That's the heading of an article in my local free news magazine. The article is by an independent financial advice company and says, "because of changes in the Consumer Credit Act, it may be possible to wipe out any debts on credit cards /unsecured loans taken out prior to April 2007. This is because in many cases, the contacts for these have been deemed to be unenforcable".
It goes on to say " for example, if you had 3 credit cards and an unsecured loan, which all meet the necessary criteria ( doesn't say what the criteria is), these debts could be totally wiped and your credit rating will not be affected".
Anyone else heard of this? If its true and you meet the criteria what does it mean for IVA's?
I think that it is a load of old tosh to be frank, and it is probably a front for someone trying to source IVA or DMP business, or perhaps "assisted bankruptcy". What is the name of the company advertising such services, Julie?
I thought it was aiming towards IVA but when it states credit rating not affected?
The company's called Cambria Financial.
If I get a chance, I'm going to phone them tomorrow. If it is for IVA/ Br then its very misleading and I shall contact the editor of the magazine to tell them so.[}:)]
is the loophole something to do with your original credit agreement?
if a cc company cant produce it or a copy of it if requested the debt is then deemed to be uninforceable.
this could be tosh too mind [:)]
They're from Porthcawl apparantly, but I can't find a proper web site for them, just something on the Bridgend website. Just says they are financial advisors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I know this company, in fact I have worked with them in a small capacity, and am suprised that they would be using comments like this. I will have a word to see if there is something they know about that the rest of us don't!
And is this getting rid of your debt an act of charity or do you have to cross their palms with silver??
I believe andy is correct,this is another company which will try to get copies of credit agreemnts and if none are forcoming will try to have the debt written off.Not sure that it wouldnt have an affect on a credit file though.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It is all based on one or more legal loopholes. There are many companies now offering this type of service by asking for persons loan agreements and checking the offer then the actual terms of the loan embedded in the agreement.Be careful as they tend to charge substancial fees (but only out of any reduction or write off of the loan) and you might not receive any cash benefit.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
But as Andy says, it is debt avoidance and it would appear that the only people to win would be the company acting to write the debt off.
If you did manage to get any written off, you would possibly be blacklisted by that firm and any subsidiaries and unable to get credit from them again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I quite agree Julie. Be interesting to hear what they have to say.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
