Tag Archives: clear credit card debt

Recovering Extortionate Charges – Might Be No Aggro!

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A debt management firm called Credit Issues has had some success in challenging credit card and personal loan balances by requesting “true copies” of the original agreement has proved a powerful and effective approach.Several rulings by various District Judges have vindicated that strategy and in most cases so far, those “true copies” have not been made available.So with no documentation forthcoming, a positive outcome for Credit Issues’ clients challenging the entire balance (whether they are being pursued by the original lending institution or the debt has been sold to a debt collection agency) is highly likely.To date, they’ve successfully challenged in excess of £1.5 million for their clients and are on track to reach a target of £10 million worth of personal debt successfully challenged.

Even if those “true copies” actually do arrive, that doesn’t mean Credit Issues gives up challenging credit card balances!  They recently negotiated a reduction of over 75% to a major Visa credit card balance after identifying incorrectly stated APR on behalf of a client in just those circumstances. However, in addition to achieving balance reductions and clearance, Credit Issues also seek to get back the sometimes excessive charges that have been applied to client accounts.

That’s especially been the case with MBNA, the credit card provider that is ultimately owned by Bank of America. Earlier in the year MBNA  categorically stated that they would not acknowledge or deal with companies such as Credit Issues,  however only a few short months later MBNA offered to negotiate every case on Credit issues’ books.

That change of heart by MBNA has proved very profitable for Credit Issues’ clients! In one case, they claimed £160 in extortionate charges – MBNA refunded all charges to the sum of £632.08.In another they tried to recover £75 in extortionate charges – MBNA refunded all £477.23 of charges.Perhaps the most impressive was their claim to recover £1,035 in extortionate charges and to their client’s delight MBNA refunded all the charges applied amounting to a grand total of £3,069.44.

So don’t give up on using any legitimate tactic to reduce or write off your credit card debt.  You never know what bonuses you will get if you use a proven and professional debt management company.

Don’t Believe Scare Disinformation by Lenders on Debt

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An increasing number of consumers are realising that you can challenge legally unenforceable debts.A company called Credit Issues has done just that with £1.5 million of consumer credit card and personal loan debt this year alone.  They’ve proved successfully that a contract which breaches the terms and requirements of Consumer Credit Act 1974 is not enforceable by the lender or the Court.People who may have been capable of supporting the credit card or loan commitments they made only a few months ago may now face difficulties because of redundancy or a reduction in household income.  Circumstances for which they are entirely blameless!So more people are exploring this entirely legitimate means of challenging and reducing their total debt.

Lenders are naturally concerned about this rising tide of consumer awareness of just how the  Consumer Credit Act 1974 can be used to the benefit of hard pressed consumers and numerous stories, articles and spoilers have begun appearing in the press suggesting that the approach is untried, unproven and not worth pursuing.  Many suggest that challenging debt in this way is similar to the position on reclaiming bank charges.Following a spate of banks refunding customer’s charges, thanks to a national campaign by Martin Lewis, OFT intervention has merely put everything on hold for the time being.

Using the Consumer Credit Act 1974 section 78(1) and the mechanism of requesting “true copies” of the original credit agreement is not remotely similar to the position on bank charges.The issue to be decided on bank charges is not necessarily their validity, but whether the amount charged is ‘fair and reasonable’.That demands a subjective judgement based on an opinion of what is “fair and reasonable”.

In the case of challenging personal loan or credit card and store card debt using the “true copy” approach, an identified breach of the terms and requirements of the Consumer Credit Act 1974 is a matter of objective and legal fact.  No opinion or subjective judgement is required.  The agreement is either in breach of the Act (in which case it is unenforceable) or it isn’t.  And if it isn’t, Credit issues will advise you of that fact and won’t waste your time and money by pursuing a case that has no chance of achieving the result you desire.

