Wipe Credit Card Debt | Wipe Credit Cards http://www.wipecards.co.uk How To Wipe Your Credit Card Debt Wed, 21 Sep 2011 22:12:28 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Clear Credit Card Debts By Credit Card Debt Consolidation Loan http://www.wipecards.co.uk/clear-credit-card-debts-by-credit-card-debt-consolidation-loan/ http://www.wipecards.co.uk/clear-credit-card-debts-by-credit-card-debt-consolidation-loan/#comments Wed, 21 Sep 2011 22:12:28 +0000 admin http://www.wipecards.co.uk/?p=74

clear your credit cardsBy 

One of the most common reasons for building up of debts of a person is increasing use of credit cards.

Credit cards provide a comfort in using money anywhere and at any time. Nevertheless, despite of this fact, the people forget its another aspect, that is, its high rate of interest.

Today, market is providing various specialized consolidating loans, irrespective of individual’s problem such as: business debt consolidating loan etc. In the same manner, the people who are facing problems in managing their credit cards debts, for them, there is credit card debt consolidation loan.
Like, other consolidating loans, this also merges all the debts of a person and pays them through single payment. Credit card debt consolidation loans waive all the risk attached to the usage of credit cards.
How credit cards debts increases? It may vary from person to person but most common are:

oWhen the person tends to overspend without taking overdraft facility.

oWhen the person is obliged to pay high interest and penalties on credit cards.

oWhen the person is using number of credit cards and he finds difficulties in managing each of them.

Credit card debt consolidation loan carries lower rate of interest as compared to the interest rate of credit cards. Another good thing about credit card debt consolidation loan is that any person can avail loan whether with good credit history or bad credit history. But, this doesn’t mean that they are on same level. Definitely, the person with good credit score will be offered little lower rate of interest as compared to the person with poor credit score.

The process of applying for credit card debt consolidation loan is similar to the process of applying of any other loan in the market. But anyways, terms may differ. Availing debt consolidation loan can let the person to save money for his future needs. The reason is that the lender negotiates with the creditor of the borrower to reduce the interest rate or waive some of the penalties.

Basically, credit card debt consolidation loans come in two forms, secured or unsecured. In secured loan, it is obligatory to keep collateral with the lender. On the other hand, there is no need to keep any collateral in unsecured loan. Rather, the person is required to furnish certain details such as: his current bank account, his employment proof and his flow of income. By taking into account these details, the lender approves the loan amount.

Thus, availing credit card debt consolidation loan will help the person to manage his unmanageable credit card debts.

Eva Baldwyn aims to inform common men and women of the several issues involved in personal loans and mortgages through her articles. An MSc in Economics & Finance from the Warwick Business School is proof enough of the knowledge that she possesses in the field of finance. To find Personal car loan, Credit card debt consolidation loan [http://www.baddebtconsolidation.co.uk/Credit_card_debt_consolidation_loans.html], used car loan, bad credit car loan, cheap car loan in UK visit [http://www.baddebtconsolidation.co.uk]

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]]> http://www.wipecards.co.uk/clear-credit-card-debts-by-credit-card-debt-consolidation-loan/feed/ 0 Wipe Credit Card Debt http://www.wipecards.co.uk/wipe-credit-card-debt/ http://www.wipecards.co.uk/wipe-credit-card-debt/#comments Tue, 14 Sep 2010 22:16:44 +0000 admin http://www.wipecards.co.uk/?p=49 You may have heard the term ‘wipe credit card debt’ or ‘unenforceable credit card agreements’ quite a lot recently.You may know that it is possible to claim that you agreement is an unenforceable agreement and have the balance written off. But what are unenforceable agreements exactly? It is all based on the 1974 Consumer Credit Act. (CCA) This act states that in law certain terms and conditions must be contained within the agreement. If they are not or the agreement is not signed, then the agreement is unenforceable and you may be able to wipe credit card debt.

How is it Possible to Wipe Credit Credit Debt?

The term unenforceable means that the agreement cannot be enforced and therefore no further repayments need be made once the agreement has be declared unenforceable.  You may be wondering why only agreements taken out before 2007 can be claimed. This is because after that time there is discretion allowed by the judge as to whether or not the agreement is enforceable whereas before 2007 there is no such allowance and even a court cannot enforce the agreement. Credit card, store card, HP, car finance and loans can be checked or audited to see if any breaches of the 1974 Consumer Credit Act can be found in the agreement.

The process.

The process in order to wipe credit card debt is quite complex and  somewhat time consuming. You will need the backing of a solicitor who is proactive and this can be found by using a CMC or claims management company.

First a true copy of your agreement will need to be obtained from your lender. They have 12 working days to reply. If they fail to do so or send a copy of terms and conditions (which is not the agreement) then they are ‘defaulted’. The case is passed to a solicitor who issues proceedings against the lender. If your agreement is sent back it is then audited to check for any breaches in the 1974 CCA.  Once these are identified it is then passed to a solicitor who prepares the case for court. You will be given free ‘after the event’ insurance to cover any costs which you case my need.

The first stage takes about eight weeks. The second stage which aims to have the balance written off take longer and very much depends on the response of the lender in question. No cases have gone to court because if the lender loses a precedent will be have been set. So they won’t risk this.  But many have been settled out of court or written off before court proceedings have been issued.

The best advice?

The best advice is to shop around and gather as much information as possible. The law is constantly being tested in court and changing all the time. So you will need to be patient and also be prepared for changes in the law which affect your case.

There is no need to consider IVA or Bankruptcy before you have had your agreements audited for unenforceability. It is good, in my experience to tell your lenders that you are having your agreements audited and offer them a token payment of a few pounds a month if you can afford it. They are often more willing to accept if they know you are having an audit.

It is the first step to a debt free life.

Negotiate with your creditors yourself  using these FREE letters. If you are not confident contact the CCCS -Consumer Credit Counselling Service for free advice or on of the many debt management companies available to help. They charge for their work so shop around before you sign up.

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