Writing off Debts
Can my debt be written off entirely?
It depends on the details of the case. However, if you are deemed to have borrowed under an unenforceable loan agreement, your debt could be written off in full. Furthermore, all repayments and charges could be refunded. Also, the credit agreement may be treated as if it never existed and wiped off personal credit records.
How does this affect my credit rating?
When a debt is written off as unenforceable, it could even have a positive influence on credit ratings. For instance, an unenforceable debt will be wiped from credit records alongside any late payments or charges.
How to have debts written off
Showing credit agreements to a legal expert that specialises in this field will determine whether you can write off any debt. These specialists will be able to work out whether you have a case or not. The entire process can take between six and nine months.