Many fail to realize that there are many other legitimate alternative options available to bankruptcy and credit counseling. Most of the credit card companies and the debt collectors never want to divulge the options that are available with you to completely eliminate your debts without filing for bankruptcy or being stuck in a never ending payment plan. It has normally been seen that getting rid of credit card debt by yourself, is the best option of saving some bucks rather than spending paying to debt settlement or consolidation companies.
Getting out of credit card debt can be much easier once you go through this write-up. There is apparently a much better way to get out of this credit card debt trap, provided your credit card agreement is legally binding. Here lies the important catch! As per the Consumer credit Act 1974, there are few aspects of the credit card agreement. Any deviation from this set of rules would render your credit card agreement illegal, and thus whatsoever debts you have on those card or cards can be written off!
The reasons for an unlawful & unenforceable credit card agreement includes,
a. APR not mentioned.
b. Inaccurate interest rate calculation.
c. Absence of the signatures of either of the debtor or creditor.
d. If the agreement has been issued with an unrequested credit limit rise.
This and many such technicalities can nullify your credit card agreement made.
For going with this, first you would need to get the original credit card agreement from the card issuer. If they do not provide you the required agreement papers within a set period of time, then it’s very clear that the agreement is in default, and you can walk off from it!
If on the other hand you do get the agreement papers from the card issuer, then go through the clauses and technicalities, to check for any flaws. This can be best done with the assistance of an attorney.
There are few companies in the market which proclaim that they can help you to get out of credit card debts, and would charge upfront fees for the services. Beware of such companies, and conduct a thorough research on their whereabouts and their past records of success before you enroll yourself or pay upfront fees.
The best way to judge the companies genuineness is by embarking upon the ‘no-success-no-fee’ policy. Through this there is an assurance that you would need to pay for their services only if they are successful in getting you debt free or if they get your debts reduced.
Though these facts sound too good to be true and many would feel that if debts could be warded off this easily then all of us would have been dent free, and the banks would be in a much worse state that what they are actually now. Nevertheless if you do find any company offering such services of complete debt write off, then it’s definitely worth a look, especially when your debts are causing immense problem to your daily living.