If you’re struggling to make the repayments to your credit card and there’s no realistic chance you will be able to pay it off, you may qualify for a debt solution that will ‘write off’ your debt.
What Does ‘Writing Off’ Credit Card Debts Mean?
Having your credit card debt written off means that it no longer exists. Your credit card company, or anyone else, can’t pursue you for the money anymore, and you’ll no longer receive any communications asking you to pay it.
What Debt Solutions Write Off Credit Card Debt?
There are multiple debt solutions that allow you to write off some, or all of your credit card debt, these include:
England, Wales & Northern Ireland
Scotland
Every debt solution is different and has its pros and cons. It all depends on your personal circumstances whether it is the best fit for you and whether you would be eligible for the debt solution.
It’s important to read all of the information provided to you about each debt solution to make sure you understand what will happen if you sign up.
How Will ‘Writing Off’ My Credit Card Debt Affect My Credit File?
Writing off your credit card debt means you’ll no longer owe the money, but it will affect your credit file. When you enter a debt solution like bankruptcy, an IVA or debt relief order it will remain on your credit file for a number of years. Lenders will be able to see the debt solution on your credit file, so as long as these remain, your ability to get further credit may be affected. It’s something you should consider before you decide to enter into a debt solution.
Who Can Help Me Choose the Right Option?
If your primary goal is to write off your debt and start fresh, one of the options already mentioned might be a good fit. But, there are other options you may be eligible for, such as a debt management plan. Get your no-obligation debt advice today to fully understand your options and what debt solutions you would qualify for. You can start online anytime using our online debt advice tool. If you’d prefer, you can speak to the friendly and experienced debt advisors at Angel Advance. We help people daily with their financial goals, offering no-obligation debt advice day and night! Visit our online debt advice tool for help with debts, or contact our team via email, phone or WhatsApp today.
