Debt elimination

[Overmylimit]

What can you guys tell me about debt elimination. I get emails constantly from this guy, here is one of those emails:



Mike,

Are you facing the burden of Credit Card De-bt that most of America is experiencing today?

What if I could show you how to legally and lawfully walk away from that de-bt without confrontation, filing bankruptcy, and NEVER paying another penny?

Lets face it, the reason most people declare bankruptcy in the first place is strictly due to Credit Card De-bt.

It's no coincidence that every other commercial on TV is some bank trying to entice you to use their credit card. There is a very good reason behind it.

The first step is to educate yourself by sending an email to [email[/email]. Include your name, phone number and the best time to call. I will contact you and share all of the details with you.


Kind Regards,

Jim Vrana
(800)

[Overmylimit]

Sorry I copied and pasted the email but I don't think I was suppose to put his email in there........I edited it and took out his email and 800 #

[JRScott]

Sounds like a scam man.

Have you checked with the BBB to see if this fella or his corp is listed?

[HHM]

It's BS, never ever respond to an unsolicited e-mail.

There are really only two ways to eliminate debt
1. Pay it (either in full, or some negotiated agreement)
2. Declare BK.

If you search this forum, you will find numerous posts discussing debt settlement, the vast majority of member on this forum, and anecdotally speaking who enter into debt settlement plans end up filing BK anyway.

These companies play off of fear (unfounded fear) of BK.

[Overmylimit]

Oh I know all about debt settlement companies I talked with several before deciding to go by way of BK. The biggest is Corporate Turnaround they are legit but with my debt load even settling it for half wouldn't have helped. No this email is from a company and I have looked it up before what they do is basically help you challenge the Banks for the debt. I guess there is some old law on the books where Banks aren't suppose to extend credit only give loans, so this is their basis and they claim Banks won't fight this law in court. I have seen a lot of bs in my days so who knows. I did look online for the law at one time there was a ton of info on it and a lot of negative info also.

[Overmylimit]

I almost forgot the whole reason I posted this to begin with! I have been getting these emails for awhile, one of the advertisment boxes on this website is the same thing, if you click it you are sent the same info about walking away from debt. This is why I asked I thought maybe since its an ad on the boards maybe someone knew more about it.

[HHM]

Oh I know all about debt settlement companies I talked with several before deciding to go by way of BK. The biggest is Corporate Turnaround they are legit but with my debt load even settling it for half wouldn't have helped. No this email is from a company and I have looked it up before what they do is basically help you challenge the Banks for the debt. I guess there is some old law on the books where Banks aren't suppose to extend credit only give loans, so this is their basis and they claim Banks won't fight this law in court. I have seen a lot of bs in my days so who knows. I did look online for the law at one time there was a ton of info on it and a lot of negative info also.

That is such crap...its like those websites that say income tax is illegal. Stay away.

As for the ads, they obviously play off the key words in our forum. I can't speak for how its controlled because I don't have access to it, but having other sites, you can only limit the ads so much. We do not screen the ads that appear on this site.

[Overmylimit]

I was brought up that if it sounds to good to be true it usually is. I didn't know how the ads work, but your right they probably place them here for a reason.

The ad said "Don't Negotiate, Refinance, Consolidate, Settle or
consider Bankruptcy until you educate yourself
about the laws that protect you."

Funny thats what I was already doing!

I will ignore the ads from now on.....

[kornellred]

There's a big old full-color banner ad running on this forum which shows a picture of a guy with a puzzled look on his face, staring at some cards in his hand. Take a look around and you will find it. The videos you will see if you go to the website the ad points to are among the most persuasive of their type I have ever seen.

The gist of this debt elimination scheme has to do with the exploitation of some of the complex banking laws embedded in the Federal Reserve Act. The argument is that banks are not really giving you "real" money, but only extending credit that they (the bank) procure with the high interest payments that you pay. In essence, the bank is paying down it's own line of credit with the Fed and the US Treasury with your payments.

Or something like that - like I said (and you probably are aware) banking laws are vastly complex.

So what these guys do is badger the banks with demands to prove the legitimacy of the consumer's debt - which somehow they either cannot or will not bother - based upon their interpretation of the banking laws. Then, after suitable time has passed, the debt is sold off to debt buyers at sharply discounted prices. The next step is to demand that the debt buyer prove the legitimacy of their claim to the full amount of the sold debt. And meanwhile, back at the ranch, collection agencies are violating the FDCPA. This is where the debt elimination scheme will be effective in most cases. The debt elimination company will bring suit against the collectors for violations of the FDCPA and demand not only elimination of the debt, but also, they will ask for damages which will be distributed among the lawyers, the debt elimination company,a nd even the debtor.

The average process takes a couple of years. Meanwhile the debtor is paying the debt elimination company to handle the mess.

Take a look at the videos. It can't hurt. As for me - I am in Chapter 13 with a long way to go.