Author Topic: Writing off Debt?  (Read 2432 times)

scotbhoy

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Writing off Debt?
« on: Jul 13, 2009, 04:04:06 PM »
Hi, have noticed a lot of companies claiming to write off debts! having applied for a loan recently myself I was put in contact with one of these companies.

They claimed to be able to write off most of my unsecured debts, I told them I was'nt interested !!!
Does anyone have any experience with these companies? do they work ?

If so and they do work, can or could you go about doing this by yourself?

Paul

FinanceActionMan

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Re: Writing off Debt?
« Reply #1 on: Jul 14, 2009, 09:50:10 PM »
The ever increasing advert that has been promoted recently is the one claiming that debts can legally be written off. I would suggest these companies are to be avoided like the plague, and the Ministry of Justice (the people that regulate the claims industry) agree. They state many of these companies making claims like “up to 80% of loans have been mis-sold” are completely mis-leading. On the occasion that someone wants to write off a debt because a copy of their original agreement hasn’t been kept on file is ludicrous. If someone has knowingly taken out a loan, then it is their obligation to pay it back. And what’s more the claim handling companies that are jumping on the band wagon with these ideas are just earning a quick buck off their clients anyway. They often charge an up front fee with no interest in the claim’s outcome later down the line because they already have their money.

On the other hand if someone has been mis-sold a product, then it is only right that a refund should be given. An example of this can be seen with Payment Protection Insurance (PPI). PPI is extremely useful to cover missed payments in case of emergencies, however it is estimated out of the 20 million PPI policies in the UK up to 70% have been mis-sold. The Office of Fair Trading (OFT) and the Financial Services Authority (FSA), are carrying out investigations into underhand practices and high pressure selling tactics that have resulted in so many policies being inappropriate and therefore mis-sold. In this instance people should most definitely see if they can recover what they have paid, when it’s something that may not have covered them in the first place. There are a number of companies who provide this service and if you are looking in to it you should look at a company who doesn't charge an up front fee. There are many ways in which you can defeat the recession, claiming back your mis-sold ppi is by far the easiest and could be worth thousands to you.
Finance ActionMan
CHECK WEBSITE FOR ADVICE www.def

Debtwitch

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Re: Writing off Debt?
« Reply #2 on: Jul 17, 2009, 11:33:08 AM »
There are some who have succeeded - one couple managed to write-off approx £120k, but they tried to take on all of their credit and instead incurred huge legal fees to the sum of about what they owed in the first place!

I agree with FinanceActionMan, be very wary of these firms. 

There are debt solutions that are capable of 'debt forgiveness' if you are struggling financially, check out the forums for recommendations.
Angela Rosler
Insolvency Manager  e: [email protected]

Lizzy B

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Re: Writing off Debt?
« Reply #3 on: Aug 04, 2009, 09:02:59 PM »
I managed to have two of my debts written off.  it cost me £190 and yes i used a claims company.

You can do it yourself but it can become complicated  and time consuming.  I looked into it myself but then found i could become dependent on other forum users which is never good.


Lizzy B

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  • Posts: 4
Re: Writing off Debt?
« Reply #4 on: Aug 04, 2009, 09:04:42 PM »
I managed to have two of my debts written off.  it cost me £190 and yes i used a claims company.

You can do it yourself but it can become complicated  and time consuming.  I looked into it myself but then found i could become dependent on other forum users which is never good.



written off is not the right phrase.  I recieved a declaration off the courts. The debt never has too be paid back and the debts now show as (S) on my credit file.