How to Write off Credit Card Debt Legally with the Consumer Credit Act
How would you feel if you were able to write off your credit card debt over night? A change in the Consumer Credit Act in 2006 by the British government made this possible to a lot of people. Read on to find out if you are one of the many people who qualify.
The Consumer Credit Act was created in 1974 to regulate unsecured loans with a value below £25,000 and protect regular people lending money. In 2006 the law was amended creating a way to write off credit card debt legally for a lot of people. Simply because the credit card companies hadn’t obtained the needed documentation. And the amendment opened an opportunity to use this against the lenders making them unable to make you pay.
If you have unsecured debt (ex. from credit cards) from before April 2007 there is a possibility that it hasn’t been recorded properly. In that case you can take your creditor to court and write off your debt over night. The legal terms it’s called an Unenforceable Loan Agreement simply because the loan is unenforceable without the right documentation.
The way to actually write off your credit card debt is to prove in court that your loan contract doesn’t live up to the requirements in the “2006 Consumer Credit Act amendment” and therefore is unenforceable. Which by the way means your creditor is unable to force you to pay any of your debt and the court will make your lender write off the entire loan.
To get help with the legal aspects of this you need to either find a solicitor or an advisory company. And get them to look at your specific case. These different options all cost some money and the way they charge range from an upfront fee to a fee if the case is won and your debt is written off. Some even offer discount if you have several loans that needs to get checked.
So there you have it. Your loan could possibly vanish forever if it turns out your lender hasn’t done their paperwork properly and you take the time to find out. It does cost some money to find out if your debt qualifies to get written off, but if it turns out you don’t have to pay off the rest of the loan you will probably save the money spent on legal help many times over. Best off luck getting debt free in an instant.
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