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How do you cancel credit/mortgage debt legally?

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posted on Jan, 19 2009 @ 01:39 AM
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reply to post by BlackOps719
 


Thanks for the reply. No I am not so far in that I would file chapter 7, it is more of a moral issue for me as you stated.




posted on Jan, 19 2009 @ 01:41 AM
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I'm refering to what one of the posters is going to send you from his pal who worked for a collector and says you lie about who you are because unless you tell them who you are when they ask they can not stick you with the debt. Its like people who dodge subpoenas and I'm sure it can be found as a crime.



posted on Jan, 19 2009 @ 01:44 AM
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reply to post by whoshotJR
 


It doesn't appear that I have to lie about anything, but I just don't think it works in the states. I am not about to do anything illegal, as I said before this is just more a moral standpoint.



posted on Jan, 19 2009 @ 01:51 AM
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Originally posted by whoshotJR
The angle I wish was taken is how the CC company's can hide and change rates randomly and that can have effects on previous balances. I think that you should be stuck at that rate for each balance owed and any purchases made after a change could get the new rate but not the before balance. I had credit cards that sent me a letter stating that my new percentage had gone from 10%-18%. Lucky for me I just paid that off and cut it up but many people wont have that ability.


I will agree that both banks and some credit cards are pulling some very sleazy tactics in the last years. The latest one that I have heard of is that they change your rate according to your credit score. Then they do anything they can to bring that credit score down so they can increase the rate. I just saw this done to someone through Dell Financial. They lent out credit to someone and set the credit line at exactly the purchase price. As soon as the first finance charge went on the bill, they attached a over the limit fee, and dung their credit score for being over the limit. That dropped the persons credit score from around 740 to 690 until they were able to get the account under the maximum limit. Of course as the credit score gets better, they do not adjust the percentage accordingly, they leave it set to the lowest credit limit number they can.

I have also seen both banks and credit cards play with dates/times to make money. For example I had a withdraw, and deposit into my bank account over a weekend, and the bank intentionally sent the bills through before applying the deposit so they could charge me an overdraft fee. Some banks even go so far as to enter transactions for withdrawals at 12:00, and will not put the deposits through until 04:00 just for this reason. I have had a number of fights with banks over this tactic, especially when it was over a weekend or bank holiday and my deposit was in well before the withdraws came in. Normally I can get them to reverse this, but I only fight it because it is completely unfair and done solely for their profit. I have also seen banks send through a big withdraw, to bounce an account, then each corresponding smaller withdraw, so they can rack up a large number of overdraft or over the limit fees. Where if they would have put through the smaller withdraws first, they would have cleared, and only one fee would have been accrued. Its really frustrating when they pull both of these things at the same time. I have also seen Credit Cards play at these type of timed games to run up late fees, over the limit fees, and to raise the percentage rate. However, its a game you agreed to play with them, you cannot blame them for twisting your arm. To quote Joshua from War Games “A strange Game, it seems the only winning move is not to play”.



posted on Jan, 19 2009 @ 01:51 AM
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Again, those of you comfortable with being raped by the banks and government, go right ahead. I am just trying to do my tiny little part to make a change to the "system".

The banks and government deserve to be stolen from, they steal from us daily, they put us into slavery daily, they do not deserve anything and haven't since 1916.

Don't preach whats right to me, because what they have done to us is an abomination.



posted on Jan, 19 2009 @ 01:52 AM
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You should check out www.tpuc.org

The information there may or may not explain things.

However once you go down the road of 'opting out', I0 dont think they would let you 'opt in' again so easily, they'd probably sell your debt on, till it was a lot higher then make you buy it back or sign a lifetime work contract or something, It's just too convenient that this is appearing now with all thats going on.

Think what would happen if everyone did it, and then think what they would do?

This smells like zeitgeist to me, which some of you may think sounds ok, but Addendum had it's own AGENDA, and if i was the NWO i'd be backing that too, just to keep a few extra strings on the puppets.....

Something to think about



posted on Jan, 19 2009 @ 02:50 AM
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Credit is a pitfall! You have to jump in with both feet. You have to buy with credit to build credit. It's a gimmick, always has been and always will be. Now it is bringing this country to it's knee's. People are not making enough wages to compensate for societies inflation. We have 2 choices we can start over with a clean slate and cut losses, or we can continue to raise prices on everything till minimum wage is 100 dollars an hour and gas is 10 dollars a gallon.



posted on Jan, 19 2009 @ 02:58 AM
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reply to post by sean
 


While that is true, there is a way around it. You take out a credit card for say $1K, and you use it on items that you have the money to pay for. So lets say that you have $300 cash for groceries that month, you keep that in the bank, and use your card. Then at the end of each month you pay off the entire amount with the money you had saved for that purpose. Running up a card, and letting large amounts sit on Credit Cards actually hurt your credit limit rather then increase it.



