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How do you cancel credit/mortgage debt legally?

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posted on Jan, 19 2009 @ 04:40 PM
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reply to post by gnosis111
 


That is a scam. Don't fall for it.

Have you considered how dishonest that would make you as a person if you could do it? You were extended credit on your word and your good name.

They have been running warnings about the large number of these scams lately on the radio and in the news. You can't just screw over those you owe money too and walk away




posted on Jan, 19 2009 @ 06:57 PM
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When I bought a house I was advised by accountants working for the loan provider, (in this case the Victorian state government; the loan was to help low income mothers who were in danger obtain safe housing,) to pay less than the interest charge each monthly payment. They showed me a graph showing the amount I'd owe doubling in 12 years, then going down. The assumption was that inflation would boost my income until one day the principle and accumulated interest would be easy to pay off.

Being a cynic, I regarded this as a confidence trick, and worked like mad, living on a shoestring budget, to pay off as much as I could as quickly as I could. I also changed the payments to fortnightly, which helps pay it off faster. The loan had variable interest which sky-rocketed at one stage to 17.5%, and most people with this loan lost their houses. I'm one of the very few who now own their home under this scheme.

I believe the politicians involved got kickbacks from the sale of foreclosed homes.

Interest is a trick, but it's a trick you can beat.
Only borrow on a loan which allows you to pay out as early as you like with no penalty.
Deprive yourself of all luxuries in the early days of the loan.
Extra payments made early on will save you far more in interest than extra payments made later.

People who have loaned to me, (including AmEx who always get paid too quickly to charge me any interest,) hate me because they hardly get any interest from me.



posted on Jan, 19 2009 @ 07:40 PM
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Just so everyone knows. You can search your state's statute of limitations on credit and medical debts. The state that I live in it is three years, in some it is seven. This means that if I dont pay a credit/medical debt for 36 consecutive months the statute of limitations runs out I can have it legally removed by writing one of the Credit bureaus and asking them to remove it. The statute of limitations starts from your last payment, if you make a payment 24 months after you last payment, it starts over. I have had a ridiculously high medical bill taken off by using the statute of limitations. I have a bit of experience when it comes to fighting the credit companies also. U2U me if you need to help. I might be able to help.

As for mortgage, your stuck with it as far as I know. Of course you can do what some people in my area are doing, burning their houses down for insurance money.

Also, try to locate which credit bureau is handling your specific debt. There are three bureaus and writing to one to fix a debt handled by another can be a pain sometimes. Just get a credit report off the net.


DO NOT GO TO www.freecreditreport.com They do bad business in my opinion.



Use this site for a credit report. www.annualcreditreport.com


Credit Bureau contact information. Contact credit bureaus

[edit on 19/1/09 by Pfeil]



posted on Jan, 19 2009 @ 08:57 PM
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Just pay the money, seriously. You took out the debt, you're the one responsible and now you owe money, stop trying to wriggle out of it, heck get a second job if you have to. This is probably a wake up call that you shouldn't really be borrowing money in the first place.

If people keep attempting to evade, then surely it'll get harder for credit to flow, banks won't have as low rates for business and everyone suffers.



posted on Jan, 19 2009 @ 09:28 PM
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Originally posted by Niall197
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.


Make sure you NEVER confirm that you actually owe the money when dealing with them. If they call, say something like "I can neither confirm nor deny that I owe that money". Watch how they weasel to get you to admit that it is your debt.



posted on Jan, 19 2009 @ 11:29 PM
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Holy smokes, a few of us actually think we really do owe credit card companies these inflated amounts.

Mom and dad have a Discover card. They pay $200 or so a month. Less than $5, $5, yes I said it right, less than $5 goes to the actual bill. It's robbery, plain and simple. It is slavery.

And, why the hell should I owe someone $1000, when I only borrowed $100?

Do you think the credit card company give a f%#k about you?

It is a slimy and filthy business. You can't blame people for not reading all the terms, you can't freakin' understand all the jargon. So, you just say, "Yes, I read the crap."

