Walk Away From DEBT TODAY!

[nRehman]

Last few years of financial market have been effected so badly that pushed the "credit crunch" from financial glossary to real world. Even banks failed to get the targeted business with decreased interest rate. People have experienced bankruptcy even maintaining their emergency health issues. Banks have become so aware about the issue beside credit rating graph is working according to timely information its getting. Adopt the human factor, talk to your banker and debt professional about your problems, because these people knew the way out.

[seasoned]

Originally Posted by R Hagel

Agreed.

It could be something pertaining to bankruptcy or settlements, in which the country laws DO matter. Otherwise, maybe the ad is being deceptive, and it's touting a way to make money.

Who knows.

In any case, if it's something legal, consult an attorney. If it's about getting rid of debt by making money, consult the bright minds at the Warrior Forum.

Even if it is BANKRUPTCY it is deception, illegal, and even its execution may be illegal!

A LOT of people DO know about bankruptcy. How could an adult, at least in the US, NOT know about it! Companies here advertise it like it is a secret(WRONG, and not stating it is bankruptcy IS deceptive), and that it will eradicate debts by getting the credit card companies to reduce their ridiculous terms(WRONG). NOW, that so many know about the deception, they are saying things like it won't hurt your credit(WRONG)!

AND, though most credit card companies ARE american, and DO follow some laws, etc... I am of the understanding that they eventually give 100% control to the issuing bank. AND, though there ARE country laws, they don't necessarily follow them, at least in the US. Further, their rules vary GREATLY!

So BE CAREFUL with ANYTHING you hear!

BTW, in the US, I don't know if anyone REALLY offers a low interest rate! The lower the rate they offer, the greater the chance for a transaction fee, membership fee, reduced grace period, increased "default rate", etc.... So they get someone in at 4%, and the FIRST late payment may reset it to 30%! So WATCH IT! CHASE now often offers TWO rates on their transfers. The lower ones have a higher transfer rate. It may be like 5% at 0% and .90% at 3%! So if you pay it off in one month, and it is $1000, the 5% costs $1000, and the .9% costs $1030! Don't forget what happened with subprime mortgages!

Steve

[seasoned]

Originally Posted by bryce

The only real way to avoid bad credit - is never to borrow money.

WRONG! In the US, your credit will basically be bad if you have no report. That means you need an open account more often than 2 years! Meaningful good data only stays for 2 years really. TECHNICALLY 7, but some may balk even at that.

Some REALLY bad data supposedly stays up to 10years, though mildly bad data, such as late payments are supposed to stay on open accounts for 2 years, and I guess closed ones for 7.

Steve

[Kay King]

nRehman -

Of course people start answering because once you have bumped an old thread they see the date on your post.

That doesn't make it a good practice - it means others will learn not to answer a thread you've posted in until they have checked the original date.

[seasoned]

Originally Posted by mr2monster

DIY debt consolidation works like this (debt consolidation companies do it the same way). (ask me how I know :P)


1. Stop paying your credit cards entirely. (unless you want to keep one open because all the rest will be closed, sometimes even ones in good standing get closed when you consolidate debt)
2. Set up a Trust Account
3. Pay your trust account instead of credit cards - Set up a payment that is affordable, but strict.
4. Accumulate money over time.
5. Deal with them calling you... because they will.
- disconnect your phone and get a magic jack for 19.95 a year if you don't want to hear from them.
- Inform them that your cell phone (if they have it, if they don't never give it) is a WORK phone.
6. When you have a decent chunk of change, (about 25% of one card), call the card and tell them you wish to settle for .
7. If they accept, do it. If not, keep paying the trust account. DO NOT SIGN ON WITH THEM TO CONSOLIDATE.
8. Repeat until all cards are paid off for a fraction of actual debt.


*Pay 1 card off at a time, for as little as they'll accept.
*Realize that your credit will be absolutely shot.
*Learn to manage your money better
*Pay for credit repair once the bleeding is done.


Trust me when I say it's possible to pay your cards off for as little as 15% of your balance.


This should allow most anyone to get out of debt within 36-48 months.




Also, interesting little tid bit of info:

For a borrower that maintains an average of $1000 on their Visa card over 1 year (so, you charge 1000, pay 250, charge 250, etc) Visa will make roughly $3100 on you maintaining that 1000 balance. NOT just in interest that you pay... but in merchant fees along with a few other nifty tricks they have.

