Write Off Credit Card Debt

You may be surprised to learn that it is thought that many credit agreements from the banks are flawed in one way or another, and 20 percent of the agreements may not even be worth the paper the contract was written on.

The Consumer Credit Act of 1974 insists upon strict terms and conditions that must be written into the contract that you have signed. For example, the interest rates must be clearly stated and correctly calculated, and often this is simply not the case. In some cases these agreements aren’t even signed!

You can write off your debts and claim compensation on anything from credit cards, credit card fees, secured and unsecured loans, bank charges, store cards and especially the payment protection insurance plan which was probably mis-sold to you.

If you’ve taken any kind of credit agreement or loan before April 2007 you might be able to have the debt written off completely and legally by using a solicitor on a no win no fee basis.

Get your solicitor to request a copy of the credit agreement from your lender. This agreement will then be closely audited to see if it does in fact comply with the 1974 Consumer Credit Act. If breaches are found in the credit agreement, it may be unenforceable.

The solicitor will write to the lender on your behalf, so you don’t have to do anything. The process will take about nine months depending on how long your credit company take to respond to the request for the documentation.

This is not debt management, an IVA (Individual Voluntary Arrangement) or bankruptcy. The service is free to use and you don’t have to pay anything until you’ve won.

For far too long banks and credit card companies have taken their customers to the cleaners, charging ridiculous rates and exorbitant fees for late payments, reducing the credit limit so the customer now has exceeded their allowed limit and then charging another fee. On top of this, we pay even more yearly fees for the “privilege” of having one of their credit cards.

It’s your turn to see if you can write off your debts. It’s legal, fair, justified and could save you thousands of pounds. Use the law to write off debts and restart your life debt free, and free from the day to day worry that you can’t pay your bills.

Clear Your Credit Card Debt

Free Yourself of Credit Card Debt

In the cur rent times of economic crisis, credit card debt has become widespread. If you are paying just the minimum monthly dues on your credit cards it is perhaps a futile attempt to get rid of the debt. In reality, this approach of clearing your credit card debt may take years as you are probably only paying off the interest portion of the credit, judging by the high interest rates that most credit card companies charge.

Now a solution presents in the form of making credit card claims to clear your credit card debt. So how can this happen? Well, most credit card users are unaware of one basic fact about lending companies, which is that in all probability your credit cards company cannot enforce the loan or credit agreement because of legal hassles. In fact, this is slowly gaining recognition, and many users are becoming aware that clearing their credit card debt is not so hard after all.

So, now you know that clearing the huge credit card debt is not so complicated, here is how you approach the problem. The first step is to get in touch with a mediator to approach the lender with the request to make a claim. This is best done by hiring a professional solicitor or company that specialises in making credit debt claims. This is because the right way to approach the lender is crucial to ensure that your loan agreements are unenforceable thus contributing to the success of your claim.

The next step is to identify the actual loans and credit debt that you wish to make a claim against. This can include your credit cards, loans, financial agreements and even mortgages. Once you have listed out your individual claims, you will need to provide the account and credit cards details to the company your hired to take care of the claims. The final claim will depend on the actual credit loan amount due, and it is best to let the same company handle all your credit card claims if you hold multiple accounts. The company then handles the necessary paperwork to arrange an audit at the lender location that will analyse any breaches on the lender’s part which then qualify you to a claim. Once the grounds for dispute are ascertained it is only a matter of time before the solicitor helps you to clear your credit card dues so you really are debt free!

Fined PPI Providers Add Weight to Your case for a Refund

PPI

If you have ever tried to claim on a payment protection insurande policy when you became ill or unemployed you will know it is practically impossible to do. There are so many exclusions and omissions and hidden clauses that hardly anyone could possibly make a succesful claim. And that is the way they were designed. It is not surprising then that providers have been heavily fined.

Several major banks and lenders, including Alliance & Leicester, Egg and Capital One have been fined for “not treating customers fairly”, and more are added every day. The regulator, the FSA, has said it wants to see better practice and has fined several companies for failing to treat their customers fairly. More fines, which could be for up to £1 million, are expected.

Who’s been fined?
* Capital One: Fined £175,000 in February 2007 for failing to ensure that 50,000 customers buying credit cards and loans between January 2005 and April 2006 received important information about the policy.
* GE Capital Bank Ltd: (supplies cards for Asda, Comet, Debenhams and Topshop among others): Fined £610,000 in January 2007 for inappropriate sales of its store cards and credit cards.

* Redcats: Fined £270,000 in December 2006 for also not having adequate systems and controls in place to minimise the risk of unsuitable sales.

* Egg: Fined £721,000 in Dec 2008 for serious failings in its credit card PPI sales by telephone between Jan 05 and Dec 07. Egg has said it will be writing to customers, asking them to call a dedicated number if they are concerned they were mis-sold PPI, and will compensate where appropriate.
* Alliance and Leicester (A&L): Fined £7 million, the highest fine to date by far, in Oct 2008 for serious failings in its PPI telephone sales between Jan 05 and Dec 07. A&L has said it will be writing to all the customers concerned.

