Quizzes & Puzzles10 mins ago
"Debts written off" letters
9 Answers
Probably due to the current climate, I am getting a fair few letters from companies and IFA's offering to wipe out my unsecured debts for a fee of �400 or so.
To be fair my only debts, apart form the mortgage, are a couple of credit card debts so I don't think it applies to me.
I was just wondering tho - how can they do this - is this just a scam??
Thanking you in anticipation
xx
To be fair my only debts, apart form the mortgage, are a couple of credit card debts so I don't think it applies to me.
I was just wondering tho - how can they do this - is this just a scam??
Thanking you in anticipation
xx
Answers
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It is a scam aimed at the desperate. They provide you with a letter to copy - nothing else. You and I could both do that.
Easier to just make an appointment with the bank and talk. Failing that go to the Citizen's Advice Bureau who will help you write letters and negotiate with your creditors. But hopefully you will never need to to do this!!
Easier to just make an appointment with the bank and talk. Failing that go to the Citizen's Advice Bureau who will help you write letters and negotiate with your creditors. But hopefully you will never need to to do this!!
i assume they are talking about IVAs, from my understanding the debts have to be over �20,000
An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled. Due to its formal nature, an Individual Voluntary Arrangement - IVA has to be set up by a licensed professional called an Insolvency Practioner (IP)
An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled. Due to its formal nature, an Individual Voluntary Arrangement - IVA has to be set up by a licensed professional called an Insolvency Practioner (IP)
If they are offering to administer an IVA that is different. You can do the same yourself and save a lot in charges, but it can be an easier route to take on an agent especially for someone who cannot face up to their debts. However, if they are only offering a template letter it is a rip off.
And you won't get your debts wiped out anyway.
And you won't get your debts wiped out anyway.
It sounds much more like the newish scam - trying to find loopholes in the small print of consumer credit agreements as a basis for getting the debt written off. There are a number of outfits doing this at present.
There may be a few credit agreements which can be said not to comply strictly with the regulations, but it is unlikely to be many, & you pay up front a non-returnable fee for them to llok at each of your agreements (plus another fee if they succeed in getting anything done).
Forget it!
There may be a few credit agreements which can be said not to comply strictly with the regulations, but it is unlikely to be many, & you pay up front a non-returnable fee for them to llok at each of your agreements (plus another fee if they succeed in getting anything done).
Forget it!
Does anyone else get automated phone calls teling you that there is help with debt, backed by the government and providing a phone number for you to ring? It comes up as witheld number (surprise)
We've only lived at the address for a few months and have no financial problems. Just wondered whether it would be to do with the people who lived here before, as we kept their number, or if it is something that is completely random.
We've only lived at the address for a few months and have no financial problems. Just wondered whether it would be to do with the people who lived here before, as we kept their number, or if it is something that is completely random.
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