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.