Has anyone used or is using a Debt Termination program to legally get out of debt due to the banks lack of use of the GAAP--Generally Accepted Accounting Principles? The programs I've seen are http://www.eliminatedebts.com/dsi which is Debt Solutions International based on Tom Schauf's work. http://www.nobk.com which is Alternative Debt Solutions supposedly the leader in the field and based on John Gliha's work. http://www.proplussolutions.com which ia also based on Tom Schauf's work. Thanks
This sounds like a complete scam. Stay away from these people. What is your goal? Do you want to get out of debt? Do you want to get out of paying the money back? If you want to get out of debt and stay out look at: http://credit.about.com/mbody.htm If you want to nor pay the money back just file ch 7 bankruptcy. What the sites you asked about are talking about is debt negotiation. Debt negotiation is best done by ones self if you decide to do it. What debt negotiation basically is the process of stooping payment on all account that report to the credit bureaus and waiting until you credit is really bad. Typically this will take about 6 months. Then with the money you have saved you negotiate to pay off each accept for either 60% leaving your credit fouled up or 80% to have the account disappear from your credit reports. You start with the smallest debt and your way up. Needless to say this technique won't work if you own a house or have a car loan and want to keep the car. Also if you go down this road your backup plan should be to file BK. Check out this link: http://credit.about.com/library/weekly/aa041302a.htm?terms=Debt+negotiation
I appreciate your response but you are mistaken about how those programs work. They are NOT debt negotiation programs. If you read the banking laws, ALL credit cards are set up as a scam. They are banks never converted the note to cash. The banks are crediting money which is illegal. These programs are not based on getting your credit bad which may occur but instead causing a final payment which must be enforced by the merchant as paid in full even if the 10 bucks you set them as paid in full simply reduces the debt to say 2500 bucks. Another site http://www.bbcoa/com carries superb books on this and the UCC code too. Most of the programs have attorney fees included in the cost of the program just in case a bank takes you to court which from what I understand happens less than 5% and the bank wins on 5% of those which is the ONLY time you negotiate a settlement. Pretty good odds huh? Take the time to read and checkout the LAWS which are outlined on the sites esp.on http://www.bankfreedom.com. I am just looking for people who've had the balls to take control of their debt by using the GAAP--Generally Accepted Accounting Principles against the banks which ALWAYS break the laws keeping us in debt for life. Also these programs have nothing to do with the CCCS, debt neg. where you pay a little every month or NOT paying the cards until they are in collections. The premise is that the company you hire fills out the proper forms with PROVEN laws on the books and such and you then sign and send them to the appropiate dept at the bank. There are many court case outcomes too which are proper placed on the documents. The banks have about 180 total to resond and show PROOF they didn't break the banking laws as based on the GAAP.
All documents sent to the proper bank dept. are sent certified and the burden of PROOF is on the bank to prove they didn't create money and break the GAAP- Generally Accepted Accounting Pratices and banking laws. 95% never respond due to it would be perjury for them. For the 5% who respond most drop the ball and a tiny,tiny minoritiy try to go to court but change their mind for the most part. Ayone have balls to inquire call John Phillips who a senior rep. for Alternative Debt Solutions at 800-556-5982. You can also try a CURRENT C.P.A who is still registered in NJ---I checked a few days ago on public records site. His program for Debt Solutions Int. is slightly different but the same basic premise. His number is 973-731-8630. I am not connected in anyway EXCEPT I am trying to talk with happy or UNHAPPY past or current users of the programs.
Charlie Crown is a CURRENT CPA in NJ and PA. You can check it at http://www.searchsystems.net and click on PA or NJ and go down the list until you find Licensed CPA.
Honestly Im gonna look into it. I need to get Discover off my back. I already sent them a CRRR letter because they are pyramiding late charges. I am waiting for a settelement offer on a balance which would be about $6000 at that time. Hoping for a 30% settlement but these guys sound like a better bet.
Also some of the other programs go straight to arbitration which nearly always benefits the consumer. They first send a notice of final payment and then go straight to arbitration. The banks over the last few years have shifted from court rooms to arbitration which can be done entirely through the mail.
well.. if this stuff is true, then as soon as the first person wins in court, The US economy, banking system, will collapse, all hell will break loose, and we will all be in a state of anarchy. (Last I heard, The mafia uses CASH, the LEGAL kind.) don't be rediculous.
I just don't want people to get hurt. If you go look at the FCRA you will see that it is explicitly illegal for any organization engaging in credit repair to take money up front. Anyone who asked for money up front for a service to be performed later is a crook whether they deliver or not. Warning: hang on to you cash!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's not credit repair. If anything, your credit is likely to be more damaged for the time being. I think their goal is to eliminate debt and avoid judgements. I sent two of them for a consultation cause I cannot get a judgement and I am at risk of getting one this year.
