn't matter if your "circumstances change" does it?...and that's the point I'm making, and it's also one which Martin Lewis agrees with...SpongeBob_NoPants wrote: »Wrong YorkshireBoy, that is how a charge card works. A credit card is nothing of the sort.
Every debt-free wannabe starts at the same place, by not paying a card off in full at the end of the month...FACT.Martin_Lewis wrote:Watch out, lenders bite!
Credit card companies aren't nice. They've an array of tricks to bite your cash. Fail to pay off the card in full, even by just a few pounds and you'll have to pay interest...
I'd been using a credit card (the same one) for 20+ years before I discovered MSE and stoozing...and I'd also never had a 0% offer on it! I only ever spent what I KNEW I could repay when I was paid at the end of the month.
I've never paid any interest on credit cards. Consequently I've never been in debt (real debt anyway because, like CannyJock, I have nearly £50K of stooz debt).
Yes, the lenders must take some responsibility for the crazy limits that I and others enjoy, but the cardholders must take the bulk of the responsibility because they spent it (and invariably didn't see the bigger picture).
You reap what you sow I'm afraid.0 -
SpongeBob_NoPants wrote: »Yes, he has many stars, as you do. I have a personal loan with HSBC @ 6.1% from 2 years ago (one month left) I have a LOB 3.9% from egg from 10 months ago. What is serving my circumstances better.....the credit card or the loan?
Always the one with the lowest APR, assuming you mean which is the cheapest form of debt?"A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Spongebob - step away from the keyboard. Count the stars, the posts and the number of thanks. YorkshireBoy is vaguely familiar with credit cards. He's had one or two. Probably even three.
The point is that at 29% APR, credit cards are a vehicle to facilitate a purchase, giving Section 75 protection. To avoid interest they should be paid in full at the end of the month. They are a nightmare trap for some people who see them as "easy borrowing" and the point we're trying to make is that there is no easy way out - if you've got large card debts for whatever reason (and circumstances can be a huge part of it) then you need to sit down and do the hard work to plan a way out of it, not throw £ 500 at a company who promise to make it all better.
If you want to get pedantic then I am going to tell you to avoid interest on most forms of borrowing on most credit cards, you actually have somewhat longer than a month.
What is it? Well if we are to believe you with your picture of your brains spilling out of your ears then you should know.0
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