* 5 motor retailers: GK Group Limited, George White Motors Limited, Ringways Garages (Leeds) Limited, Ringways Garages (Doncaster) Limited and Park’s of Hamilton (Holdings) Limited were fined a total of more than £175,000 in Aug 2008 for exposing a total of 2,175 customers to the risk of being sold unsuitable PPI policies.* Liverpool Victoria: Fined £840,000 in July 2008 for serious failings in the sale of single premium PPI on telephone loans sold between 14 January 2005 and 8 August 2007. It has also agreed to compensate customers if their policy is not appropriate and to refund interest automatically.* Land of Leather Ltd: Fined £210,000 in May 2008 for allowing its sales force to sell PPI, between May 2006 and Feb 2007, without effective monitoring or training.* HFC Bank, also trading as “Household Bank” and “Beneficial Finance”: Fined £1,085,000 in January 2008 for putting customers at an unacceptable risk of being sold PPI when it was not suitable for them. Failings took place in branches between Jan 2005 and May 2007.
* Regency Mortgage Corporation: Fined £56,000 in December 2006 for not collecting sufficient information during a PPI sale to ensure its recommendations met customers’ demands and needs.
* Loans.co.uk: Fined £455,000 in October 2006 for not having appropriate systems and controls to minimise the risk of unsuitable sales.

If you are a customer of one of these companies it may have already been in touch with you, but if it hasn’t you should definitely send a asking for justification that your policy was sold with your best interests in mind. Other companies are likely to be fined too. The FSA is likely to announce further fines, this is important as it hugely strengthens your claim for a refund of your payment protection insurance policy.

Rip Off Payment Protection Insurance- Can YOU Claim?

Payment Protection Insurance

It is easy to claim back mis-sold PPI. Very few people have been able to claim on this insurance and Lenders have been fined MILLIONS in the high court for selling it to people who DID NOT need it or whom they knew would be NEVER be able to claim on it as they were self -employed, about to retire, or already had pre-exting medical conditions which meant they could never claim anyway!

It is a NATIONAL SCANDAL! And you can claim it all back! FREE.

The Competition Commission has released a damming report following its investigation into the Payment Protection Insurance (PPI) market.

The Competition Commission said in its summary; we provisionally found that each credit provider and financial intermediary faces little competition for the sale of Payment Protection Insurance (PPI) when it is sold in combination with the credit it insures. As a result of this lack of competition, it is highly profitable to distribute PPI. We estimated that the 12 largest distributors of PPI made profits in excess of the cost of £1.4 billion in 2006. We found that there were features of relevant markets which resulted in consumers facing higher prices and less choice. Not only was the matter of competition a factor in this investigation but the Citizens Advice Bureau issued a super-complaint which highlighted not only consumers paying excessively high prices for PPI but that consumers were also often mis-sold PPI by companies using pressure and unfair sales tactics.

Claim Back Mis-sold PPI.

Mis-sold PPI.

The mis-selling of payment protection insurance has been called one of the worst financial mis-selling scandals of all time.

The premium for a loan is usually added to the loan meaning that the customer also paid interest on the insurance policy! Great news for the lenders. Bad news for the consumer.

Banks and other lenders made vast sums of money from the sale of PPI Policies and charge extortionate rates for the insurance which rarely pays out because of the restrictions and exclusions that were designed to stop people being able to claim.

There are many ways in which each PPI policy may qualify as a mis-sold policy. Typically lenders saying, untruthfully, that the PPI was needed to qualify for the loan, or not giving borrowers the chance to look elsewhere for PPI. Other failings on the part of the lender may have included selling a single premium policy that is paid up-front, or selling a policy to someone who is outside the eligible age range to benefit from the policy. Perhaps most extreme for mis-selling a policy designed to cover people for loss of earnings from employment, was to sell to people who were unemployed or self-employed, rendering the policy meaningless.

The premium on credit cards is usually added to the monthly repayment figure and this can run into thousands if you have had the card a long time and keep a high balance. The premium is usually a percentage of the balance. For example £1.00 per £100. You might think “Well, that’s only 1%”, but if you have a balance of £1000 you will be paying £10.00 per £1000. If you have a £10 000 balance that amounts to £100 on top of the normal payments.

Mis-selling scandal

Many people do not even realise they have PPI. Many more have no idea how much it has really cost them as it is often very unclear. Furthermore, lenders made it difficult to cancel when people do realise just how much the PPI has cost them.

It is up to the seller to make sure you have been fully informed of all of the restrictions. Another is if you have a pre-existing illness then you will not be able to claim.

There are over 10 reasons why PPI policy might have been mis-sold, so if you are like the rest of the UK population there is a very high chance you will be eligible for a reclaim.

The good news is that you can claim it all back with interest and the commission paid to the lender who sold it.

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