Resolved Question

Is there really a government scheme to get loans cancelled or is it a scam?

People keep ringing me and saying they can get my loans/credit card debts cancelled. So far I haven't responded, but is there really a government scheme and how much do you have to owe?

We have a credit card debt for about 800 pounds. Could we get some of that written off because we are on a low income and if so what's the best way to go about it?

Best Answer - Chosen by Asker

The "scheme" does exist and is legal, however the private companies dealing with it are not too hot on morals & ethics! It isn't a scheme as such - someone has realised that many loans etc were "mis-sold" and therefore unenforceable. So if you took out a loan between certain dates then there is a chance that you may not have to pay it back, In order to qualify then you would need to speak to one of these companies and see what they have to say and how much they want for parting with their information. Personally, I'd rather pay the loan than give these people money.
If you have a recent loan that you are struggling to pay then either write to the company involved and make an offer of payment and ask for the interest to be frozen, or speak to citizens advice. Don't get involved with these vultures.

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Other Answers (5)

• It's not a scam as such but the only way (that I'm aware of) to get credit cards and loans "cancelled" is to be declared bankrupt and I suspect that the companies phoning you will be actually approaching it from that position. Obviously this is something you really don't want to do as it will destroy your credit record and make it very difficult to get credit/loan/mortgage in the future.
  
  Avoid them at all costs. Keep paying the credit card company off as much as you can per month and don't spend any more on the card. It might take time but it's worth it. When it's all paid off, cancel the card and don't get another one - they're all not worth it.
  
  You could phone the Citizens Advice Bureau for additional help and they will know more about it and be able to advise better.
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• Must be a scam, no Government is going to pay off your debt, what would stop anyone running up a debt in that case if they knew it was going to be paid off
• Don't respond to these companies.