Answers
Seems so scammy. Using a loophole of some sort to erase debt. Any one have trusted resources and asnwers for this?
What I got a call on was someone telling m eI could write letters to the credit card company and somehow get out of it. This company has an online presence,found them on the Web,and it so tempting, yet so scammy. I wanted to recommend it to someone because it landed at my feet, and am doing the homework for them. These people are saying they have teleseminars, training calls, a reource site, and representatives to answer your questions, and all the form letters to mail out repeatedly. I remember the guy saying something to me like, you can remove all CC debt because of some sort of signature loophole or something
NO! If someone asks you for money and says they will erase bad debt for you...they are scamming you. Sure they can erase it from 1 or two or three or maybe even 100 credit reporting bureaus if they have the right connection but the problem is that there are over 4000 reporting bureaus in the United States. WAY OVER 4000.
And unless he can wipe out all of them than your out of luck.
Also...lets say if they did wipe out all of them. Normally bill collectors and creditors report, re-report and update their accounts every six months (at least). So it will just show up again.
The only way you can get it really taken care of in it be legal...is if you call the creditor or bill collector, depending on where your account is now...and ask to pay it and cut a deal that if you pay it they will "delete the entry".
If you do that make sure you get it in writing before you pay them.
Oh and by the way...the guy that said to file bankruptcy...it will still show up on your credit report for 7 years as a "BKC Liquidated" account.
And another thing...if you have a job, money in the bank, assets or property...I wouldnt be messing around if I were you. PAY YOUR BILLS!
Good Luck.
For more information visit dyoclaim.com
My husband and I have racked up $12000 in credit card debt. He has $48,000 in his 401K. We're young...and the interest is only climbing on our credit card debts. I feel like we're getting nowhere. Why can't we tap into a portion of that to clear our debts? Isn't there a loophole or one time allowance? I've heard that if you're about to forclose on your home you can access it...but who wants to get to THAT point before getting help?
Richard B...it's $12,000...not $120,000. It was accumulated paying for college (what loans would not cover)
snvffy...I went to Dave's website...if I can't pay my bills...how could I pay $90 to get his advice??
debt consolidation
getting out of debt is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-cons olidation.htm
Ive recently been told (how true it is I don't know) that by not signing for transactions on credit cards, i.e. via internet or phone transactions means you can wipe out your payment? Is there a legal loophole which enforces this? i have been using my credit card for a number of years without signing for anything!!!! Can anyone shed any light? Lindsey
Yes is true but that doesn't apply for the internet or phone. You could argue that it wasn't you who did it, but its very easy to check if it as done from your computer.
I get a ton of email everyday exhorting me to get rid of my credit card debt by using some loophole in the law. Does such a loophole exist? Can I really get away without paying a cent?
You have to pay for this "loophole". It's bogus. The only means of (legally) skipping on unsecured debt is bankruptcy. Don't buy into it.
I have on my credit report a old credit card debt (1999) when the statute of limitations for collection were up or almost, the original creditor sold it to a collection agency , and now is making it come up as an unpaid account from 2006, is this a legal loophole to get around the statute of limitations? I put in a dispute with the credit bureau, but it was denied, or came back as legitiment
As long as you haven't made a payment of any kind, they can't do that.
http://www.bankrate.com/brm/news/cc/2004 0116b1.asp
http://www.ftc.gov/os/statutes/031224fcr a.pdf
First link is a list of statute of limitations on debt plus a link on it to the fair debt collections practice act. Renewing the date of last activity on an account is not legal, unless you actually made payment on the account.
You need to dispute it again with the bureaus. Demand that they confirm the actual date of last payment on the account and report it back to you. Point out their failure to properly abide by the Fair Credit Reporting Act, which is the 2nd link. Read it. At least the dispute parts, and the reporting requirements part. They have a responsibility to get it accurate. They failed.
List the statute numbers. The more you sound like you have a clue, the better it should go.
I've disputed items several times until they were fixed.
Credit Card Issuers Use Loopholes to Bypass New Rules - Jonathan ...
Credit card companies are busy crafting new tricks and traps to bypass both Federal Reserve Board rules and new federal law set to take full effect in late February 2010, a new research report from the Center for Responsible Lending (CRL) finds. Entitled “Dodging Reform: As Some Credit Card Abuses Are Outlawed, New Ones Proliferate,” the report explains why the nation’s 80 million families with one or more credit cards continue to be hit with arbitrary, unfair interest rate hikes and fees.
The study examined the practices of issuers that hold over 400 million credit card accounts and found at least eight specific industry practices that flourish despite federal efforts to rein issuers in. These practices make it all but impossible for the average person to determine the real cost of credit card debt. The ability and eagerness of credit card issuers to exploit loopholes in the new federal rules underscores why lawmakers need to pass legislation to create the Consumer Financial Protection Agency, as proposed by the White House and now under consideration by Congress.
...News
Credit card companies said to be exploiting loopholes in federal lawCredit.com News - Dec 11, 2009
According to the Center for Responsible Lending (CRL), consumers are finding it very difficult to gauge the true cost of their credit card debt due to a and more »
PR Newswire (press release) - Dec 10, 2009
These practices make it all but impossible for the average person to determine the real cost of credit card debt. The ability and eagerness of credit card and more »OpEdNews - Dec 22, 2009
Crap we Won't Believe in!Earlier this year Congress passed the Credit CARD Act of 2009. It was intended to protect the American consumer from outrages rate and fee increases, and more »The Cherokeean Herald - Dec 22, 2009
Don't let this Scroogeerr, scourgeruin your holidayYou might also see if your credit card offers cash advances, or ask your employer for one. In the meantime, AARP Texas supports local and statewide efforts and more »The Colorado Independent - Dec 23, 2009
Many families have made terrible sacrifices — no longer investing in their children's futures, saving for a home, or carrying crushing credit card balances and more »NCD News - Dec 23, 2009
Those who purchased their holiday with a credit card may also be able to claim back the cost if they have not yet travelled. While many insurance policiesCanada Free Press - Dec 23, 2009
In fact, there is an entire industry devoted entirely to creating, deploying and taking advantage of tax loopholes. The second way Washington taxes us is