So don’t believe the lender’s scare stories, sanguine advice and sheer propaganda.The requesting “true copies” approach works because the lenders know that they cannot argue that they are not in default when they do not provide a copy of the agreement.When no documents turn up, a positive outcome in challenging the entire balance (whether they are being pursued by the original lender or a debt collection agency) is highly likely.If the documentation does arrive, it often turns out to be simply a copy of an original application form.This does not constitute a credit agreement, but simply confirms that you applied for such a credit agreement.If that’s the case, then the situation is entirely as above and again a successful outcome is highly likely.

Even if the requested “true copy” of the agreement actually does turn up, that doesn’t mean that the chances of challenging the debt have gone.   Credit Issues negotiated a reduction of over 75% to a major Visa credit card balance when the client’s agreement was found to have incorrectly stated the APR.Indeed in a very recent case the lender caved in on the steps of the court just before a scheduled hearing and the Credit Issues client walked away from the entire debt and any negative information on his credit file was to be removed.The judge also instructed the claimant to pay the client’s costs in the action, so his court costs were paid as well!

A Proven Means of Reducing Debt or Just a Con?

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Consumers are being urged to continue the battle against lenders collecting legally unenforceable debts and many companies are out there claiming they can clear your credit card and personal loan debt through a “loophole” in the legislation.Credit Issues is one of the more reputable, Ministry of Justice approved, firms that has successfully challenged in excess of £1.5 million of consumer debt and increasing demand for its services has resulted in the firm aiming to challenge £10 million of consumer debt over the course of the year.

But isn’t increasing awareness and encouraging consumers to act just a scam or taking advantage of a loophole though?  Many people seem to take the entirely moral standpoint of being unwilling to entertain an attempt to challenge any unsecured personal loan or credit card debt on the basis that they “knew, or should have known, what they were getting into”.   This course seems to be “running away” from a debt obligation and rewarding lack of prudence, planning and foresight.But the same accusation could be levelled at pretty well every lender, all the financial institutions, major clearing banks, most MPs and all the elite political class at the moment!

The issue may not be whether it’s a defensible ethical course, but rather whether sufficient preparation and professional assessment has been undertaken by the credit management company to ensure that they are not wasting your time by taking on a case that has no real chance of success just to make a fast buck!  Lenders are making some £9 billion a year out of interest and fees from what very well may have been irresponsible lending, but if the contract between two parties breaches prescribed terms under current UK legislation (Consumer Credit Act 1974) it is not enforceable by the lender or the Court.

People whose finances were capable of supporting the commitments they made only a few months ago may now find themselves in an untenable position thanks to redundancy or a reduction in household income.  Circumstances for which they are entirely blameless, so why not look at any legitimate means of challenging and reducing your total debt?The lender cannot force you to pay the debt back and they do not have the right to sell the debt on to a debt collector or any other third party and provided you select specialist advice from an advisor or company registered with the UK Ministry of Justice, you can at least challenge a significant proportion of your unsecured debt.

Credit Issues is just such and approved organisation and has successfully pursued almost £ 1milion worth of debt so far this year, challenging enforceability through scrutiny of “true copies” of agreements.Several recent, successful, English court cases against well-known lenders have concluded with District Judges consistently ruling that the debts were being disputed on substantial grounds and that the agreements were indeed unenforceable.  Most recently, the Credit Issues team successfully removed one client’s liability to credit card debt, despite it being assigned by a major lender to a debt collection agency, and he was able to clear the entire balance of £16,029.50.

Irrespective of who the credit card or unsecured loan provider is (even if that debt has been “sold” to a debt collection company) and even if the requested “true copies” original agreements that form the basis of many of these successful cases are available,   so long as the balance is over £2,000 Credit Issues could help challenge or reduce the balance of your credit card or unsecured loan and also reclaim any mis-sold payment protection insurance or accident sickness cover together with interest.

That’s not a scam or a get-out.  It’s a legitimate and entirely defensible avenue open to hard pressed families, who through no fault of their own, face severe debt worries. The only caveat consumers should bear in mind is the importance of choosing a firm with a specialist legal team and proven published details of successful cases.

