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The myth that debts can be written off


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Unless I am missing something very obvious about debts been written off, I believe it is a myth. I will be very happy if someone can proof me wrong or add a different light on some of the points I have raised here.

 

 

 

The myth that debts can be written off

 

Writing off a debt means that the Creditor (Original or Deferred) decided that is should not be paid by the Debtor and that all files regarding the specific debt are closed and that it reflects a balance of £0.00.

 

There are companies that claim that they can write off certain debts based on non-existing or un-enforceable Credit Agreements. Such a company did act on my behalf. The writing off based on these mentioned facts is a myth in my opinion for the following reasons:

 

1. Should an Original Creditor (OC) not have an agreement or should the agreement not be enforceable, then it is just that; the Credit Agreement is un-enforceable and the OC will probably not take the Debtor to Court to enforce payment on it but the Debt still exists.

2. Also, it is very hard for me to see that the OC will agree that the agreement is un-enforceable and decide that “we just forget about the debt and close all files”.

3. The OC will still try to get payment on it with the use of Debt Collection Agencies (DCA’s), even if they know they cannot force the Debtor to pay via Court Action.

4. Should the DCA fails to get payment then the OC will pass it on to the next DCA and probable sell it in the end for next to nothing to some DCA.

5. DCA’s will probably continue to try to get payment on it until it is Statue Barred (SB).

 

The only way to get debts written off:

1. Get the OC to agree that it is un-enforceable and let them confirm that they are going to write it off (very unlikely).

2. Getting to a point where it is clear that the Owner of the debt do realise that it is un-enforceable and get them to accept a very low Full and Final offer of around, say, 10-12% of the original debt – this is only a partial write off.

3. Going to Court (either initialised by the Creditor or the Debtor) and an outcome in the favour of the Debtor.

 

Why companies wouldn’t get a debt written off:

1. They do not have “special powers or knowledge” to force the OC to acknowledge it is un-enforceable and they agree to write it off.

2. Getting a very good Full and Final settlement is not writing it off (although helpful).

3. They will not take the Creditor to Court (too expensive and the Debtor will have to pay) or should the Creditor take the Debtor to Court, then the Debtor will have to pay for the defense.

 

These debts are not getting written off, the Debtor can just stop paying and no one can force the Debtor to pay and it will probably go through the DCA merry-go-round until it is SB. This is not Debts Been Written Off.

“We believe Capital One Law takes privilege over UK Law” – Sven Lagerberg – Capital One.

-----------------

By supplying ALL the documents WILL NOT answer your questions but by supplying a SELECTIVE few will. – Jayne Sheenan – HSBC

------------------

Separate requests with a fee should be made to ALL relevant Data Controllers in an organisation. - Jayne Sheenan – HSBC

------------------

Our t&c's overrides ICO guidelines when reporting to CRA's - Karon A Bullock - Capital One

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I have heard, on VERY rare occasions, of debt being written off owing to compassionate grounds; such as illness etc. Although, as I say, I've only personally heard of such action about 3 times!

I am rarely around these parts any more. I only stop by when something has come to my attention that has sufficiently annoyed me so as to persuade me to awake from my nap and put in my two pence.

 

I am a final year law student; I am NOT an expert in law. All of my posts are just my opinion. I cannot be held responsible for any outcome whatsoever resulting from any person following the opinions or information contained within my posts. Always seek professional legal advice from a qualified lawyer.

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You are right,

 

The truth of the matter is that the debt cannot be written/paid off... because the banks make no provision for debt free money with which to pay off debts. Even when you pay off what the average borrower sees as the the 'money' the bank loaned you, it is not paid off... it merely augments overall debt.

 

ALL money is borrowed into existance and therefore interest is payable on it... the banks, neither local nor central banks can lend enough money so that debt can be paid off.... such a facility does not exist. This is one of the reasons we have ups and downs in the economy.

 

There is simply not the money with which to pay off debt, ie: you cannot pay a debt with debt (and some 97% of all money is debt). This is why people go bust, the economy is manipulated so that some people will fall off the edge, then the banks can get their filthy hands on the assets of those people who have worked to buy investments like homes, cars, shares and so-on. THEY ARE THE UNLUCKY ONES WHO SIMPLY FALL OFF THE EDGE - so the banks can grab their treasure... deliberately pushed there by a monetary system that cares not a jot for humanity.

 

As MN Rothschild said...

 

"Allow me to control the currency of a nation and I care not who makes its laws". (whoever controls the money, controls the politicians).

 

The system and the overall effect is highly complex, (it even has its own mathmatical symbols and formulae).... this is why what we call new money has to be constantly injected into the economy - as I see it, more and more money is being given to the banks as interest and this results in a shortage of money available to the public and the coporate. This is how I see it.

 

As debt can never be repaid, it keeps on mounting so interest is paid upon interest with a devatstating compounding effect and as interest on debt is paid from 'money' we earn from our labour or prudent investment, so the overall debt becomes even more of a burden and grows faster. If you take the US debt, estimated at some $500,000 per adult you can see that the $dollar must be getting close to the point of collapse (say, 200million adults X $500,000). They too pay income tax to service the interest on that total - wow!

 

As the US dollar is the world reserve currency, that will screw the entire global economy perhaps beyond the effect of the Great Depression, perhaps even to the point where the international banking cartel will come along with the perfect solution - The real.... NEW WORLD ORDER..... then the fun really would begin. Verichips under the skin of the right hand - worldwide.

