Gold (1974)

Debt Solutions – that work fast!

If you have ever been in a situation where creditors are baying for your blood, you would realise the fear and panic which can grip a person under such circumstances. The banks are powerful and have the means to create fear and intimidate people to an extent that logic and sanity can escape many altogether. Through the social pressures we feel mixed with the threats that they will damage you credit rating, tell your neighbours and ruin your life, they seek to bully you into paying them whatever you can, because often the law is not a strongly on their side as you might think. There is a way out for you. In fact there are many debt solutions by which you can avoid such a situation. It is possible to use a number of legal methods to clear your debts fast. There are good debt solutions and bad debt solutions and which ones are good for you and which ones are bad depends on your personal situation. But many professionals advise paying off the debts which could be a bad debt solution in certain circumstances. It could be that your debts it not legally enforceable by the bank, in which case, the right way is to write-off the debt altogether. Yes, you have read right – you can write-off debt and the law will help you do it. This may seem strange but it is true.

The Consumer Credit Act 1974 lays down guidelines for companies providing credit and ways to protect individuals in case of situations where one is unable to repay loans. In other words it was enacted to provide legal protection to both consumers as well as lenders. Consumer Credit Act 1974 has been enacted to protect people like you and I. You could be pleasantly surprised to know that under Consumer Credit Act 1974, many credit agreements taken out before 6th April 2007 are illegal enacted and therefore unenforceable. Debt write-off is therefore a possibility under the act and legally your right. Debt solutions should focus on this aspect of debt write-off but unfortunately this legal solution is not known to many including many professionals. It is time therefore to have a closer look at the agreement including interest rates. Often the lenders fudge the details and include terms which are inadmissible, incorrect interest calculations and more, which means they are not legal. Under such circumstances, debtors have a legal recourse in the form of debt write-off. Of course it is advisable to consult a debt write-off professional to obtain guidance. The right legal representation is a must if you want an ideal debt solution in the form of debt write-off. Consumer Credit Act 2006 is the most significant change since Consumer Credit Act 1974. It was felt that over a period of time the provisions under the act had either been diluted or become irrelevant. For example, the financial limit of £25,000 was felt to be insufficient keeping in mind the current value of money (result of rising debt without the backing of gold or other tangibles). The key implementation dates were 6th April 2007 and 6th April 2008. The changes which have come into effect from respective dates are:

From 6th April 2007

- New definition of individual

- Financial Ombudsman Service

- Unfair relationships

- Enforcing credit agreements

From 6th April 2008

- New business exemption

- Interest on default sums

- Removal of £25,000 financial limit

- Minimum standard of post contract information

- Retention of £25,000 financial limit for business lending

- Licensing

- Consumer Credit Appeals Tribunal

These legal provisions make no sense until viewed as a means to write-off debt. Approaching debt solutions from the stand point of debt write-off is one of the fastest, easiest, most rewarding and legal methods to a debt free life.

About the Author

After the loss of his business of 21 years in the Banking Crisis, Chris Ball was left with debts that were beyond his ability to pay. He had to find a unique solution to this difficult situation. In the process he learned a massive amount about how debt works in society and why it is eventually bad for everyone.
http://www.IDeserveDebtFreedom.com

Captain Christy 1974 Cheltenham Gold Cup

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