I have been made aware of this company and they can apparently scrub my credit card balance for a fee of £ 295

Sounds too good to be true?

Link to website

Any thoughts or opinions appreciated.

Did you not do this last week?
http://www.singletrackworld.com/forum/topic/scrubbing-old-credit-cards-due-to-unfair-credit-agreements

I did but trying to get more advice and opinion.

How about paying back the money you owe the credit card company?

And we wonder why we are in credit crunch, people trying to wipe debt they built up, and who pays in the end.. yep the rest of us one way or another. cheers for that 🙂

will be scrubbed via an IVA, which alot of the time you becoming backrupt. If this happens will be 6 years of no credit (which might be a good thing for you)

With regards to the muck they say about being mis-sold credit cards. You read the T&C’s and signed them so you need to deal with it.

And we wonder why we are in credit crunch, people trying to wipe debt they built up, and who pays in the end.. yep the rest of us one way or another. cheers for that

Lets not get to sanctimonious. Banks are commercial institutions and deserve no loyalty or respect. They capitalise on those that can least afford to pay and are ruthless in their treatment of them.

I’m not sure how this action by some would have an impact on others?

If the contracts are badly drawn up then hard luck. If the role was reversed the banks would be equally ruthless in there treatment of you!

I agree but lets face it, people spend spend spend on a credit card then moan they cannot pay it back…. then try to find a loop hole so they dont have to…. good as theft in my book! they have brought goods with the cash then get away with not paying back……….. perhaps just me but I dont like it, why should anyone get away with free goods. Now if you dont like the credit % change cards every year to keep the interest at 0%…

surfer where have you been for the last 2 years. What impact does that have on others?? Are you serious.

banks are money making businesses like all others and OK one or 2 bad apples have made things worse, but this is not the sole reason for the country being in this state.

If you take a loan, credt card mortgage etc you are agreeing that you can afford to pay this debt back and will pay it back in the agreed timescales.

the banks are to blame yes, but so are the people that took borrowing they could not afford. When this debt is written off, it comes out the banks pocket, and how do you think they re-coup those cost. By upping lending rates and putting down savings interest rates. this is how it impacts us all.

Hmm. My father-in-law was “mis-sold” an endowment mortage. He struggles, frankly, to comprehend anything very much other than lunch, so is almost certain to have a watertight case against someone or other. 😐

being mis sold something is different thats bad advice, taking a credit card is choice and you know what your spending on it!

banks are money making businesses like all others and OK one or 2 bad apples have made things worse, but this is not the sole reason for the country being in this state.

Are you saying people foreclosing on credit card debt is the cause of the current financial problems?

If you take a loan, credt card mortgage etc you are agreeing that you can afford to pay this debt back and will pay it back in the agreed timescales.

Of course you are and anyone who cant will be penalised heavily by the banks for their inability or unwillingness to pay. My point was that banks are not benevolent institutions and if they can refer to the terms of the agreement when they increase the interest rate to those who have the least chance of paying it back then they will. If borrowers can refer to the paperwork then I dont see any moral issue with that.

the banks are to blame yes, but so are the people that took borrowing they could not afford. When this debt is written off, it comes out the banks pocket, and how do you think they re-coup those cost. By upping lending rates and putting down savings interest rates. this is how it impacts us all.

The first bit is right. A large part of the issue is the sub prime misselling in the USA. Banks encouraged lenders to take larger debts than people could afford. Banks need to tighten up there lending regulations and if this is an example of where they have slipped up then I dont have a moral objection to people exploiting it.

People should accept responsibility for their actions – too many in society these days rely on someone else to sort out their problems. Too spoilt as kids I suppose….

come on a credit card it not the same as a large loan. A credit card you sign up to and the T&C’s. you spend when you walk into a shop, time and time again, its about bad planning and being greedy buying what you cannot afford, when you get a credit card the balance is £0.. only you spend and add to it. You cannot blame a bank for that. I have 2 credit Cards both on 0% interest when they start hitting interest after 1 year I switch the balance to a new 0% card and so on (even though I have a zero balance) . Some people just spend what they dont have due to greed and then moan after, if you aint got the dosh dont spend what you dont have, the best leason my dad ever taught me. Credit cards are ideal for short term small purchases to tie you over and pay it off after a month, not shoving £1000’s on and then getting into trouble.

