Your Debts Wiped

[Woody1985]

I've noticed a fair few adverts going around lately (some on the banners on these pages) re www.yourdebtswiped.com (http://www.yourdebtswiped.com).

It normally mentions if loans were taken out prior to April 2007 as I suspect a lot of loans were non compliant at that time.

I have a loan that was taken out in March / April 2007 from the RBS. The paper work was sent out in Feb time.

Has anyone looked into this?
Had a successful claim?
Have any thoughts on the whole process/concept?

[joe breezy]

I've noticed a fair few adverts going around lately (some on the banners on these pages) re www.yourdebtswiped.com (http://www.yourdebtswiped.com).

It normally mentions if loans were taken out prior to April 2007 as I suspect a lot of loans were non compliant at that time.

I have a loan that was taken out in March / April 2007 from the RBS. The paper work was sent out in Feb time.

Has anyone looked into this?
Had a successful claim?
Have any thoughts on the whole process/concept?

I thought that such adverts are referring to people being sold insurance on their loans. Did you take insurance with the loan?

The insurance is a rip off and I thought that was why you could make a claim. I'm not 100% sure though.

[Woody1985]

I thought that such adverts are referring to people being sold insurance on their loans. Did you take insurance with the loan?

The insurance is a rip off and I thought that was why you could make a claim. I'm not 100% sure though.

I think it covers more than that. I think it's to do with the wording of the legal contracts that aren't always correct.

I think the PPI is different. I never take PPI.


Note for people who take PPI on your mortgages.
If your PPI is based on your payment amount and your mortgage amount has reduced significantly over the last year or so then the company may be ripping you off.

Some companies state that you are obliged to call and reduce your PPI amount after your payments has reduced. One example I have seen of this is a woman paying £37 per month on PPI had it reduced to £7 per month.

They've also got it written into contracts that you will only get your existing payment amount for x months regardless of the PPI amount you've been paying.

Remember to increase it when it goes back up though.

[Pete]

I've noticed a fair few adverts going around lately (some on the banners on these pages) re www.yourdebtswiped.com (http://www.yourdebtswiped.com).

It normally mentions if loans were taken out prior to April 2007 as I suspect a lot of loans were non compliant at that time.

I have a loan that was taken out in March / April 2007 from the RBS. The paper work was sent out in Feb time.

Has anyone looked into this?
Had a successful claim?
Have any thoughts on the whole process/concept?

If the wording on the credit agreement is wrong then the debt is unenforcable. That means all they can do is ask you for it but they can't take you to court over it.

A lot of these agreements are wrong and I'm sure I have a few credit cards that are "unenforcable" when it comes to the credit agreement. However, I wouldn't bother because the debt doesn't go away and all you do is wreck your credit rating because the account is still alive and will show defaults. It will go on until it is statute barred....i.e. Nobody has formally recognised the debt for a certain period of time therefore it's gone.

It's fine if you don't wan't to get a mortgage or bank loan in the future but these places that promise to "wipe your balances" shouldn't be believed.