posted on Jan, 19 2009 @ 05:14 AM
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reply to post by gnosis111
 



Pay it off and stop living beyond your means. Simple really.



posted on Jan, 19 2009 @ 05:32 AM
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Originally posted by sean
Credit is a pitfall! You have to jump in with both feet. You have to buy with credit to build credit. It's a gimmick, always has been and always will be. Now it is bringing this country to it's knee's. People are not making enough wages to compensate for societies inflation. We have 2 choices we can start over with a clean slate and cut losses, or we can continue to raise prices on everything till minimum wage is 100 dollars an hour and gas is 10 dollars a gallon.



This is not true and I wish people would stop spreading this sort of disinformation. You only have to have open credit to build credit. You never have to buy a dime. If you are 18 and open up a credit card, in 1-2 years you will have perfect credit if you never charge $1.00 to the card.

There is no way to "get rid" of your debt. You got yourself into it by buying things. You can sell what you bought and pay off parts of it...but thankfully the bankruptcy law in the US and most other countries doesn't let you get off free anymore.

There is no "magical way" to erase your debt. You can throw all the conspiracy theory you want at the judge, I have a bankruptcy lawyer in my family and she tells me people try to use conspiracy theory to get out of their debt all the time and it never works.

[edit on 19-1-2009 by LowLevelMason]



posted on Jan, 19 2009 @ 08:04 AM
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Originally posted by defcon5
You do the responsible thing, and pay off the debts that you fairly accrued.
Its this attitude that folks are not responsible for their irresponsible purchases, and living beyond their means, that has gotten us into the current recession.
...

I find it endlessly fascinating that people hold the small guy to his "responsibilities", but not large corporations, or those in power.

Don't you find it interesting too?



posted on Jan, 19 2009 @ 08:18 AM
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The latest wheeze in the UK is to ask the credit companies, banks etc if they still have your original credit agreement on file & whether you can get a copy of it. If they can't find the agreement (and many can't, perhaps it's been destroyed, misfiled or just plain lost) then they can't recover the debt in court. Simple strategy, I guess, very effective too if your lender has been taken over by another institution at some point.



posted on Jan, 19 2009 @ 09:05 AM
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Originally posted by defcon5
....I'll bet that if you open a saving account and put in a ton of money you'd be wanting that bank to pay up on the interest that they owe you, right?...


the paper money that is put into a deposit account is not the same as the "magic money" that creditors and banks conjure out of thin air.

it is logical for a depositor to demand the contracted interest to accrue on his cold hard cash. it is il-logical for the banker to demand real money as interest on "money" that never existed in the first place.

along that same line, it is illogical for someone to purchase a television with money that doesn't exist.

it is precisely because of this ill-logic that average people get into such a mess. no one expects to get caught up in a scheme which flies in the face of common sense.

i was literally gaping-mouthed shocked when i recently discovered how "money" actually works. it is a secret which is intentionally hidden from public knowledge. and because of these secrets, the scheming bastards can all GO STRAIGHT TO HELL as far as i am concerned.

i can hardly believe that anyone (you) will defend them. shame.



posted on Jan, 19 2009 @ 10:12 AM
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reply to post by tgidkp
 


Sure it is, its all fiat money that come from the federal reserve.
It sounds like you are falling for one of the Conspiracy Theories out there that another poster mentioned though. Its not true that the bank can get hundreds of thousands of fiat money for every loan that you make through them, that is a conspiracy theory. I had a banker actually explain it to me once, which I naturally promptly forgot, but it was not the way that theory put forward.



posted on Jan, 19 2009 @ 10:15 AM
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reply to post by sir_chancealot
 


I do agree, as do most, that the bailout is unfair.
I think that it really came down to the lesser of two evils though, they either had to help the banks, or lose possibly hundreds of thousands of jobs.



posted on Jan, 19 2009 @ 10:18 AM
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reply to post by Niall197
 


Here the trick is to have the creditor prove that the debt is valid by contesting it through the credit reporting companies. If they cannot, or you can find an error in their information then they are required to drop it off of your credit record. That, of course, does not protect you from collections efforts, or them putting a judgment against you, it only protects your credit.



posted on Jan, 19 2009 @ 11:17 AM
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Originally posted by gnosis111
reply to post by whoshotJR
 


The mortgage I am aware of, but credit card debt is not an asset nor does anything tangible exist to take me to jail for not paying it.

I have paid what I bought ten fold, and still have a large amount of debt, which is the interest. So why should we pay for the interest when we have already paid for the amount of which we bought? And if I am not mistaken charging interest is illegal under the constitution, right?

