Debt Write-Off in the UK - Beware of Vultures

People who are in overwhelming debt are usually worried. They feel guilty and afraid of what will happen. Let me put your mind at ease. Being in this situation may seem like the end of the world to you, but to those who work in the credit/debt profession or business, it's no big deal. You are only one of thousands of people in debt that they deal all the time. The good news is that it is possible to write-off your debts.

A Debt Specialist at the Citizens Advice Bureau said that "Four or five years ago, he would have been astonished to be asked to help someone with debts of over £100,000 but now it is commonplace" He expressed frustration that Credit Card Companies have appeared to have had no scruples about handing out cards to already heavily indebted customers.

A spokesperson from the Office of Fair Trading was being interviewed on BBC Radio 4 some time ago. He criticised the Credit Card Companies for constantly sending Credit Card Cheques to customers to pay off other credit card debts or to use them to make purchases. The spokesperson said that most people who used the cheques were not aware of the fact that they pay even more in interest charges than using their credit cards in the usual way. Few people read the small print in these offers.

People who were in debt were more likely to have received these cheque offers than people who did not owe any debt on their cards. The people who could least afford this more expensive credit seem to be the ones who were targeted by the Credit Card Companies. The companies were making multi millions in extra interest charges as a result of this activity.

Most people in debt are victims of the current situation where Credit Card Companies and Banks bombarded us with offers low interest loans or interest free period credit cards together with very high debit balance limits.

Many lenders have been persuading customers to take on debt imprudently. They talk about giving you the credit limit you need in their advertising instead perhaps they should be talking about the debt limit. A study by uSwitch revealed that nine out of ten borrowers were issued credit cards dispite the fact that the lender did not carry out any checks to verify that they could afford to repay the debt. They invited people who already had more than ten cards to have another one. I have to say that many people are coming to the conclusion that some of these companies have only themselves to blame if a percentage of the accounts become unrecoverable.

If you decide to write off your debts whether partially or in full, beware of organizations advertising free debt write off advice. We have discovered that almost all of these advertisers have a vested interest. Many of them are suported by banks and credit card companies but operating under an enticing name and looking to recoup some of their losses by persuading you to sign up to their debt recovery plan. Ask yourself this. Would any of these companies invest money in advertising free advice if there was no profit for them?

You may have seen advertisements regarding "Unenforceable Credit and Loan Agreements". Many companies have appeared recently claiming that they can help you (for a fee) to write off your credit card or personal loan debt by finding flaws in the original loan documentation. Most of these firms have been set up by the usual "get rich quick" boys and over one hundred of them have been already been closed down by the UK Ministry of Justice.

If you want to write off your debts we have discovered that there are painless ways of doing it without getting involved with the vultures. The method you choose will depend on your personal circumstances. There are too many methods to explain here and to mention just one may mislead you into following a course of action that might not be suitable for your circumstances.

There are many forums on this subject covering real people's experiences together with their questions and answers but beware, many forums have been set up by the organizations with a vested interest and their advice of course, is designed to lead you to their own debt management plan that is unlikely to be in your best interest.

Choose a forum that is obviously independent and relevant to the country in which you live. Have a look at the experiences of people who have been in similar circumstances to your own together with the solutions offered by knowledgeable people. Eventually, you will come to a conclusion that is right for your circumstances. Do your research thoroughly first then take action. The sooner you take action the easier it will be.