Writing off your credit card debt in full is an easy task if you make use of the Consumer Credit Act 1974 (which was amended in 2006) and the Consumer Credit Protection Act in a correct manner. According to these two acts, it is possible for a debtor to write off his or her overextended accounts in full if the debts fulfill certain requirements set under the law.
Let me share with you how to write off your credit card debt in full without paying a single cent. First thing first, you are reminded to obtain your latest credit report from any of the three major credit bureaus. Once you have got your credit file, you must go through all the details carefully to find out whether there is any inaccuracy or unauthorized account.
Next, as a credit card holder, you should have got your credit card agreement or contract with you. If you have lost all the documents, you are advised to write in to your card provider to request for a copy of agreement with your signature on it. The purpose of doing so is to make sure that the creditors do not take advantage from their debtors through unlawful contracts. If there is no proper agreement or statement given to you, you have the right not to pay back the debt.
A debtor can definitely write off his or her debt easily if the debt is "old" enough. Under the amended Consumer Credit Act, if you have signed any credit card agreement before April 2007, you stand a high chance to "delete" your debt completely by making use of the statue of limitations.
On the other hand, according to the Consumer Credit Act, the card holders must be informed by the card providers regarding the changes on interest rates, credit limit, late fee charges, over-the-limit fees, etc. If the card providers do not inform the card holders, the consumers have the right not to pay back the outstanding balances.
Last but not the least; you might not be good at law and you might not know your exact rights as a credit cardholder. In order to write off your debts successfully, you are recommended to look for a professional lawyer or a legal advisor to assist you. The lawyer can assist to find out whether the credit agreement contains any point which is not in compliance with law.
Let me share with you how to write off your credit card debt in full without paying a single cent. First thing first, you are reminded to obtain your latest credit report from any of the three major credit bureaus. Once you have got your credit file, you must go through all the details carefully to find out whether there is any inaccuracy or unauthorized account.
Next, as a credit card holder, you should have got your credit card agreement or contract with you. If you have lost all the documents, you are advised to write in to your card provider to request for a copy of agreement with your signature on it. The purpose of doing so is to make sure that the creditors do not take advantage from their debtors through unlawful contracts. If there is no proper agreement or statement given to you, you have the right not to pay back the debt.
A debtor can definitely write off his or her debt easily if the debt is "old" enough. Under the amended Consumer Credit Act, if you have signed any credit card agreement before April 2007, you stand a high chance to "delete" your debt completely by making use of the statue of limitations.
On the other hand, according to the Consumer Credit Act, the card holders must be informed by the card providers regarding the changes on interest rates, credit limit, late fee charges, over-the-limit fees, etc. If the card providers do not inform the card holders, the consumers have the right not to pay back the outstanding balances.
Last but not the least; you might not be good at law and you might not know your exact rights as a credit cardholder. In order to write off your debts successfully, you are recommended to look for a professional lawyer or a legal advisor to assist you. The lawyer can assist to find out whether the credit agreement contains any point which is not in compliance with law.
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