$35 for overdrafts, even if it's only 50 cents, come on! $35 for a late fee, even if it's an hour late. The slimy bank exec says, "So, you can't pay the bill next month, because of the additional $70 fees? Well, here's another FU from us to you. You still get a late fee, because you didn't pay the inflated minimum, and you also get another overdraft fee again." And the snowball has started.

Troy



posted on Jan, 19 2009 @ 11:38 PM
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reply to post by cybertroy
 



Those who do not understand what happens when you borrow money should not borrow money (unless it is absolutely necessary). A very simple calculation shows that paying the minimum payment on a credit gets you virtually nowhere. You can see on each statement that it gets you nowhere. Want to not pay the interest? Don't borrow the money in the first place unless you can pay it back on the next statement. Want to minimize the interest? Pay back as much as you can (all of your discretionary income), not just the minimum payment. And for gosh sakes, stop using the card.

If it's slavery, you enslaved yourself. Sure the banks are out to get all the interest they can. It's no secret, that's what they are in business for. They aren't there so people can get a Lexus. They aren't being nice guys. When did people ever trust banks? How can you go into it with your eyes shut so tightly? Blame them for being sneaky. But Don't blame them because you don't understand what what's going on. Yes, "easy credit" is a bad thing but educate yourself, it really is all there in front of you from the get go.

[edit on 1/20/2009 by Phage]



posted on Jan, 20 2009 @ 12:00 AM
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Sometimes , it depends on how long you have been owing these companies. Some write if off as a tax loss . They have therefore regained their loss and anybody they subsequently send to chase after you for remittance is not chasing a 'loss' so to speak, but an envisaged gain . In america , you have different laws across different states , even the terms of the statute of limitations are not uniform across every state, and many have quirky laws that negate this statute for very dubious reasons that most US citizens would never be aware of , and would see their legal protection vaporized at the slightest mistake in what they say during a phone call from a collector . . I can see both sides of the argument , after university I had many debts , and paid most of them off , even though money was short in those days .

But , today, most of what they charged me would be considered illegal charges these days . And so the ones I have outstanding , are all statute barred .. almost twice over (11 years) , and sometimes I do have a company come along and ask, but the way i figure , I paid so many of them off back in the days of legal hikes and scams , that any loss these companies have endured would be offset in general by the overall gain the industry made out of me while the going was good on these scams . If I was asked to pay a account loaded with illegal charges from 11 years back , what would they say to refund of illegal charges set by legislature for such offences at 8% per annum, they would say it was statute barred and they have no legal reason to pay me , and that is what I say for the account in general, they can't have it both ways . So I have no moral problem in invoking the limitations act on encountering these people at all .


[edit on 20-1-2009 by Drexl]



posted on Jan, 20 2009 @ 12:41 AM
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reply to post by Phage
 
Phage I could understand your argument if the banks actually lent you any money, the Fiat currency and fractrual banking system is the biggest scam ever invented, they only have to have 10% of actual money in there vaults, and its sometimes much less, so when they talk of all those billions and trillions of dollars out there in the world it is B@#^&%$t there would be 5% at best of hard curency around the world backing up that phony money, so when you think the bank is lending you money all they do is type it on there computer and all that gives it any value is your signature on a piece of paper saying you will pay it back, so they give you nothing and you give them your hard earned cash plus interest. Go back to the crow house site and listen to the STRAWMAN THE MATRIX REVIELED it tells you how to legally get out of phony credit card debt, and it is easier than you think. I paid $12,000.00 of my house in the last six months, guess what the loan amount reduced by, $100.00, its crazy.



posted on Jan, 20 2009 @ 12:53 AM
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reply to post by Phage
 


What the credit card companies do might be legal today, but parts of it shouldn't be.

In particular raising rates to something crazy like 30%. In all honesty in today's market anything over 10% could probably be considered extortion/theft...

