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Debt elimination is the beginning of the road called debt free. You cannot separate one from the other. Debt elimination is the process of getting your outstanding debts under control and then avoiding getting into debt in the future. If you are in debt right now then you should know that it is really destroying your future, in several ways.

Credit cards, personal loans, hospital bills and car loans etc., can all amass to bad debt before you know it.

Credit card debt elimination.

Whilst, consolidation loans appear great at the time, this is in fact just spreading the debt over a loger period of time and, in many cases, just increasing the amount of interest you are paying, only providing temporary cash-flow relief.

However, credit card debts and personal loans, can be eliminated or settled for an insignificant amount, and this without filing bankruptcy or even ruining your credit rate! Of course, this seems hard to believe, but it’s perfectly true and a very high proportion of UK credit card and personal loan agreements taken out prior to April 2007 are being found to be unenforcable and the debt being wiped. Call me on 01323-848811 to find out how I might be able to assist you. All enquiries are in the strictest of confidence.

Hanmore of Yate OTHER (01/29/09)
For years I have had an MBNA loan which I have tried to pay off but they keep adding more interest so I was paying over 100 per month to get the loan clear On my last statement MBNA have decided to reduce my direct debit to minimum payment and added more payment and added more interest without my authority They say its due to the credit crunch and they have done this with all their customers. I have told them to revert it back to 100 per month but they have refused. Its been over a year that I have been trying to cler 1000. I asked to speak to a manager and this was refused Garth would not even give me the name of the manager.

Read dozens of similar stories here and if you think these stories from the USA are unique, I assure you I know of similar stories in the UK.

Explore how you might be able to ‘get back’ at MBNA… Find out whether you have an unenforcable agreement and have the debt written off! Visit My Claims Warehouse

The Guardian, Phillip Inman, Wednesday 25 February 2009

• FSA acts for first time to eliminate a product
• Firms asked to withdraw single-premium PPI

The main City regulator yesterday moved for the first time in its history to eliminate a financial product from sale by calling on banks and other lenders to stop selling insurance cover for loans and credit cards.

The Financial Services Authority has written to all firms still selling single-premium payment-protection insurance asking them to withdraw the product “as soon as possible”, and by no later than May 29.

The move follows an extensive report last month by the Competition Commission that found the insurance cover had generated excessive profits for lenders and led to unnecessary charges on consumers, many of whom were unable to make a claim.

A ban on the product was agreed by the commission to take effect in October next year. Several banks reacted to the commission’s decision by immediately withdrawing it from sale, but other lenders, including shops offering store cards and car dealerships offering car loans, failed to sign up.

The FSA, which is unable to impose a ban, said it hoped its request would be considered by finance companies offering the cover.

Thousands of consumers have complained about the mis-selling of payment-protection insurance in the last two years after a complaint in 2005 by Citizens Advice that the cover was “a rip-off”.

The insurance covers loans and credit cards if the buyer is made redundant or suffers a long-term illness. Campaigners vented most of their fury against the single-premium version, which front-loaded costs, allowing lenders to charge interest on the combination of the loan and the cover.

Five years ago the Guardian revealed how banks made profits of up to 80% on PPI premiums. The investigation also uncovered documents showing Barclays earned 10% of its global profits in 2001 from the sale of PPI. Analysts have calculated that between 2001 and 2006 Alliance & Leicester, Lloyds TSB and Barclays regularly made more than 10% of their profits from the sale of the product.

In 2005 the FSA began investigating the industry and in 2006 levied fines for mis-selling PPI with loans. Several lenders have been penalised, including Alliance & Leicester, which received a record £7m fine in September. So far, the big high street banks have escaped censure.

