Credit Card Elimination

has anybody heard of these companies that claim to be able to wipe out the balance on credit cards . are they a con or are they legit. I have a lot of debt and it would be brilliant to be able to write it all off but they want about £200 pounds per card to do it. has any one used them?

. Debt Relief Orders (From 6 April 2009)

What is a debt relief order (DRO)?

DROs provide debt relief, subject to some restrictions. They are suitable for people who do not own their own home, have little surplus income and assets and less than £15,000 of debt. An order lasts for 12 months. In that time creditors named on the order cannot take any action to recover their money without permission from the court. At the end of the period, if your circumstances have not changed you will be freed from the debts that were included in your order. DROs do not involve the courts. They are run by The Insolvency Service in partnership with skilled debt advisers, called approved intermediaries, who will help you apply to The Insolvency Service for a DRO.

Is a DRO likely to be suitable for me?

To apply for a DRO, you must meet certain conditions:

You must be unable to pay your debts.
You must owe less than £15,000.
You can own a car to the value of £1000 but the total value of other assets must not exceed £300.
After taking away tax, national insurance contributions and normal household expenses, your disposable income must be no more than £50 a month.
You must be domiciled (living) in England or Wales, or at some time in the last 3 years have been living or carrying on business in England or Wales.
You must not have been subject to another DRO within the last 6 years.
You must not be involved in another formal insolvency procedure at the time you apply.

2009-04-20 03:50:52 by trep

This is a short edited version of the Panorama episode "Can't Pay Won't Pay" broadcast on the 10th November 2008. It tells of ...

I do not mean Debt settlement; I meant Debt elimination. I saw some websites mentioning something like UCC1 to turn from Debtor to creditor(????). Looked very promising.

Be careful ... alot are scams. They want thousands of dollars up front and get you into a monthly contract of you paying them fees.

2008-07-08 08:35:22 by webby_34

Price: $3.99

I've had a company called CDS contact me about debt consolidation of my credit cards. Does anybody know if they're reputable or a scam?

Consolidartion is combining your debt to one easy payment, usually at a lower rate. They can loan you money at a lower rate than what you owe your creditors and payments are spread over a longer period of time. Check with theBBB first to see if there have been complaints filed on them.

2007-02-06 11:35:17 by cancerking

i am a college student living on my own and i have credit card debt that isn't that substantial (one card is $450, the other $285), but because i am paying my own way thru school and have other monetary obligations, it is still stressing me out trying to pay it down. can someone give me some suggestions on the quickest and most effective way to help pay those bills off before the increase (by the way: i already have two jobs, so i am working)

The way that makes the most sense mathematically is to pay off the card with the highest interest first, then pay off the other card. However, money is more than just mathematics... otherwise, every mathematician would be a millionaire! :) Instead, the way we spend or save our money is heavily influenced by psychology. So, the method that is most effective for many people is to pay off the smaller debts first and larger debts later, because there is a psychological boost when you pay off a debt, which motivates you to continue tackling debt. This is called the "debt snowball" technique. I highly recommend the blog "get rich slowly", especially the entries from March 28, 2008 and February 5th, 2008. The blog is at http://getrichslowly.org/blog/

2008-04-11 18:39:19 by rebel_without_a_pause1989

I suppose it depends on how you look at it. First, somebody is making a profit or they would not advertise. Where do they make it?

There is no way of eliminating debt without trying to defraud the lender. If I borrowed $50 from you, under what circumstances would you let it go?

You can declare bankruptcy but that is a pretty painful way of doing it. Buying a house would be out unless you already own one. Interest rates on any new debt would be through the roof. Certain jobs, especially with the government and banking are no longer open to you.

2008-01-18 10:11:11 by CeeMo