Debt Elimination:
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Debt
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REAL Debt Elimination can relieve one of the biggest worries for most families and small businesses Qualified professionals may have solutions to help set you free from debts forever through debt elimination. Not debt consolidation, not debt management--debt elimination! It's real and thousands of people just like you have taken back their life through debt elimination. The process is legal and ethical, does not draw on US Treasury but on the bond illegally and immorally established to use the wealth of each American born and consigned as collateral on the national debt. Now you can assume control of your own corporation as is your legal birthright. That's REAL Debt Elimination! What you learn here is far more than the simple elimination of debt, as important as that is. Still more important is to know who you really are and to stop letting the Money Powers run your life and the life of your family and friends. That's what I mean when I say REAL Debt Elimination! Your freedom depends upon it! Get out of debt! |
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Your old debts sold for 3 cents on the dollar |
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Buyer |
Bought debt worth: |
Paid: |
Cents on $ |
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Asset Acceptance |
$4.2 billion |
$102.3 million |
2.4 |
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Encore Capital Group |
$5.9 billion |
$195.6 million |
3.3 |
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Portfolio Recovery Associates |
$5.3 billion |
$149.6 million |
2.8 |
Debts that are delinquent but not yet charged off by the original creditor can be purchased for up to 12 cents on the dollar, Legrady said.
Accounts that have recently been charged off: 7 to 9 cents on the dollar.
Accounts that are slightly older and on which a collection agency or two has already taken a whack: 1 to 3 cents on the dollar.
Years-old, out-of-statute debts: A penny or less.
Badgering consumers for debts they don't owe, that have already been paid or that were legally erased in bankruptcy court.
Suing or threatening to sue over debts even though the statute of limitations has long expired.
Illegally "re-aging" debts on credit reports. The collectors tell credit bureaus that an old debt is, in fact, a new one. The goal: To extend the seven-year limit on reporting negative items and put more pressure on the consumer.
Promising to delete a negative mark from the consumer's credit report in exchange for a token payment. Not only does the collector fail to follow through, but the payment can revive the statute of limitations and lead to a lawsuit. Even if the collector does back off, the unpaid debt could be sold to another company that might renew collection activity.
Bait-and-switch credit cards. Some credit card companies have offered borrowers low-rate credit cards and then tacked old, charged-off debts -- often purchased from other lenders -- onto the balance. The card issuers typically insist they disclosed that the old debts would come with the cards, Szwak said, but the borrowers say no such disclosure was made.
Verbally abusing and harassing consumers. My readers have reported being cursed, berated and called repeatedly despite requests to stop -- all violations of federal laws.
At last, with the help of attorney David Szwak, she sued the most recent -- and aggressive -- collection agency for numerous violations of federal laws. She accused the company of falsifying records, pursuing the debt when the agency knew it wasn't valid and illegally reporting the same account twice to the credit bureaus. The collection agency settled for $40,000, according to Rose and Szwak. They thought they had finally won the war.
But paying the debt is no guarantee that the nightmare will stop. The collector may decide that if you're willing to pay at all, you could be made to pay more. Settling a debt for a smaller amount than the collector says you owe could result in another agency trying to collect the unpaid portion. Or the collector might inform the Internal Revenue Service (IRS) that you've received "income" in the form of forgiven debt.
Even if you manage to wrangle written promises from the collector that none of the above will happen, you would have to be willing to go to court if the agency reneged -- and possibly face an unsympathetic judge or one who doesn't know much about collections law.
How to fight back
If you're being contacted about an old debt, here's what consumer attorneys advise:
Know the statute of limitations. If you racked up a debt in another state, you might want to check the statute of limitations there as well. But generally, it's the statute of your current state that applies. If the statute has expired, the collection agencies' legal remedies are limited.
Know your rights. Credit and debt collections can be an extremely complicated area of the law. Consider arming yourself with a book such as Leonard's "Money Troubles" and -- if the amounts at stake are considerable or the level of harassment unbearable -- consider contacting an attorney. The National Association of Consumer Advocates can provide referrals.
Consider ignoring the call. If the statute of limitations has expired, Szwak said, put the phone down and walk away. There's little to gain and a lot to lose if you keep talking. You could inadvertently extend the statute of limitations or find yourself roped into a repayment agreement that might not be in your best interest. "The debt collector is a lot smarter than (consumers) are, a lot more savvy," he said. "They don't have any obligation to tell you your rights."
Write them. If ignoring them isn't working, consider writing a letter demanding the agency stop contacting you. Send it certified mail, return receipt requested. Federal law requires them to comply with your request. Make sure in the letter you specifically say that you aren't acknowledging you owe the debt.
Negotiate carefully. If the statute of limitations hasn't expired, you may want to negotiate a settlement rather than risk a lawsuit. (Again, a lawyer's advice could come in handy here.)
Keep an eye on your credit report. If a collection agency tries to repost an old debt or lie about the date it went delinquent, you'll need to fight back vigorously. Dispute the entry with the credit bureaus and with the collection agency.
If the collector persists in its deception, you can demand that the collector produce a copy of the documentation that created the debt, such as the credit card agreement you originally signed, along with an account history, said consumer attorney Daniel Edelman of Chicago. Chances are the collector won't have this documentation, and continuing to report the account without providing proof that you owe the money is a violation of the Fair Debt Collection Practices Act, Edelman said.
Again, an attorney experienced in debt collection law might prove helpful in particularly difficult cases.
Liz Pulliam Weston's column appears every Monday and Thursday, exclusively on MSN Money. She also answers reader questions in the Your Money message board.
REAL Freedom Library
Eustace Mullins' carefully researched and documented treatise picks up from Walbert's expose' of control of the money supply and the economy and brings it to the mid 1980's.
How control of the world's money has inexorably led to an ever tighter grip on control of the world's people.
Brave New World by Aldous Huxley
Huxley presents a dystopic view of a future in which mind-control creates a harmonized society stratified into classes suitably manipulated and deprived to carry out work tasks with a hive mentality. A foreign element is inserted when a high ranking Alpha brings a Native American from a Reservation and a new perspective on freedom gnaws at the fabric of the propaganda matrix.
Walter Lippmann's book, Public Opinion, published in 1922, detailed the study in which he and Edward Bernays were involved while in London during the First World War. It had to do with painting pictures inside people's heads, which were cunningly and deliberately designed by expert craftsmen to mislead not only individuals but entire societies.
This is the classic expose' of the New World Order from a Commander in the Canadian Navy through the first half of the 20th Century. Commander Carr was introduced to the Hidden Hand early in his life and pursuing its mysteries became a lifelong mission.
Social Credit by CH Douglas
Final Warning: A History of the New World Order by by David Allen Rivera
David Allen Rivera has assembled a very carefully written history that can serve us well. To have been
An Independent Investigation of 9-11 and its Zionist Connection
Uranium Wars by Leuren Moret
How control of the world's people has inexorably led to wider use of depopulation methods which include spreading radioactivity in food, water, air, and the human genome.
You can't have something for nothing,
you can't have your freedom for free.
You won't get wise with the sleep still in your eyes,
no matter what your dreams might be. - Rush
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This Real Debt Elimination information is for the purpose of education and broadening horizons ONLY.
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