To find out if your Credit Card or Personal Loan (incl vehicle and home improvement loans) Agreements are unenforceable and the debt written off and protection insurance returned to you, visit My Claims Warehouse

Daily Mail – Simon Lambert – Created April 2006

1.  Know your rights

When a person opens a bank account or takes out a credit card they enter into a contract. Bank charges for going overdrawn or for bounced cheques are the equivalent of a charge for breach of contract, known as liquidated damages, and the courts can enforce payment. However the sum must reflect actual costs incurred and not exceed damages the bank suffered due to the breach of contract, otherwise it becomes a penalty, which is unenforceable by the courts. The argument that the charges exceed the customers losses and are not enforceable by law is covered in the Unfair Terms in Consumer Contracts Regulations 1999, Unfair Contract Terms Act 1977 and at Common Law. Some banks argue that charges are a fee for a service, however if this is the case then they must be reasonable under S.15 of the Supply of Goods and Services Act 1982. (more…)

By Sean Poulter from the Daily Mail on 27th February 2009

Test case: If upheld, the decision to regulate unauthorised overdraft charges could cost banks £10billion in refunds and spell the end of free banking
graphic

Banks could be forced to refund their customers more than £10billion following a landmark court victory.

The Court of Appeal yesterday ruled that the Office of Fair Trading has the right to decide whether sky-high charges – such as fees of up to £38 for exceeding an overdraft limit – are unfair.

The decision clears the way for the OFT to rule that millions of Britons have been overcharged for going overdrawn or bouncing a cheque.

If the watchdog did this – and assuming the banks did not appeal to the House of Lords – customers could then claim refunds on any unfair charges levied in the last six years. (more…)

From the Observer Feb 8th, by Helen Pridham & Margaret Dibben

Whether it’s because you’re too old, because you’ve lost your job or simply because you just don’t use it enough – your flexible friend may suddenly no longer be quite as obliging as it once was.

The financial squeeze is angering credit card holders as card companies peremptorily reduce their customers’ spending limits, leaving many with almost no credit with which to buy big-ticket items.

The triggers that result in limits being reduced range from card holders taking on other loans or suffering a drop in income, to their simply being too old, or to the companies wishing to reduce their exposure across a group of customers – and consequently the amount of capital they need to hold to fund those customers’ potential borrowing. (more…)

Key changes to the Consumer Credit Act 1974 (“the Act”) means that some credit cards and unsecured loans issued before 6th April 2007 could be totally written off through a legal process.

Unfortunately many lenders / institutions may have failed to ensure adherence to the requirements of the Act in relation to agreements.

Recent case law and amendments to the Act have resulted in an ability to challenge a regulated agreement on the basis of their non compliance with the strict requirements of the Act which was designed to protect consumers, such as you. For example the aim of the Act was to make sure consumers understood what rights they have and what redress was available if dissatisfied.

Irrespective of whom your credit card or unsecured loan provider is, so long as the agreement was taken out prior to the 6th April 2007 and the balance is over £1,000 and initially less than £25,000 we could help. Should you choose to explore how Claims Warehouse can assist youI will contact you and once I have answered any questions you might have, should you decide to sign up to our services, our specialist team will obtain and assess your agreements and guide you through the rest of the process.

Not only are we seeking to write off or reduce the balance of your credit card or unsecured loan we will also seek to reclaim any mis-sold payment protection insurance or accident sickness cover together with interest, if a broker was involved in the making of the agreement we will seek to recover any secret commission paid to the broker and finally Claims Warehouse will endeavor to recover any extortionate charges on the agreements(s).

No matter how many cards or loans you have we could help with them all. If your case meets the qualifying criteria the balance of your credit or store card or unsecured loan could be written off in full. Sound too amazing to be true? Then why not explore the information and make a judgement after doing so.

Explore how your Credit Card or Personal Loan Agreement, if taken out before prior to April 2007 and for Loans between £1,000 and £25,000, may be unenforcable and the Debt eliminated, without affecting your credit status. Sound too good to be true? Not at all. A high percentage of loan agreements submitted to date have been found to have fallen foul of the 1974 Consumer credit Act of 1974 and are in effect, Illegal agreements and the debt wiped. This is a low-cost procedure carried out by specialist lawyers.  Visit www.myclaimswarehouse.info