The Law "No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed" TITLE 15 > CHAPTER 41 > SUBCHAPTER II-A > Sec. 1679b. Prev | Next Sec. 1679b. - Prohibited practices (a) In general No person may - (1) make any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading (or which, upon the exercise of reasonable care, should be known by the credit repair organization, officer, employee, agent, or other person to be untrue or misleading) with respect to any consumer's credit worthiness, [1] credit standing, or credit capacity to - ''creditworthiness,''. (A) any consumer reporting agency (as defined in section 1681a(f) of this title); or (B) any person - (i) who has extended credit to the consumer; or (ii) to whom the consumer has applied or is applying for an extension of credit; (2) make any statement, or counsel or advise any consumer to make any statement, the intended effect of which is to alter the consumer's identification to prevent the display of the consumer's credit record, history, or rating for the purpose of concealing adverse information that is accurate and not obsolete to - (A) any consumer reporting agency; (B) any person - (i) who has extended credit to the consumer; or (ii) to whom the consumer has applied or is applying for an extension of credit; (3) make or use any untrue or misleading representation of the services of the credit repair organization; or (4) engage, directly or indirectly, in any act, practice, or course of business that constitutes or results in the commission of, or an attempt to commit, a fraud or deception on any person in connection with the offer or sale of the services of the credit repair organization. (b) Payment in advance No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed See: http://www4.law.cornell.edu/cgi-bin.../15/1679b.html#muscat_highlighter_first_match
All about "CANCELING DEBT"... hmm. makes me think that if you have a mortgage, the bank would lose the note (as you say) and keep the mortgage..... so you'ld lose your home? this whole subject is nuts, anyway!
These debt termination programs do concern me. They're based on the fact that since money isn't really money (backed by gold) then it's only worthless paper. Technically speaking they have a few points but trust me, if you ever walk into court with one of their silly arguments you'd be laughed out of the building. I supoose they think they are single handedly going to expose the Federal Reserve Scam of Fractional Reserve Banking and save the world, while the Federal Judges sit aroud and allow it. Oh I don't think so. LOLOL
Holy Crap! I just went back through and read this thread. I don't know who this warm puppy character is but if you fall for this nonsense you asked for it. Suppose he is right. So - what! There's no law that requires you to file an income tax return either but guess what the heck happens when you don't. Federal Judges know this and they lock your butt up anyway. Nestea hit the nail on the head. If we could discharge our debt in this manner where would that leave the economy? Or are we to believe these intellectual giants suddenly stumbled upon the golden nugget of truth that with solve all your debt problems once and for all. I've been in Financial Planning for 20 years. We see people pushing this nitwitery all the time. Get this guy outta here. lol
That's it -- GAAP-man's new strategy... "Your honor, the GAAP sez the bank is a liar." "And your car?" "The car I bought with the phony money? Well, it aint real either." "Son, the only GAP I see clearly is the one in your logic." "Well, can I keep my GAAP-mobile? I need it to get to Tax Court. Some feller there sez he's gonna get me work busting rocks somewhere in Kansas"
The programs are based for the most part on UNSECURED loans like credit cards and signature loans. Yes some do mortages but I'd never attempt that one. Try htttp://www.bankfreedom.com as well as the other sites listed if you doubt the facts that banks create money. Only the fed. reserve can create money. The economy wont fall apart if many people do this.Simply because NOT everyone will have the balls to start the ball rolling to economic freedom. I even used Lexington and paid UPFRONT and had my credit cleared over a year period. This was about 18 months ago. They got over 85 negative items off except ONE. My paralegal contact named Kristy knew more on the credit laws than most lawyers. So credit repair doesn't work either? Sheesh........... Funny how NOT one poster against Debt Termination is either a licensed C.P.A or a licensed attorney. Everyone else is unqualified like me even though I have a degree in finance, a CPCU, CLU, and CHFC and over 10 years of banking and insurance work exp. under my belt. Why do you think the banks' lobbists are pushing hard so credit cards can't be wiped out in bankruptcy?To keep everyone in economic slavery! Go luck in a year or two to use bankruptcy to wipe out c.c debt.!
Not to sound like a smart ass, but this type of thinking sounds a lot like the idea that paying income tax is strictly "voluntary".
1*Funny how NOT one poster against Debt Termination is either a licensed C.P.A or a licensed attorney. How do you know this? 2*Got ya beat I have 1*Asset Management 19Years 2*Financial Services 19 Years 3*Insurance 19Years 4*Stock Market 19 Years 5*Owner of-BUDGET HOMES CO. 30 Years under my belt. LB 59