I am not looking for a way to "skate" out on my responsibilities, just a way to get back what has/is being "stolen" i.e. the money I do not owe!


And for the sake of those interested, charging interest is wrong according to the scriptures too.



posted on Jan, 19 2009 @ 02:47 PM
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1. Avoiding debt is a simple matter of exercising financial restraint and responsibility. They don't teach that in school or much of anything else which is why nobody has a clue what to do with their life when they graduate high school.

2. Forcing the credit industry to create a more responsible lending ratio would have long averted the situation we are in. Also, gutting wages for Board of Director employees and making them give those wages to the entry level employees would have an astonishing effect either by being able to hire more employees or being able to pay the current ones enough that their spouse can stay home and raise the kids..

3. In the US, the system is set up in such a way that if you own very little (a house and a car), you can simply walk away from it. In many states, the statue of limitations for them to sue you for the debt expires after 4 years from the last form of payment ($0.01 is a payment) or a promise to pay on your part. Unplug your land phone, get a postal box, and move. Change jobs, getting a job that doesn't run your credit before hiring you.

Get your free credit report every year from all three credit bureaus, Checksystems, Telecheck, and also request your own FBI file. Do this every year so you can moniter what they are monitoring.

Also, have your local police department run your drivers license and license plate to make sure you don't have any surprises.

But honestly, you know if you and the law have a problem getting along.

Do all of these things every 13 months. That way, you don't get billed if you do it in 3 days early, know what I mean? Just makes it easier to keep up with.

Word of caution, don't start paying off cards you care about before the statue of limitations runs out on the other stuff. They will see it on your credit report and if they so choose, they can persue you.

If they are content with leaving you idiotic messages and mailing you letters, let it be. If you do something to ping the radar harder, they might ping back.

Once the statue has run out, get yourself a credit attorney and let them go nuclear on your debts.

With their right to sue expired (depending on what state you live in), they don't want to deal with your lawyer any more then you want to deal with theirs.

If you do opt to sue, go after the individual employees, not the company. Many companies will not support their employees legal fees and even if they do, you will create bigger problems for them. Of course, you won't get your big million dollar lawsuit victory but but those settlement are few and far inbetween, despite the media hype to the contrary.

The debt will be off your credit in less then 7 years because you are punishing them for not coming after you and they don't want to deal with the cost involved in putting you in your place.

The banks got their bail out.

The debt collectors paid pennies on the dollar for your debts and want you to pay full price and then some. But unless they are confident, they don't want to sue you any more then you want to sue them. $$$$ Like every other, they are a for profit company will a greedy board of directors.

If your credit report is full of issues, they will not persue you if you remain invisible.

I could go on and on and for eveyrthing I have said, there will be a counter opinion.

Every state is different.

Take legal advice from an attorney, not from me!!!!

I don't want to give people slime ball advice but I am in total disagreement of the federal buyout plan.

For every trillion the feds donate to the corrupt corporations, it will cost 300 million Americans $3,333 each. Of course, we all pay our taxes according to what we make; still.....

The only way we can afford this buyout is to borrow the money from China and/or have the treasury print more. That will sky rocket inflation and devalue the heck out of the dollar.

Not only is the country in trouble, each of us individually is in trouble.

These bizarre stories coming out of Russia about America falling apart will not sound as crazy "tomorrow" as it did "yesterday."

At any rate, take this information and use it to help you survive. Depending on were you live, much of it may be inaccurate for you.

Good luck.



posted on Jan, 19 2009 @ 04:24 PM
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People using credit cards has not gotten us into this mess. Government spending out of control has INFLUENCED everyones behavior, and both parties are full of advocates of debt.



posted on Jan, 19 2009 @ 04:37 PM
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reply to post by Genfinity
 





Word of caution, don't start paying off cards you care about before the statue of limitations runs out on the other stuff. They will see it on your credit report and if they so choose, they can persue you


Actually I paid off one for $3,000 in two payments and they Citi then canceled the open account and left me nasty messege on my machine. I had another card with them for $5,000 and it was under a payment plan, of which I paid off 6 months later, but I think they shut my one card down so it would look bad on my credit report, which I think they are total jerks for doing that. If you pay them off they will hate you if they have come to expect the interest cash stream. So, pay em off and more of the banks will fail and of course don't carry any new balances, but now they will just charge all of us even if we don't have debt with them through the tax system, it really should be called theft or fraud. Why are they going after people that don't owe them anything? Because they have the legal system in the pocket and we need to take it back from them by using it to our advantage to prevent this bailout fraud. MAybe we should sue the federal government for fraud through taxation, it would almost qualify as racketeering.



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