CCA's and transferred debts

[GeorgeUK]

A friend of mine was considering bankruptcy but wanted to ask me about the possibility of using the CCA unenforcability argument.

 

A fair chunk of their debt is on newer cards so o said this would probably not work, but they asked if they could transfer the funds from the newer cards to old accounts that they have and then CCA these old accounts.

 

I'm not too sure about this - they would probably keep making payments for a while before lookng into the enforcability of the accounts but i was wondering:

 

Can you actually do this? Would it be considered deception or fraud?

 

If they were to do this and requested a SAR (to check the agreement) before doing the transfers, would this count against them?

 

Thoughts and advice appreciated.

[boss lady]

I think what your friend is proposing is a little risky but I certainly would not go down the route of bankruptcy because it has serious implications on your financial life for ever.

Your friend could consider going down the route of stating to the cc companies that he does not have enough disposable income (eg money left over after paying necessary expenses) to make the payments in full. Offer them say £2.00 per month and then after about 6 months make an offer to pay off in full and final settlement by making an offer of say 30% of the actual amount owed. Eg if they owed on a cc £4000 make an offer of £1200.

[thirty-n-fat]

I think what your friend is proposing is a little risky but I certainly would not go down the route of bankruptcy because it has serious implications on your financial life for ever.

Your friend could consider going down the route of stating to the cc companies that he does not have enough disposable income (eg money left over after paying necessary expenses) to make the payments in full. Offer them say £2.00 per month and then after about 6 months make an offer to pay off in full and final settlement by making an offer of say 30% of the actual amount owed. Eg if they owed on a cc £4000 make an offer of £1200.

 

i didnt know that this was possible?

 

does anyone know if there is a link where i can read more please?

[sequenci]

for ever

 

A little ott.

 

Bankruptcy may be the very best option for someone, although always seek advice from one of the debt charities prior to petitioning.