Step 1 – Freeze Debt (optional)
Firstly, when we take on your case, we’ll instantly freeze your debt (including further interest or fees), contact your creditors and debt collectors to tell them to freeze everything and stop contacting you whilst we investigate your case, all at a much lower cost to you
Step 2 – Do you Qualify?
We check a few details with you on your debt, to establish if you qualify for our Debt Write Off service. But, don’t worry, you’d be surprised at how many consumer credit laws are broken and If you don’t qualify for DWO, there are other debt busting plans available
Step 3 – Setup Plan
Now that you’ve qualified, we’ll set up a greatly reduced single monthly payment plan, which will be a fraction of your old payments and for a fraction of the time it would have taken you to pay them off, then update your creditors
Step 4 – You Start Relaxing
Once your plan is in place, this is where you can relax, now it’s time to look ahead at your improved financial situation and start planning, saving and enjoying your hard earned money. Knowing that DSO will be here to help with your Consumer Credit Rights
What is a Debt Write Off?
DWO claims can be found predominantly in consumer debts that are currently in default to their creditors, on a commercial debt management plan (DMP), or thinking of going into an IVA
This is because of the debtors journey. Usually someone in debt has first fallen behind on one or two payments, then gone into default, possibly bailiff action has been applied, and even CCJ’s. The next steps for the customer is usually to enter into a DMP, and often this is when the creditor does not fully comply with the terms in the original credit agreement.
It starts when the creditor will “assign” or “transfer” the debt to a debt recovery or collections company to chase for payment. And because the customer has entered into a DMP, often the customer is not aware of this happening. The DMC continues to make the payments to the recoveries company.
The next stage is when the debt has been “sold” on to a debt purchaser, this can happen as early as 3 months and 6 months. Again the customer is unaware and the DMC will make the payments to the new purchaser – regardless!
Challenge Your Debts
Affordability – The law says the lenders are responsible for reviewing your income/expenditure. Where they have not fully complied with the requirements, they may have to write-off the debt and potentially pay back interest and/or charges.
Unenforceability – If a lender is unable to provide exact details of how the debt has come into place (i.e. a copy of the credit agreement, a valid notice of assignment, if the debt has been sold), then the debts will become unenforceable, meaning the customer doesn’t have to make payments towards them – ever.
Unfair administration – If a lender did not take your circumstances into account whilst you were in arrears then this can assist in bringing forward your case
Harassment – If a lender is contacting you excessively then you may be able to claim compensation for harassment.
What you will Gain…
- A clear, single lower payment plan, over a shorter period of time
- Your debts being dramatically reduced or written off
- Total control of your monthly finances
- Protection from losing your possessions
What you will Lose…
- Out of control, increasing, monthly payments
- Letters, phone calls, emails and visits from Lenders
- The uncertainty of your future spiralling debts
- The stress and strain of debt hanging over you
Is Debt Write Off Right For Me?
Debt Write Off (DWO) is a legal solution for consumers in debt and is an alternative to IVA and Debt Management.
Because DWO is a legal solution, it is regulated differently to IVA and DM and in our instance the regulator is the Solicitors Regulation Authority (SRA)
The law firms we work with specialise in challenging consumer credit debts. They work under consumer laws such as the (CCA) Consumer Credit Act 1974, designed to provide protection to consumers against predatory lenders and unfair practices, which we see many of in our industry
So if you feel that your consumer credit rights have been ignored, then let our solicitors help you reduce your overall debt payments with a DFP/DWO
Working Together to Challenge The Creditors
Our solicitors use a combination of primary legislation and FCA rules and regulation, to challenge the customers debt directly with the creditor, with the objective to write off those debts, and in certain circumstances, obtain compensation for the customer
They challenge the debt on the following points: The lender has failed to ensure the agreement is affordable [they use the Unfair Relationship provisions governed by s.140 CCA 1974]
The lender has breached a rule provided by the FCA via The Consumer Credit Source Book (CONC). The lender has treated the customer unfairly when they fell into arrears [they use s.140 CCA 1974, the Unfair Terms in Consumer Contract Regulations 1999 & the CONC Rules]
The lender has failed to comply with a historic OFT guidance note [irresponsible lending guide/mental capacity guidance/debt collection guidance]
The lender has paid a commission to a third party without the express consent of the consumer
Mrs Brown Saved £12600
Mrs Brown, unemployed and living on disability benefits and other benefits.
She had debts totalling £15,000
She was in a debt management plan with step change paying £270 a month
Total months to repay debt in debt management plan = 65 months (5 years 4 months)
Cabot = £6,000 Capitol One card
Wescot = £3000 personal loan
Wescot = £4500 Barclaycard
Argos = £1500 store card
The cost to employ Consumer Rights Solicitors for Mrs Brown, to write off £15000 of debt was £2400. Therefore at the end of the plan Mrs Brown had £12,600 written off!
CRS have flexible payment options available and Mrs Brown chose £100 x 24 months rather than £200 x 12 months
Mrs Brown would have paid £17550 over 65 months @ £270 per month
After CRS took on the case, her payments went down to £2400 over 24 months @ £100 per month
Mrs Green Saved over £22000
Mrs Green, a hairdresser from Liverpool approached the Consumer Rights Solicitors for help when she came across our site, she was about to enter a DMP for £300 per month for 7 years!!!!!
She had debts with:
Barclaycard = £3739 (now with Wescot)
Arrow Global = £7756
M&S Loan = £10443
The cost to employ Consumer Rights Solicitors for Mrs Green, to write off over £22000 of debt was £3600.
Mrs Green would have paid £25200 over 84 months @ £300 per month
After CRS took on the case, her payments went down to £3600 over 18 months @ £200 per month
Mr Grey Saved over £11000
I came across CRS from a friend who had £10,000 of his loans and credit cards written off.
I spoke with Georgina and she explained in really simply to me – that I will be engaging the services of a solicitor to challenge my creditors on whether legally they actually own the debts they say I do.
It sounded too good to be true but because my friend had gone through it, I knew it was for real. Yes I got phone calls and letters from my creditors at the start but I just told them to speak to my solicitor, it felt really good.
I will be paying CRS directly now and they have spread the cost at £150 a month for 18 months but it is a lot cheaper than the £310 I was paying my debt management company and a lot quicker to write my debts off.