Im looking at obtaining CCA requests from my credit card providers. All taken out before 2007. Im struggling at the the minute to pay and any debt wiped off would be of great help. However can they make life difficult and ask to pay the whole lot up front?
I heard that a claim for wiping the debt is if a card company increases your balance without you requesting it. Is this true? This has difinatley happened to me.
Has anyone had any experience or advice. Thanks in advance
Do you believe in Flying pigs ?
The only way to clear your debts is to pay them in full OR come to mutually satisfactory agreement with the card companies, but then you run the risk of ruining the next 6 years of future credit applications.
There is a thread here (http://forums.moneysavingexpert.com/showthread.html?t=1205313) regarding this 'so called' 2007 loophole.
A more productive course of action would be to contact one of the free advice centres, CCCS or PayPlan, and getting advice on how to pay off the cards with payments you can manage. I have just started a DMP with CCCS and they have been brilliant. Your credit rating is shot, but that's what got you in this mess in the first place so a few years without the credit cards can't be a bad thing.... ;)
PS, increasing credit limits has happened to pretty much everyone who has got near their limit but always made at least minimum payments. They're not stupid - they want to make as much money as possible. They always say if you don't want the increase to call them and they'll keep your limit as it was. Did you do that? Or did you carry on spending....?
