Thursday, December 18, 2008

Credit Card Write Off BBC Panorama 10th November 2008

Credit Card Write Off - BBC Panorama 10th November 2008

A recent episode of the BBC's Panorama delved into the world of credit card debt. The show, aired on the 10th of November, examined the measures being taken by some consumers to force credit card companies to write off debt balances.

The successful challenges tend to centre on the Consumer Credit Act.

The Consumer Credit Act of 1974 was brought about to protect UK Consumers, however, the terms that allowed the consumer protection were not clear. Therefore the Credit Industry was allowed free reign with little resistance or challenge from consumers.
However, these unclear terms of protection have now been changed. As a result of the Consumer Credit Act of 2007 all consumers can challenge a credit agreement if they believe it to be unfair.

The Panorama programme showed how a couple from the Midlands wiped off £100 000 of credit card and loan debt through the process described. The couple originally had over £130 000 of debt over a number of credit cards and loans. They achieved a reduction, leaving them with approximately £30 000.

Failures in the compliance procedures by the credit card and loan providers resulted in a partial or total reduction of the various debts.

Such failures are common throughout the credit industry. Consumers can now seek to:

+Reclaim unfair credit card charges
+Claim back excessive bank charges
+Reclaim miss-sold payment protection insurance or accident sickness cover
+Reclaim miss-sold whole of life insurance
+If there was a broker involved, seek to recover commission paid

This a relatively complex field and often involves a Solicitor "Auditing" a number of credit agreements. As a result Credit Ltd have stepped in to help individuals who wish to challenge their credit card agreements. If you have a credit card that was taken out before April 2007 we could help you.

For further information visit out site http://www.debtmanagementedinburgh.co.uk/creditcomp
Do you have a credit card or loan? Would you like to have the balance written off? No matter how many cards or loans you have we could help with them all. If your case meets the qualifying criteria the balance we could eliminate credit card debt. Just visit our website and complete our "Make a claim" form, It's the first step on the road to a sucessful credit card write off.

credit card write off

Credit Card Write Off - How does it work?

The Consumer Credit Act of 1974 was brought about to protect UK Consumers, however, the terms that allowed the consumer protection were not clear and therefore for years the Credit Industry was allowed free reign with little resistance or challenge from consumers.

These unclear terms of protection have now been changed as a result of the Consumer Credit Act of 2007. This makes it clear to all parties that Consumers can challenge a Credit Agreement if they believe it to be unfair.

The Credit Comp Ltd legal panel can check, audit or review your agreements and confirm if they are unfair or indeed unenforceable. If you believe you may have taken up an “Unfair Credit Agreement” we shall handle the whole process for you including if necessary taking your Lender all the way to Court.

We combine our knowledge and experience in finance with our Legal Panel’s expert legal advice to ‘Audit’ your credit agreement.

We check that your agreement complies with the prescribed terms defined in the Consumer Credit Act of 1974. The Consumer Credit Act 1974 exists to protect the rights of lenders and borrowers who are in contract with each other.

Millions of credit agreements, ranging from credit cards to loans are in breach of the Act and can be deemed to be ‘unenforceable’.

Where a borrower’s agreement is declared ‘unenforceable’ he/she would not be required to make any future repayments.

What can I claim?

Irrespective of whom your credit card or unsecured loan provider is, so long as the balance is over £5,000 we could help. Once you have discussed your requirements with a Credit Comp representative and we think we can help, we will sign you up.

Once signed up our specialist team will obtain and ‘Audit’ your agreements. We will then guide you through the rest of the process.

No matter how many cards or loans you have we could help with them all. If your case meets the qualifying criteria the balance of your credit or unsecured loan could be written off in full.

Visit our website http://www.debtmanagementedinburgh.co.uk/creditcomp
Do you have a credit card or loan? Would you like to have the balance written off? No matter how many cards or loans you have we could help with them all. If your case meets the qualifying criteria the balance we could eliminate credit card debt. Just visit our website and complete our "Make a claim" form, It's the first step on the road to a sucessful credit card write off.