He is getting free advice as the debt elimination company owes money to his business. So are you saying that despite using the card for 5 years, he can simply have the entire debt wiped because he didnt sign the credit act? - MBNA still lent the money. It sounds great if this is the case but surely there would be legal action to recover the debt.

He says he hasnt signed the Credit Act or something... does that change anything?

I have a friend who has several credit cards with MBNA in the UK, he has been told by a debt elimination company that he can elimate his debt because he signed for the card but not the debt... some loophole in the credit agreement. He has had the cards for several years and has over 10k balance on them, can he really get this debt eliminated? what are the repercussions? eg. credit rating etc... Surely even if there is a loophole the credit card company can still chase him for the money he has spent on their cards?

I have a friend who has several credit cards with MBNA in the UK, he has been told by a debt elimination company that he can elimate his debt because he signed for the card but not the debt... some loophole in the credit agreement. He has had the cards for several years and has over 10k balance on them, can he really get this debt eliminated? what are the repercussions? eg. credit rating etc... Surely even if there is a loophole the creditcard company can still chase him for the money he has spent on their cards?