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Call it ironic, but the only house on the block that appears to be the foreclosed end to some sad financial story is in fact the home of one of the debt collection industry's emerging and persistent threats. Cunningham calls himself a private attorney general—someone who files private lawsuits in the public interest. Debt collectors call him a credit terrorist.
"When you or I make a mistake, they say, 'Hey, tough nuts, be smarter next time, you know, bad luck, didn't work out for ya," he says. "When the fat cats on Wall Street make a mistake, they say, 'Oh, national emergency! We've got to bail these guys out."
Since nobody has showed up to bail Cunningham out, he's decided some of the $100,000 debt he once amassed will never get paid back.
"I already paid them off," he says. "The government took my money without asking me and gave it to the banks. And since I owe the banks money, but they already got my money from the government, I say we're even."
Originally posted by concernedcitizan
I've got no sympathy for people who dug their own graves. But quite a few folks got into trouble through no fault of their own. I work in finance. I felt we should have let the whole house of cards fall. My peers tell me the social fallout would have been even worse, but which degree of bad is worse. The bailout seems to me to be, "Poor taxpayers bailing out the rich taxpayers." Somewhat skewed, wouldn't you say.
Originally posted by jaysconspiracy
What kind of world are we living in!!?? People on here are cheering the idea of not paying any more of their debts and saying " to hell with them" to all the people they borrowed from. It should come to no shock that we live in a crumbling society where unemployment is up and the desire to work hard is way down. Everyone expects a golden life to just be handed to them. Not that long ago I got myself in a world of credit card debt. I did my best to pay but eventually it snowballed and I had to file bankruptcy. I felt ashamed by giving these companies my word and then not coming through on my debt. You are the moron who had to borrow and now you are mad at the person who was willing to take a chance on you and lend you money!?????????? Look in a perfect world everything would be free, but in the real world it doesn't work that way. So at the end of the day you have to decide what type of person you are going to be. Are you going to do your best to be a man ( or woman ) of your word, or are you another leech wants it all but isnt willing to work for it? Don't borrow if you cant pay for it!!! Take some responsibility for yourself!! Bailing on your debts just raises costs and interest on the paying people!
The next day a woman rang me requesting a session of Rapid Eye Technology (energy healing). Her anxiety was that the IRS had been confiscating her husband’s veterans benefits to settle her ‘debt’ with
them. All I could tell her, from my years of studying $$$, taxes, etc. was, “You know there is no law compelling you to pay tax on your income.” She DID know! I was delighted. I also told her, “If it makes
you feel any better, you’re not alone – the credit card banks think I owe them $40,000. I know that I don’t really owe them, I just don’t know how to prove it.”
Lo and behold, she said, “You just send the letters.” I leapt from my chair – my prayer had indeed been answered – ask and ye shall receive. She then produced a series of letters, the drift of which was to request
the bank to provide me with three things:
1. validation of the debt (the actual accounting);
2. verification of their claim against me (a sworn affidavit or even just a signed invoice); and,
3. a copy of the contract binding both parties.
I was to write that I would be happy to pay any financial obligation I might lawfully owe as soon as I received these three documents. The banks can’t validate the debt because they never sustained a loss; they can’t verify any claim against me because I am not the NAME they are billing – more on this later. They can’t produce a copy of the contract because one doesn’t exist. What exists is an unenforceable unilateral contract. What the banks refer to as ‘your contract with us’ is not a valid bilateral agreement since the four requirements of a lawful, binding contract were not met on the credit card ‘application’, namely:
1. Full Disclosure (we are not told that we are creating the credit with our signature);
2. Equal Consideration (they bring nothing to the table, hence they have nothing to lose);
3. Lawful Terms and Conditions (they are based upon fraud); and
4. Signatures of the Parties/ Meeting of the Minds (corporations can’t sign because they have no right, or
mind, to contract as they are legal fictions). Credit cards are win/ win for the banks and lose/ lose for
everyone else – it is the slickest con game on the planet.
Originally posted by jaysconspiracy
What kind of world are we living in!!?? People on here are cheering the idea of not paying any more of their debts and saying " to hell with them" to all the people they borrowed from. It should come to no shock that we live in a crumbling society where unemployment is up and the desire to work hard is way down. