How To Write Off Debt (UK)

The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.

MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

[RollingCinemar]

This is probably the best video upload regarding debt write off on YouTube

Many thanks for the video
Very informative ❤

[petermccarthy]

There’s wisdom in this video, but I think that if you make payments, especially to a debt collector, you are getting into contract. I think yes, write to them, but check evidence. I’ve had an on going correspondence with Cabot for over two years, and Hoist Finance I brushed off saying I had no interest in any goods or services from them and no intention to enter into contract, again two years ago, and never heard from them again.
The law is open to interpretation, alas, but the Bills of Exchange act 1882 section 23 does seem to suggest that you would have to be in contract with a third party before they could make such a claim against you. I value your thoughts. I’m still on a learning curve

[PPCmenace]

How much is National Debtline giving you for this information…?

The way to deal with Debt Collectors is to ask them for the Deed of Assignment. No deed - no deal. They’d need this in court to enforce anything. They dont possess it. Claim is dismissed (more likely discontinued by the DCA).

[mytourandtaste]

Any dept write off option without effecting your credit history for 6 years. If anyone knows please reply back thanks

[MrRealmusiconly]

You don't liaise with them at all that is the first mistake right..?

[hettijayne]

Is it true that if you don’t make a payment with in 6 years it gets written off ? and if you write to them in writing it restarts the debt ?

[makavelidon]

At the end will affect your credit score.

[filipdobrin]

Can someone make me understand if I have a default worth 2.2k for a previous credit card I had and the company that bought the debt offered me 60% discount on it . Should I accept the partial settlement or pay it in full ? I can afford to pay it off but should I if I can avoid paying the full amount ? Would that affect my future applications for a mortgage if it comes off in 1 year ?
Another question I have is that I have a default on a standard bank account because I used my overdraft and did not pay it . Have not received a letter or anything regarding this, it is only showing on transunion, equifax and experian doesn`t show anything regarding the default just that it is settled . Should I speak with them to pay it off or just wait it out as 6 years are coming to an end ?

[abdallahfarooq]

Question: so why don’t people just do this strategy with the token stuff rather than going through a DMP and paying so much for so many years?? Thanks :)

[PakistanCurrent]

I’m actually going through financial difficult time and I have credit card loan which I’m returning but now unfortunately I lost my job and going through lots of stress. Do you suggest to write a letter to my creditors and ask them request them for breathing space I will still pay little to them as much as I possibly can but will it effect my credit scoring or credit history. Kindly guide me thanks.

[rosekeryn]

Can you please get in touch with me as I have important information to help with Surviving Economic abuse. As a survivor there are things I have learned things you would not believe, but with you platform you’ll be able to reach more people.

[shemiahokai]

She's copying another guys info straight up

[leehambleton]

its an iva the same solution you bash hahahaha -listen debt is for people struggling, never listen to these people go off what you qualify for is it manageable and sustainable.ITS ALSO NIOT A SECRET TO WRITE OFF DEBT GET A GRIP

[katharinereynolds]

Shame she's not talking about your strawman, or your Cestui que vie trust

[union]

If you borrow money you should pay it back !