Sure I can see that people with "bad credit" might get into trouble getting loans, and that the risk MIGHT be higher, but as the rules are right now the customers can get shafted, and there might not be anything they can do about it.

If the customer paid late, I can see them being allowed to charge a little more for their "cash flow cost" or whatever you want to call it, but once the customer have paid that part the rate should go back to what it originally was since the bank didn't lose ANYTHING.

A good business should be run with a "win-win" attitude (a lot of banks are playing "win-lose"), hopefully some banks still try to play a sort of honest game here, the point is if they suck tell them they are thieves, try to get the money elsewhere and never do business with them again...

In theory such companies should get weeded out, but it doesn't seem to work right now. I don't like regulations, but I do think there needs to be more regulations to protect the customers from some of the nasty # these companies do.



posted on Jan, 20 2009 @ 12:58 AM
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Originally posted by LowLevelMason

[
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.



No. I help people with little, no, or bad credit qualify for low-interest mortgages. (See, e.g., www.naca.com...)

Your credit score is based on "credit utilization." If 'you never charge $1.00' or "utilize" your credit, Equifax, Experian and your bank will not have any evidence that you can manage your finances.

Your best bet is to borrow a small amount secured by savings or your car, say $500 or $1,000, from your bank, put it in savings at a second bank, and pay it off within 3 to 6 months from the savings account plus a little more than the accrued interest (or pay all the interest up front with your first payment if you can afford it). You will pay a nominal amount of interest, but you will prove your creditworthiness. Do it again. After a year, you will have established a "credit history" with positive reporting.

(I took a risk with my 2nd note and invested in Pepsico and Delphi. They both increased in value and paid dividends that offset the bank interest. You should use the 1st loan period to watch the market and try this if you're willing to gamble with a 2nd loan.)

If you are behind, you weren't paying attention. Contact the lender and enter a "repayment agreement." You will lose that creditor/card, but your credit report will show "paid as agreed."

Stiffing banks and creditors is not a reflection of morality, but a sign of immaturity and an inability to manage capital.

Capital is what you've earned and saved (your net worth) and should be used to create wealth. If you can borrow against your capital, and earn more than the cost of borrowing, you've added to your wealth and creditworthiness.

Debt allows you to enjoy instant gratification, but does not build wealth.



posted on Jan, 20 2009 @ 01:17 AM
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Originally posted by bubbabuddha
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.

Sorry but I have a hard time believing that the Government “Made you do it”...
Why not just say the Devil “Made you do it”, at least that I could maybe believe as the devil supposedly can have some level of supernatural control over people. The last time I made a decision to use a credit card, what went through my mind was “man that is a good deal if I get it now, and I am going to need it anyway”, not “hey I can't afford it, but the government overspends all the times, so......Yahooooo, charge it!”...

That is about the worst excuse I have ever heard trying to justify overspending then not paying your debts.



posted on Jan, 20 2009 @ 01:44 AM
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It is with much amusement that I read some of the replies to this thread...

Many people believe that since gnosis111 has accumulated the debt herself that she should pay it back with no questions....

Well, let's see... are taxes legal? Can anyone provide me with proof to show that taxes are being administered iaw a law...??? Many tax people themselves have been unable to prove that they are taking taxes legally.

That being said, do your really think that someone should worry about paying back a debt that is caused by the governments abuse in the first place?

If there is a way around it, I hope you find the solution to it. Please give me a U2U with the info if you'd be so kind...

People need to stop thinking so high and mighty. Everyone is in this situation because of what the government did.... and those that don't realize what that might be should question their membership to this website...

IMHO
Rgds



posted on Jan, 20 2009 @ 01:46 AM
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Originally posted by Kailassa
Interest is a trick, but it's a trick you can beat.
Only borrow on a loan which allows you to pay out as early as you like with no penalty.
Deprive yourself of all luxuries in the early days of the loan.
Extra payments made early on will save you far more in interest than extra payments made later.

Good Advice.

