Write Off Your Credit Card Debt - Is it Legal, is it True?

In the last 2 years the UK market has become swamped with advertising about writing off credit card, loan and car finance debt, if the finance was taken out before 1st April 2007.
"Is it a scam?" " Can it legally be done?" " If it sounds too good to be true, then it usually is." "I am sure it doesn't apply to my (High Street) bank!" These are all regular comments and questions I hear from potential clients.
Having spent 2 years working with one of the largest Claims Management Companies (CMC's) in the UK, it became clear that money was still being taken from clients, when no real progress was made to progress clients claims. Eventually it became clear that they weren't meeting even the barest minimum levels of customer service or their contractual commitments, and I ended my relationship with them.
This is happening all over the UK - agents and reps for nearly all the big CMC's are still submitting cases and taking money off clients with no progress on previous cases, and no evidence that they can successfully complete the claims process for their clients. Reps and agents are leaving, dis-illusioned and unhappy that their own reputation has been tarnished by working with these companies. Having spent the last 8 months scouring the market for a good claims management company to work with, I know the track record of nearly all the claims companies in the UK.
It's a sad state of affairs, because the process is 100% legal and relates to breaches of the Consumer Credit Act of 1974 which was amended and updated in 2007 and 2008. These changes were made to redress the balance of power in the lender/borrower relationship, giving consumers more power to act against lenders who may have mis-sold or mis-led clients.
Nevertheless, no individual claims management company in the UK, has had any great measure of success in proving the unenforceability of these finance agreements to date, yet they continue to trade and the regulatory bodies in the industry are not taking legal action fast enough to close down these companies who don't comply with Ministry Of Justice regulations in how they handle client claims.
Help may at last be at hand now, for clients who have lost money to these companies. New companies are entering the industry, who work with only a handful of Barristers who can give legal opinion on these consumer finance claims cases.
These companies work with solicitors who are able to obtain ATE (After The Event Insurance) insurance, and there are only a handful of solicitors in this area (25 tops in the UK), who are able to access this insurance. This insurance is key to any client being able to proceed on a Conditional Fee Agreement basis (commonly known as a "No Win, No Fee" arrangement).
For any consumers who are unhappy with the progress of their current claims cases, who would like a specialist and fully insured solicitor, to look into their cases, can take the Claims Rescue Services recently launched by companies like www.money-buddy.co.uk. For a refundable admin fee of just £25, they will evaluate the validity of any claims already filed with claims companies, and tell you if you have a case or not.
Alternatively, clients can make formal complaints to the Claims Management Regulator via their website: www.claimsregulation.gov.uk
Fiona specializes in ethical debt help and educating consumers on financial issues to improve their long term finances.
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