You later state it, but never bring up the point that your plan will cause what you owe to increase at an exponential rate. MOST companies take about .27% of the annual rate, and charge that PER DAY on the average statement balance up to the previous statement! Obviously, interest is COMPOUNDED.

[nRehman]

Originally Posted by Kay King

nRehman -

Of course people start answering because once you have bumped an old thread they see the date on your post.

That doesn't make it a good practice - it means others will learn not to answer a thread you've posted in until they have checked the original date.

Dear Kay King

Thanks for letting me know that I did wrong while bringing up the old post and not even a single person from these honorable follower have seen the actual date of the post like Steven Carl Kelly, Richard Tunnah, riff, mr2monster, dorim, reikidad1961, Thom McCarroll, Rueann42, threatlevelorange, Scott Ames, MyFortuneNow, MacFreddie, George Wright, BigRedNotebook and seasoned. You will see one critic's name among these followers too.

Anyway, I will be appreciate your remarks.. forums are different than blogs because forums are always open to contribute. If you judge posting from last year people were thinking in a way that if you have debt problems then you are going towards bankruptcy but latter posts have shown that you could get your normal life back because today's economical situation has bring this issue up and wanted to solve it with the people in need.

Thanks and regards

[Steven Carl Kelly]

Originally Posted by nRehman

Dear Kay King

Thanks for letting me know that I did wrong while bringing up the old post

Personally, I don't think you did anything wrong. But hey, what do I know?

[nRehman]

Originally Posted by Steven Carl Kelly

Personally, I don't think you did anything wrong. But hey, what do I know?

Hi, Nothinggg... Anyway thanks for the support and take care.

[Shana_Adam]

Well its a great market to be in who is not suffering from the bully banks intent on taking every last cent from you.

This product looks shady to me - its one of those products the less they tell you the more you want it and when you do buy it will you be pissed

well at least you can file a paypal report to get your money back

[Steven Carl Kelly]

Originally Posted by threatlevelorange

Please do outline it.

Basically, in a nutshell, the system requires you to:

- Increase your income by a prescribed percentage
- Reduce your expenses by a prescribed percentage
- Cut up your cards, all of them
- Negotiate with creditors for reduced payments/interest rates
- Rank your debts according to a formula
- Pay only the minimum on all your accounts

Then, you combine the monies from the increased income and the decreased expenses and pay ALL of that toward debt #1 on your list. As soon as that is paid off, you do the same to debt #2, and so on.

Each time you pay off one of those debts, the amount you apply to the next one increases. You start slow, but over time the thing accelerates dramatically.

Anyhow, that's an old-school debt elimination system that's been around for years and years. It ain't magic and it takes hard work, but it is effective.

[Phnx]

Something different re a "get out of debt" book (this is a freely distributable book). The book is provocatively entitled:

"HOW I CLOBBERED EVERY BUREAUCRATIC CASH-CONFISCATORY AGENCY KNOWN TO MAN... a Spiritual Economics Book on $$$ and Remembering Who You Are"

and you can read it here:

http://www.hackcanada.com/canadian/f...mary_croft.pdf

If you still can't believe the central premise of the money scam as described by Mary, then check out the Credit River decision where a banker admits it. Really think about what this is saying, and what it means.

THE CREDIT RIVER DECISION - Gold & Silver Forum

Banks can't lend depositors money, because that money has to be available for withdrawal. They certainly won't lend you theirs as it would take them years to get it back.

So what exactly are they lending?

Apparently they are lending you your own money, brought into being with your signature.

Of course it couldn't possibly be true.

Or could it?

"Banking was conceived in iniquity and was born in sin.
The Bankers own the earth. Take it away from them,
but leave them the power to create deposits,
and with the flick of the pen they will
create enough deposits to buy it back again.
However, take it away from them, and
all the great fortunes like mine
will disappear and they ought to disappear, for
this would be a happier and better world to live in.
But, if you wish to remain the slaves of Bankers
and pay the cost of your own slavery,
let them continue to create deposits."

Sir Josiah Stamp
(1880-1941) President of the Bank of England in the 1920's, the second richest man in Britain