Please help-government legislation2 write off unaffordable debts how do I do it(read details below)?
where can I find this legislation and write off these debts I cant afford-Im currently receiving benefits due to agoraphobia illness so am on low income and cant afford to repay old debts.I tried IVAs with a company but they took too high a cut and werent sending payments or freezing interest as they should of done.
How(for free preferably) can I find and use this legislation to totally write off these old debts.
Any help much appreciated.
Additional Details
I am currently paying them all off at around £10month each but even that on my income is a struggle.I want to totally get them written off if possible.
Answers:
You're probably going to hate this:
While you are not working forget the commercial people who offer IVA facilities; they require you to be in full time employment before they will consider your case. They will usually only take on debts of £15k or more as well.
If you become employed and are earning a wage that will support your domestic outlay and leave enough to pay both some of your creditors and the monthly fees of the IVA practitioner you will then be required to tie yourself into a debt management contract for a max of 60 months. During that time they will receive your salary on your behalf, take their fee (5%) then allocate you your living allowance (£175pcm for a couple with no children). Everything else is paid to those of your creditors who bother to turn up to the meeting arranged by the IVA people. Those who don't have what you owe them written off. If you work overtime that also goes into the pot and is divvied up - you see none of it.
If you breach the contract the IVAP will simply sue you into bankruptcy.
Your credit rating will be screwed for years afterwards as well. After all, if you lent someone money and they then didn't pay it back, would you lend to them again?
Go and talk to the CAB. They can write letters on your behalf and they don't charge.
I would visit your local citizens advice for information. They should be able to point you in the right direction. Good luck x
When I found myself to be in an uncontroable debt situation, I called Consumer Credit Services for help. I ended up contracting with Lighthouse Credit Foundation to get out of dept. I got on a payment plan in which I was able to get completely out of debt in five years. Today, I am debt free except for the mortgage on my house.
The snag with writing off all debts is that for the individual its great, but what does it do to the economy? Everyone else has to pay off other peoples debts by higher interest, higher mortgages, higher taxes. I feel for you, honestly, but to let everyone get off paying their debts would have a huge domino effect.
Whats that advert with the two doves? It writes off debts, try them. Type 'debt-free' in the search engine and loads will turn up, then choose whats right for you.
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