Sorry no sympathy here, people dont think before spending what they dont have! then moan that they pay interest, a bank is a business, you borrowed their cash.. your responsibility

come on a credit card it not the same as a large loan. A credit card you sign up to and the T&C’s. you spend when you walk into a shop, time and time again, its about bad planning and being greedy buying what you cannot afford, when you get a credit card the balance is £0.. only you spend and add to it. You cannot blame a bank for that. I have 2 credit Cards both on 0% interest when they start hitting interest after 1 year I switch the balance to a new 0% card and so on (even though I have a zero balance) . Some people just spend what they dont have due to greed and then moan after, if you aint got the dosh dont spend what you dont have, the best leason my dad ever taught me. Credit cards are ideal for short term small purchases to tie you over and pay it off after a month, not shoving £1000’s on and then getting into trouble.

Sorry no sympathy here, people dont think before spending what they dont have! then moan that they pay interest, a bank is a business, you borrowed their cash.. your responsibility

Dont disagree with a word (same as Mudshark) and I have no credit card debt to speak of and will not be following this route. People who recklessly get themselves into trouble have only themselves to blame.

My point is that we shouldn’t criticise people for finding a loophole given that the banks will ruthlessly prey on the weakest and poorest with the worst credit history. Banks do not deserve to be treated any other way and (from a moral perspective) can equally be exploited.

if this is an example of where they have slipped up then I dont have a moral objection to people exploiting it.

This isnt. Therefore you shouldnt.

you borrowed their cash.. your responsibility

Isn’t it our cash now?

Isn’t it our cash now?

Depends who you borrowed from.

I am not saying credit card debt is the cause of the credit crench. however badly managed debt is a contributor to it. It is not solely the banks fault, stop reading the paper and believe all the rubbish they print. there are many reason that this has happend and the country need to get away from putting 100% blame on the banks.

If you have been mis-sold a product then use the proper channels and report to the FSA or the CCD. these internet companies are not the way to go.

I say that the credit crunch was primarily caused by American mortgage lenders and brokers – then spread around much of the world by banks with too much spare cash taking on far too much of that debt. Most of those who took out the loans were financially fairly clueless.

no the money is not yours now, in fact forget money, you use a credit card to get a nice HD tv worth a grand… you owe a bank for it, then using a loop hole is immoral to avoid paying it back. You technically then have a free tv which the bank have paid for… that is wrong! Dont get me wrong I hate banks, but at the end of the day they are a business and you are borrowing their money, you borrow, you pay it back it really is that simple, if you borrow beyond your means then you only have yourself to blame. Im not holyer than, I have done this in my teens, borrowed far too much and spent 6 years paying it back, but I did, my stuff up, my greed buying what I did not have the cash for. I have never borrowed or used a Credit card since. Would I expect to have got the debt wiped… not in a million years, 100% my responsibility

Joe,

The unfair credit agreement is very powerful and you can wipe some debts clear.

Be careful though as it’s an unregulated industry so there are a lot of cowboys offering this. There are also a lot of companies that genuinely don’t know what to look for and have a low rate of success. Lots of firms also have additional charges at the back end as a % of the wipe off – very naughty really as the legal teams can invoice the lender for their services without you having to pay a penny at the back end.

I am involved in this, I’m CeMAP qulaified, part of the largest FSA directly authorised firm in the UK and in the last month alone have submitted over £250k of clients debt.

If you want some genuine advice, feel free to contact me. If you have already contacted companies, please be careful as some companies are promising the Earth and delivering little.

Stu

If you persuade someone to do something and it causes them harm, do you feel no resonsibility?

Bank are meant to be professional money lenders. But automatic credit card limits are set too large for many people who don’t have the disposable income to pay back that amount.

I take your point, but where do you think personal responsibility should play a part in this?