Scottsih Personal Debt Rises

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Recent data indicates that personal insolvencies in Scotland rose by a dramatic 137% in stark contrast to figures published on Protected Trust Deeds (a version of an IVA north of the border) which suggest a modest 1.6% increase quarter on quarter.  This of course reflects only those who have approached a licenced insolvency practitioner to establish such an arrangement. These figures may seem counter intuitive when set against other data that suggests Scottish homeowners have emerged relatively unscathed from the housing price slump with just 1% of Scottish owner–occupiers in negative equity.

However, that may help explain the relatively low ratio of those successfully going through the PTD route. People whose finances are now stretched to breaking point still retain sufficient equity in their property to make a PTD acceptance unlikely as creditors will be inclined to deny any “IVA-like” suggestion and propose that the debts are paid in full when the equity remaining in the property is greater that the total debt owed.

More immediate and practical action is available to reduce the levels of unsecured debt at least on a UK-wide basis using key changes to the Consumer Credit Act 1974 that apply nationwide.  This approach means that the total balance on some credit cards and unsecured loans issued before 6th April 2007 could be cleared completely.The strategy of challenging enforceability through scrutiny of “true copies” of agreements has been proven in the English courts, with several recent court cases concluding that the debts were indeed disputed on substantial grounds and that the agreements were indeed unenforceable.

There is no reason why this approach should not be equally successful in Scottish Sheriff Courts.  Indeed a company called Credit issues successfully removed one client’s liability to credit card debt, despite it being assigned by a major lender to a debt collection agency, and he was able to clear the entire balance of £16,029.50.  Irrespective of who the credit card or unsecured loan provider is (even if that debt has been “sold” to a debt collection company), so long as the balance is over £2,000 you could clear your credit card or unsecured loan debt and also reclaim any mis-sold payment protection insurance or accident sickness cover together with interest.This action will at least will take the pressure off and reduce the gross amount of debt outstanding.

Easy steps to tackle your credit card debt

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Credit card is an broadened credit provision offered by famous economic institutions like banks etc. With the help of credit card you can purchase anything within the credit limit and pay the amount afterward within the specific interval of time. If the disbursement phase of your credit card is maintained properly, it would prove like a lucky thing. If you ignore to pay the bank fees then you have to pay interest even on the amassing amount. It becomes a big lumber. problem till you realize fitting measures to get rid of the full unpaid. The recovery representatives would call everyday along with employing cruel verbal communication to recover their unpaid, threatening you with various legal actions along with you realize strongly gripped into their clutches, cursing yourself about your miserable as well as pathetic term. Your life becomes restless along with you gain a situation of sadness with the added profound psychological strain.

You must discontinue utilizing the credit card immediately, when you land up in state of these forms. The next step is to become aware of an added credit card where the rate of interest is lower balanced to the former. Transfer all your due on the credit card offering inexpensive rate of interest as well as then arrange to pay the whole sum through alike monthly installment. Obtaining an interest free loan in order to reconcile the full unpaid is an added way to deal with the situation. As acceptable by your economic position, you can pay the interest free loans in simple parts.

There is a distinct possibility to get the decline of serious interest rate and other expenses if you liberally consult with the authoritative individuals at the bank as well as let them know about your present monetary situation as well as inability to clear up the whole sum at one go. They may consider your appeal favorably by granting you adequate time to clear up your owing. Obtaining a long period loan is another option with you. Once you resolve the complete unpaid, you can start reconciling the loan by effortless and manageable parts keeping in mind your current economic stance. One more way is to clear credit card debt along with that opting for one more credit card of superior credit along with money removal facility. You can withdraw the necessary money as well as then reconcile your unresolved with the help of that. If you want to avoid the recompense of serious bank fees, the you must reconcile your extra credit extraction rapidly.