That is as long as you stick to your guns when the money gets tight, and if you don't encounter any financial setbacks during that period. Its always risky to take out a loan that you cannot pay for with money left over each month. Though I don't understand how you were able to pay less then the minimum interest payment each month and not end up in foreclosure. I have heard of people paying the minimum payment then sending a second check in each month to be applied to the principal.


Originally posted by Pfeil
Just so everyone knows. You can search your state's statute of limitations on credit and medical debts. The state that I live in it is three years, in some it is seven. This means that if I dont pay a credit/medical debt for 36 consecutive months the statute of limitations runs out I can have it legally removed by writing one of the Credit bureaus and asking them to remove it. The statute of limitations starts from your last payment, if you make a payment 24 months after you last payment, it starts over.

This is true, but it has a drawback in the fact that a company can still put a judgment against you when they get toward the end of that 3 to 7 years (depending on the state). This will also not work with anything that involves collateral, or physical property that can be repossessed or foreclosed on.


Originally posted by Drexl
Sometimes , it depends on how long you have been owing these companies. Some write if off as a tax loss . They have therefore regained their loss and anybody they subsequently send to chase after you for remittance is not chasing a 'loss' so to speak, but an envisaged gain .

A “charge-off” does not eliminate the debt however. Once they have charged an account off, they normally will send it to a collection agency who adds another file to your credit report as though its an second debt, plus its now in collections. If you don't care about your credit score reaching the low double digits, then this is a fine road to proceed down, but it will ruin your credit for a long time.



posted on Jan, 20 2009 @ 01:55 AM
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Originally posted by AllTiedTogether
Well, let's see... are taxes legal? Can anyone provide me with proof to show that taxes are being administered iaw a law...??? Many tax people themselves have been unable to prove that they are taking taxes legally.

That is a conspiracy theory, and a lot of folks have gotten in trouble trying to use it as a defense. If some of the HUGE gangsters with their incredibly top of the line lawyers were arrested on tax evasion, you can bet that mom and pop six pack who cannot afford that level of legal representation are eventually going to end up in jail. It might take awhile for it to happen, but they will eventually be caught.


Originally posted by AllTiedTogether
That being said, do your really think that someone should worry about paying back a debt that is caused by the governments abuse in the first place?

How does your overspending, and borrowing money, constitute government abuse?


Originally posted by AllTiedTogether
Everyone is in this situation because of what the government did....

There were a lot of people in credit debt before the current recession, this has nothing to do with the government or the housing crisis. As a matter of fact the current situation is more like a symptom of the underlaying cause: people living outside their means, and getting bad loans to cover that cost of living.



posted on Jan, 20 2009 @ 02:12 AM
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reply to post by defcon5
 


Yes, the government has nothing to do with our debt.... the federal reserve is doing or has done nothing illegal in the past and bush has also not done anything that can be construed as criminal....

You believe in Santa and the Tooth Fairy still don't you?

Wow buddy... Your on a conspiracy website... and you spout off this expecting others too follow what you say??? After hearing a couple of things like your last I would just wiz past anything else that you wrote... I mean if you show all your true colors like that...

WOW

 
Mod Note: Please stay on Topic – Review This Link.

(Please address the Topic and not each other.)

[edit on Wed Jan 21 2009 by Jbird]



posted on Jan, 20 2009 @ 02:25 AM
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reply to post by LowLevelMason
 


I also would like to mention, the value of things change constantly you go out buy a TV for $999 only to find out 6 months into you credit card payment it's dropped to $499. In the end you slit your own throat twice. You would be better off to save the money in the bank till you can buy it outright saving yourself a bundle. Only plastic I would want was a debit card so I don't have to carry loads of money and if you lose the card it's worthless you lose nothing. Also you can order and buy over the net catalogs etc. I really don't see a reason to have a credit card.



posted on Jan, 20 2009 @ 02:52 AM
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Defcon5
There were a lot of people in credit debt before the current recession, this has nothing to do with the government or the housing crisis. As a matter of fact the current situation is more like a symptom of the underlaying cause: people living outside their means, and getting bad loans to cover that cost of living.


