Premature Obituaries?

Despite the well publicised demise of the biggest operator challenging and writing off ‘unenforceable’ credit cards and loans, reports promoted by the banks of the end of this business are, in the words of Mark Twain, “premature.”

It’s true the majority of firms have either failed or been shut down by the Ministry of Justice, but the small number of remaining viable companies are winning out of court settlements for their clients in increasing numbers.

There is also hope for customers of failed companies who lost their fees. The best of the surviving ones will audit their Agreements with no upfront fee and, unlike the previous arrangements typically demanding payment of up to 30% of the written off sum, the only fee would be £499 on successful write off of the debt.

Robert Clayton is a Senior Manager with Gateway Credit Solutions