Avoid disastrous payments of credit cards

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The number ofdebtors across the planet is growing on a very speedy speed. Definitely, it is a very tricky experience in order to cope with the liability of credit cards. If you are not able to clear credit card debt in due course, then you have to ruin your complete credit account. The number of persons that are now failing to attend their credit card imbursements is now escalating. Even there is an augment in the number of cheats, which has broken all the former arrears records.

An individual can destroy his financial account due to the credit card balance due. And even, it would add to the current harms faced by a credit card defaulter. If a debtor tries to apply for achieving a loan from the finance lenders or even try for a mortgage, he would not be considered by any institute or lenders. And the calls and reminders from assorted credit card debt collectors would make your life like a measly. The downturn period is also responsible for all your harms. Many folks are now anguishing due to the depression. Because of the misfortune spread by recession, the revenue a large number persons is heavily condensed. The depression has also caused raised rates of interest. The idle people are also cursing the recession. The baddebtors cannot make appropriate payments due to the recession trouble and so, they have to torment up with its insensitive consequences. Even, the monetary establishments would be affected with the downturn and would not lend loans to any bad defaulter, in order to avoid jeopardy.

Though, there are several preferences left with a debtor, so that he is able to deal with the disastrous credit card overdue recompenses. The possible harms that are going to pop up in the upcoming could be avoided with the aid of these keys. If still your credit card is convenient, then you must lessen the to be paid sum by trying hard. The further use of the credit cards for normal duties should be instantaneously stopped. You should put a reduce in your outflows. You can also obliterate the cards, if are not able to control yourself from using them. The card businesses also provide substitute cards, which you can opt for, if you wants it in forthcoming. Though, must not abandon your cards. This would affect your credit rating pessimistically. You can also store some money that would be useful for the reimbursement of your credit card arrears.

Best way to reduce credit card debt – debt settlement or DIY?

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Do It Yourself Debt Elimination

It is unfortunate that our society has become very much dependent on credit.  People's lives have been built and ruined on credit and sadly the cycle seems to have no end that some people live and work just to pay off their debt.  These people need help but while they themselves know it, they seem to be powerless to bring about a change in their lifestyle that will point them towards a brighter financial future.

Fortunately, there are firms that offer to help them get out of debt and stay out of it. There are debt management services that are committed to helping them get out of this endless cycle of debt, interest payments on loans, more purchases on credit because they lack cash, and because they have used it to pay their long overdue debts.  This cycle is madness that perpetuates itself because no one has empowered them to make the right moves.

ZipDebt Review

ZipDebt wants to empower you to take charge and settle your debts yourself. If debt negotiation overwhelms you and you need a little direction and encouragement, ZipDept has a credit counseling program that will teach you how to do it yourself and save thousands of dollars in fees, decrease the risk of creditor backlash and in the process feel better and less stressed because you know you have done something positive. Doing the negotiation yourself, they espouse, is the most practical and the most affordable debt settlement solution available.  And even if you are not convinced after trying out their program, you can avail of their one year moneyback guarantee.

Hoffman Brinker Review

Another firm that offers their services to help people solve their debt problem is Hoffman, Brinker and Roberts. They have proven themselves to be an ethical company that has a satisfactory record with the BBB. They have assisted hundreds of people suffering from a terrible financial situation and keep them from litigation or bankruptcy.  The company believes that clients should honor their financial obligations based on their ability to pay, and this is what they have always advocated for their clients. They urge them to make voluntary settlements with their creditors leading to the elimination of the possibility of declaring bankruptcy or suffer harassing collection calls and/or legal action from them. The fees are similar to other debt settlement companies but the best thing is they only charge you when they get the work done.

There are many possible debt management solutions available. Learn more about credit card debt elimination plans.  Those mentioned here are just two of many that exist and could also possibly be of assistance to you. You only have to look carefully for them.  The internet offers a very easy way to do this. But you need to be aware when choosing a debt settlement firm and make sure they have a solid record of delivering results. Whichever one you decide upon can make or break your efforts towards debt freedom. Make sure that you have gone over the details that these services offer, what they include and what exceptions there are.