How To Write Off Your Debt Upto 85%

So, before we start, you have to be patient with this because I'm going to be telling you a lot of information but each bit of information is key because the way that I work is I like everyone to have an understanding of how you get to the solution. Let's go, there are two very important things that I need for you to do during this process. Number one is you have to be patient and number two you need to continue to make token payments to your creditors to write off your debt.

We are going to be utilizing an area or the financial conduct authority handbook seven point three point five. Let's put a scenario in place say that you owe ten thousand pounds on the credit card debt and you're paying a hundred pounds a month to this credit card. You find yourself in a situation where you're having financial problems and you can't pay any money at all onto this credit card. What will happen is the bank will contact you by a text message or phone call letters email in order to prompt payment to try and put something in place so you're paying towards a credit card. If you put yourself in the scenario that you don't make any payments and you don't come to an agreement with this bank they will move your debt on to someone else which is going to be an in-house debt collector.

So, this debt collector is owned by the bank but you'll have a different letterhead you'll have different company numbers everything but it's owned by the bank. What they will do is they will try to prompt payment so you might find yourself receiving some scary-looking letters. Don't let it scare you because these are generally system-generated letters so thousands of people get the same letters exactly the same letters as you.

Now I strongly recommend that you keep all communication with the debt collector in writing that way you have a record of everything that has been said then you need to try to make an arrangement with the debt collector to make token payments. I would recommend a pound
a month. They might ask you to fill out an income and expenditure form. You can choose to do that, if you wish or not.

However, if you do for that the income and expenditure form, it needs to reflect them the payments that you're making to this debt collector. The bank may pass your debt to external debt collectors but still own debt but you get to the stage where the bank will sell the debt. Your debt has been sold. It is important to understand how the dick litter acquires your debt.

Debt collectors buy debts. We're talking about bank debts in this particular scenario as a portfolio so in batches your debt will be part of a huge pool of other debts. Now, these debt collectors can pay as little as 3 P in the pound so your 10,000-pound credit card debt could have cost them of 300 pounds around that amount. This is important to know as
you'll see further one in the article, how this helps you write off a lot of this debt and what you need to do is you need to set up an agreement with this debt collector similar to the agreement you set up with the in-house debt collector for the bank.

So you're paying token payments POW on the month or whatever it is you can afford you'll keep paying this. It could be for months year more than a year but the longer your pain is for the less that really becomes worth to the debt collector. So, it starts devaluing and devaluing. This is key for you to know because you also know that the deck you let's are paid
approximately 300 pounds for this debt. What will happen is the deck later does not want to hold on to the debt that's devaluing. So the deck lift will try to settle at a lower amount.

They could take 10% of 20 30 40%. You don't know but the key is when they do start to try and negotiate with you what you do is you have to use your negotiation skills to get as much off as possible to have the figure of how much they would have paid. Say three hundred to a thousand pounds maximum for this debt and so use that in order to negotiate the best discount you can for this debt.

I have managed to reduce debt from a hundred thousand down to five thousand pounds. So you can get huge amounts of this now I hope this post has been helpful and it can help you a friend or relative anyone who could be in this situation. I've seen too many people struggle in a situation that reducing it eating their children are going without. It's not right it's not correct at all these debts these bank debt speculated. That should be the bottom of your part, your concentration should be on your survival making sure you have a roof over your head, making sure you have food on the table, making sure your kids are careful. These debts can be handled and can be reduced massively so don't let this situation stress you. If you have this situation or if you have any questions you can hire a write-off debt expert. Debtsolve UK is one of them.