 

The system we have was implemented years ago to do exactly what it is doing... it came out of London and now there are Central Banks in 99% of countries owned or controlled by a small number of men who are wealthy beyond Croesus and now desire totalitarian control over the entire world.

 

Had it not been for a very weak man, one Woodrow Wilson, who agreed to sign the Federal Reserve Act in 1913 in return for his guaranteed presidency, the world would perhaps not be in the state it now is.

 

Interest on money is NOT necessary for a successful world economy, it serves only to make the true elite wealthier than they are. Some even estimate the Rothschild worth at $500,000,000,000,000. Who knows?

 

I have just noticed a post about writing off debt on compassionate grounds... NO, it is not written off, it is entered as "settled" or some such similar entry so as to halt any further collection activity.

 

charlie

Edited by charlie*
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I agree, it is highly unlikely. Even if a debt is obviously unenforceable, the creditor will be able to get something for it by flogging it off to the likes of Cabot. The only thing likely to stop this will be if Cabot etc start to do their own checks before they purchase these debts wholesale and refuse to buy them, but this too is unlikely because not enough people are aware of their rights.

Edited by Fred Bassett

Before you criticise another man you should first walk a mile in his shoes. Then, when you criticise him, you'll be a mile away and he won't have any shoes on.

 

Don't get me confused with somebody knowledgeable by all those green blobs. I got most of them by making people laugh.

 

I am not European, I am English.

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Without the eye catching headline to their advertisements they would have no business coming in.

 

The fairytale possibility of having your debts written off will be seen by many of those in debt as the answer to all their dreams and they will flock to throw money at these firms.

 

Desperate people will try anything and that is what these firms pray on.

 

A complaint or three to the Advertising Standards Authority might reign in these extravagant claims.

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the decision to "write off" a debt is one that can only be taken by the creditor.

 

however there are many occassions when they will do just that

 

however it is usually an "accounting excercise" which allows them to offset the written off debt against their tax liabilities

 

a debt is an ASSET to a company and thus although ""written off" in teh company accounts- can (will) still often be sold as an asset (usually as a block of delinquent accounts)

 

contrary to what many caggers believe, Many creditors do not always actually sell the debts- rather they are approached by DCA's who offer to take them on "sale or return" ( they agree to stand the costs of chasing and/or ligitating to recover the debt) if they are successful they agree a percentage of the debt and if unsucessful - then they don't actually pay anything but simply return it to the creditor and the cycle may be repeated with other DCA's

 

full and final settlements would rarely be less than 25% and whilst the debt cannot be said to be written off- the fact that the remainder does not have to be paid is the same effect to the debtor and occurs in many instances

 

you are correct in saying that a legally unenforceable debt is still a debt- however, for all practical purposes, and with the exception of the ability of the creditor to make adverse credit reference reports- there is no other avenue for the creditor and after 6 years he HAS to write off the debt in his books as it would then become statute barred and he is then prevented from pursuing the debtor.

 

in general terms the old adages, "there's no such thing as a free lunch"

 

and " if it sounds too good to be true- it usually is" should be remembered

 

or as they say in Yorkshire

 

tha dunt get owt for nowt!

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Thanks DD for your comments.

 

One of the points that I want to make is that should these companies that claim they can write of debts be succeeded in identifying an un-enforceable agreement, you will still have adverse entries on your credit file and can end up been chased for it for 6 years. This is certainly not the impression they give.

“We believe Capital One Law takes privilege over UK Law” – Sven Lagerberg – Capital One.

-----------------

By supplying ALL the documents WILL NOT answer your questions but by supplying a SELECTIVE few will. – Jayne Sheenan – HSBC

------------------

Separate requests with a fee should be made to ALL relevant Data Controllers in an organisation. - Jayne Sheenan – HSBC

------------------

Our t&c's overrides ICO guidelines when reporting to CRA's - Karon A Bullock - Capital One

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if you have a loan or cc with charges and ppi on................... and it matches your debt ... then "yes" they can be wiped effectively ie. charges and ppi to be claimed 2k cc debt 2k = 0 debt simples!!!!!!

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Thanks DD for your comments.

 

One of the points that I want to make is that should these companies that claim they can write of debts be succeeded in identifying an un-enforceable agreement, you will still have adverse entries on your credit file and can end up been chased for it for 6 years. This is certainly not the impression they give.

 

yes i know

 

i don't think it is true that ALL the companies were sharks- i am not too well informed on them but i believe one or two may be (have been) genuine

 

i would suggest that those who ask for upfront fees might well be dodgy!!

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i don't think it is true that ALL the companies were sharks- i am not too well informed on them but i believe one or two may be (have been) genuine

 

I do believe as well there are many of them which are OK, it is just that people using their services do not necessary realise that a debt that has been written off is not necessary going to be a "nice and clean" result!

“We believe Capital One Law takes privilege over UK Law” – Sven Lagerberg – Capital One.

-----------------

By supplying ALL the documents WILL NOT answer your questions but by supplying a SELECTIVE few will. – Jayne Sheenan – HSBC

------------------

Separate requests with a fee should be made to ALL relevant Data Controllers in an organisation. - Jayne Sheenan – HSBC

------------------

Our t&c's overrides ICO guidelines when reporting to CRA's - Karon A Bullock - Capital One

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