You seriously take it all hook line and sinker
What got us into this mess


Seriously why don't you take your high and mighty grossly misinformed belief to another thread since this pains you so...The original post was seeking valid information on debt and what to do when backed into a corner and or seeking an alternative...You successfully derailed the thread into your little moral campaign...Well start a thread for your little moral campaign!

I would be willing to guess you are one of possibly a few types out there that has either a) been in serious debt and paid it off painfully living on Ramen noodles b) occupationaly frustrated c) work for a debt collection agency of some kind and or all or parts of the above or perhaps none of the above. Your dedication to never shutting up in this thread points to c but likely still isn't the case. Business is business and skipping out on debts and the best methods in bypassing debt is precisely how the wealthy reach their wealthy status. Don't believe it? Name someone and or entity and how they achieved there wealth by paying their debts in their entirety...Can you?



[edit on 20-1-2009 by Criskahta]

[edit on 20-1-2009 by Criskahta]



posted on Jan, 20 2009 @ 03:01 AM
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Originally posted by AllTiedTogether
Yes, the government has nothing to do with our debt.... the federal reserve is doing or has done nothing illegal in the past and bush has also not done anything that can be construed as criminal....

The Federal Reserve was put into place by an Act of Congress, so whether you agree with being off the Gold Standard or not, its completely legal as any other law the Congress has ever passed.


Originally posted by AllTiedTogether
Wow buddy... Your on a conspiracy website... and you spout off this expecting others too follow what you say???

Just because we are on a conspiracy website does not mean that everything on this web site is a conspiracy or a valid conspiracy. Believe me, I used to believe in a lot of these financial conspiracies, many of which I learned on ATS, but I found out that most of the just do not hold water in reality.

Here is a dose of reality:
Idiot Legal Defenses

This is a listing of actual case law where people have tried to use these Conspiracy defensive arguments in court, and gotten their butts handed to them. This includes everything from tax evasion, to claiming that Driving is a right under the Constitution, the yellow border on the flag, etc...

Mind you these are actual cases taken from case law, and you will never see these failures on the CT website that push these types of arguments.



posted on Jan, 20 2009 @ 03:07 AM
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reply to post by Criskahta
 

Yeah I suppose that you will inform the OP with some sagely legal advice like these folks received:
Idiot Legal Defenses

So they can stand there screaming about how the yellow border on the flag means that we are under “Admiralty Law”, and thus does not apply, while the bailiff is putting the cuffs on.

From URL:

What follows this introduction is a truly extraordinary collection of cases and decisions dealing with the "paper terrorism" tactics of the so-called "patriot" movement. While some members of this movement prefer the use of guns or bombs, the weapons of choice for many others are harassing lawsuits, harassing filings, bogus documents ranging from counterfeit money to counterfeit identification cards, tax protest arguments, and many related activities. Often these tactics are accompanied by bizarre legal or, more accurately, pseudolegal language. Many people who encounter such tactics for the first time are surprised and sometimes confused by the strange and unexpected arguments that show up in the courtroom.

Bernard Sussman has compiled the most extensive collection ever of legal citations and rulings related to these "patriot" arguments. This exhaustive concordance will be a valuable resource to attorneys and judges who will be thankful to discover that previous courts have often dealt with these issues before. However, this guide is also useful to laymen and others outside the judicial system willing to wade through all the citations. It is particularly valuable in helping people to understand the energy and ingenuity with which these extremist individuals seek to undermine or pervert the legal system through radical reinterpretations of our society’s laws. Taken together, these arguments, frivolous though they may be, represent an assault on the judicial system by people who would like to consider themselves immune to the laws that govern modern society. In putting together this collection of precedents, Bernard Sussman has provided a great service to all who wish to see the laws preserved.


[edit on 1/20/2009 by defcon5]



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