Can credit card debt be written off?
If your credit card debt has increased to the point where there’s no realistic chance of you paying it off in full, or it’ll take you an extremely long time to pay it off, then you may be eligible to have some or all of your debt written off through a debt solution.
Seek advice from a reputable, trusted debt management company to find out if credit card write-off is right for you. Some companies provide free solutions, while others may charge you higher fees for their debt solutions. It’s a good idea to know how much each debt management company charges for their services before you pick one to help you.
What does credit card debt being written off 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.
How can credit card debt be written off?
Generally, writing off some or all of your credit card debt is done through a debt solution. There are multiple debt solutions that can allow you to write credit card debt off, including:
Every debt solution is different, and has its own benefits and drawbacks, so be sure to read up on each one thoroughly before you decide which one you’d like to proceed with.
If you’re not sure which debt solution would be best for you, then please call our helpline team on 0800 280 2816 for free, no-obligation advice from one of our friendly debt advisers.
Will my credit file show my credit card debt has been written off?
Writing off your debt through a debt solution means you’ll no longer owe the money, but it will affect your credit score going forward.
A debt solution, whether it be bankruptcy, an IVA or some other form of insolvency, will remain on your credit file for a number of years. For as long as these remain on your credit file your ability to get credit may be affected, so you should consider this before you decide to enter into a debt solution.
This isn’t permanent, however, and there are steps you can take to improve your credit score even whilst the debt solution is still on your credit file.
Can I still be chased for credit card debt after it’s been written off?
If your credit card debt has been written off through a debt solution like an IVA or bankruptcy, then there’s no way you can be chased for it by anyone, including your credit card company, bailiffs or debt collection agencies. With a debt solution the debt will be gone for good, and you’ll no longer be liable for it or expected to pay it.
Sometimes credit card companies will consider debts uncollectable, and will pass the debts over to debt collection agencies or bailiffs if they’re struggling to collect the money themselves.
This does not mean the debt has been written off – instead, it’s simply been sold to a debt collection agency, who will now attempt to recover the money that’s owed for themselves. This usually happens if you haven’t made any payment on the card for an extended period of time.
If you’re worried about credit card debt, you can find out which debt solutions could help you the most by using PlanFinder, our online debt solution tool. You can also find out which of our debt solutions you could be eligible for over the phone by speaking to our friendly helpline team on 0800 280 2816. Our opening hours are 8am to 8pm, Monday to Friday, and 9am to 3pm on Saturdays.