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Bankruptcy Alternatives

Bankruptcy Alternatives - There Are Ways to Clear Your Credit Card Debts

The UK is fast becoming a credit card culture with an epidemic of credit card debt, resulting in more people having to file for bankruptcy. The number of households incurring further credit card debt, so to continue paying their existing their credit card debt, is increasing daily. In fact, there are currently over 37 million credit cards in circulation.

Clearly, a great number of the UK population have been using credit cards to sustain their lifestyle, so, it was inevitable that such a high level of debt would become unsustainable. While an interest free credit card may seem like a short-term bankruptcy alternative, in the long term it is, in fact, only going to make matters worse when it comes to finding any Debt Solutions.

The economic crisis currently affecting our global economy has recently brought to light the true level of credit card debt the majority of the UK population are living in. Furthermore, this crisis has hindered or closed the borrowing channels many consumers had previously used to increase their borrowing in order to manage their existing debt.

With the banks refusing applications for loans and preventing homeowners from re-mortgaging their properties, many consumers have now run out of options. Consequently, they are so crippled by debt, they have no alternative but to file for bankruptcy. Or so they think. There is now an alternative to bankruptcy available to consumers who are overwhelmed by debt. Bankruptcy can now be avoided.

However attractive declaring yourself bankrupt may seem, the reality is most people need credit at some point in their lives, and going bankrupt will have an adverse effect on your credit score for at least 6 years. This will greatly reduce your ability to gain credit, ranging from obtaining a loan, a mortgage to even a mobile phone contract. There are, as yet, little known, but genuine alternatives to bankruptcy available to you, should you find yourself in unmanageable debt due to credit cards and loans. It is now possible to avoid bankruptcy and clear your credit card and loan debt in full.

Is There Really A Genuine Alternative To Bankruptcy?

Yes, there really is. It has recently come to light that the credit agreement you signed when you took out your credit card or loan may not comply with the Consumer Credit Act of 1974. If this is the case, and it is proven to be ‘unenforceable’, this means you, the consumer, may not have to pay back the outstanding balance of your credit card or loan. This revelation now offers consumers a genuine alternative to bankruptcy.

There have been several cases publicised on the BBC where a credit card agreement has been deemed ‘unenforceable’, resulting in the outstanding balance being written off. In April, 2008, a court judge in Lancashire found in favour of the consumer in a case pertaining to the alleged ‘unenforceability’ of the credit agreement signed when the borrower took out the loan. A judgement was handed down confirming that the lender had breached the Consumer Credit Act, resulting in the consumer not having to pay back the loan.

Can An ‘Unenforceable’ Credit Agreement Resulting In Your Credit Card And Loan Balance Being Written Off Be Considered A Genuine Bankruptcy Alternative?

Given the significant number of credit cards in circulation in the UK and the fact the total outstanding balance is estimated at over £53 billion, it is evident that credit card debt is now one of the leading causes of large numbers of people going bankrupt.

There are over 37 million credit cards currently in the UK, amounting to 36 million credit agreements that were signed by you, the consumer, at the time you took the credit card out. On volume alone, it would fair to say that there is little doubt that an extremely high number of these credit agreements are potentially ‘unenforceable’, meaning the consumer may not have to pay the loan back.

You could be one of these people – if you have a credit card or loan taken out prior to 6th April, 2007, you probably are. If, like so many others in the UK at present, you are feeling overwhelmed by debt, seriously considering bankruptcy as your only option, but are genuinely seeking a legal alternative to bankruptcy, then it will be worth your while investigating if any of your credit card and loan agreements comply with the Consumer Credit Act of 1974.

For a genuine alternative to bankruptcy, find out if your unsecured credit card and loan debts are ‘unenforceable’ today by visiting We will be happy to assess your credit card and loan agreements and ascertain if any or all are ‘unenforceable’. If so, our legal panel of solicitors will act on your behalf to endeavour to have the outstanding balances on your credit cards and loans completely written off.

ICSVCS LTD is regulated by the Ministry of Justice in respect of regulated claims management activities, (Registration Number CRM15623).

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