Write Off Loan FAQ's
Is it legal to write off loan / credit cards?
All unsecured credit has to comply with the terms and conditions set down in the Consumer Credit Act 1974. Unfortunately for the lenders, someone made a hiccup when they were issued and subsequently they are not enforceable in a Court of Law. This allows our specialist team of Solicitors to write of loans, credit cards and most other forms of unsecured debt that falls into this category.
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What debts can be written off?
Credit Cards, Store Cards, Secured Loans, Unsecured Loans, Car Loans or Car Finance can all be written off legally as long as they have been taken out before 6th April 2007 and are less than £25,000.
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How long does it take to process?
This will depend on the amount of debt you have and the repayment amount you agreed with your Debt Advisor.
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Will I have to close my credit card / loan account?
Yes. It is highly unlikely that your current lender / creditor will keep you account open after having the debt written off.
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Will I need to go to Court?
It is highly unlikely you will have to attend Court. Most lenders will not let it get this far as they know the Terms and Conditions are flawed. In the unlikely event that it does, our team of specialist Solicitors will be there to guide you through the process.
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What are the risks involved?
There arn't any! Our specialist team of Solicitors have over 15 years experience in law and will pick up any issues in the application stage.
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What effect will it have on my credit rating?
It will not have any negative effect on your credit rating, if anything, it will be positive! Once the balances are written off they will show on your credit rating as 'all debts satified'. Any recorded defaults or late payments are removed from the file and your credit rating should begin to improve.
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Can I obtain further credit in the future?
Yes. Writing off loans and credit cards in this way does not have a negative effect on your credit rating so you will be able to obtain further credit in the future.
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Can you reclaim settled debts?
It is highly unlikey that any settled debts can be recovered. Loans or credit cards that are included on a or can be challenged. Give us a call and speak to one of our experienced Advisors to discuss this.
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How do I apply?
Simply fill out the contact form and one of our experienced Advisors will call you back. They will go through you details and tell you if you qualify for credit card / loan write off.
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