Erase Credit Card Debt

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.

2007-04-04 13:34:15 by danielmcgonagle

bit.mx 37 Days to Clean Credit is a program that can help you repair your credit score using simple, do it yourself methods that are proven to ...

I want to know if the law provides for a way to erase credit card debt legally, and if there is a legal way to erase a home mortgage.

You can look into filing bankruptcy. It will be a huge negative mark on your credit report and can remain for up to 10 years. However you can still get credit after your bankruptcy. It will be harder, but not impossible.

2008-10-09 20:56:34 by boots

Price: $22.95

I keep getting emails from a place called Debt Clear. They are asking me to fill out a form for them to contact me with information about legally erasing all of my debt. Is that possible? Is it a scam?

Has anyone ever heard of that company?

vb is absolutely correct. There is no legal way to clear up your credit other than paying off the credit card debt or filing bankruptcy and getting the debts discharged. These companies "claim" to clear up the debts, charge you astronomical fees and then you are duped into feeling like they have cleaned up your credit when in fact, they have taken your money and that's it. Cleaning your credit will be a task for you to do and get yourself back on track. Good Luck!

Choc1....I was not referring to the "debt settlement" at all. I was referring to these companies that claim to clean up credit and don't do a thing but take your money...there is a difference. A debt settlement company may work, but for someone that needs to clean up their credit, bankruptcy is an option. Anyone doing debt settlement of bankruptcy is the one that makes the decision for themselves. I never said there were not any good ones out there. And how would you know if I "never" encountered any..you don't even know me! Move on to your next question. This post was to lend a hand and help someone...not make it a free fall for debt issues. This person is human enough to be able to read what is posted and make their own decisions. And I hope they make the right choice for what is best for their life.

2008-10-16 11:17:11 by Nikkismommy

I received several calls that there is a gov't program to legally erase my credit card bill down to zero and they leave a number to call back but I never call them back because I'm scared with all the identity thief this time but on the other hand if this is true then I missed th oppurtunity, I need help.

There are companies that can do this, they also can ruin your credit, prevent you from buying a house, be denied a job and find yourself in court and winding up handing over 25% or your wages.

There is NO SUCH THING AVAILABLE. As others mentioned, these programs are scams.


The only true legal way to erase debt is to file Bankruptcy. Either Chpt 7 (and not all creditors have to accept this either). or Chpt 13 which is simply a program where you sell assets and pay off the debts in a restructured program over a period of 3 to 5 years.

Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

2009-01-02 06:03:41 by Liza M

I know someone who has not been responsibly using their credit cards. They have run up about $15,000 on the cards and only have a part time seasonal minimum wage job. I told them to immediately stop using the credit cards and even to close the accounts so no more charges can be applied to the account. But how to pay off the balances? The interest will continue to accrue. Any small minimum payments made will only cover some of the interest and the balance will continue to grow. I think it is equally irresponsible and unethical for companies to extend credit to individuals who have no means of support. What is the best course of action? Should the companies be contacted and an agreement proposed to freeze the balance and pay it off over time? Would this work?

Get a second job this will give them more money to pay

And less time to spend

2009-12-09 11:44:18 by S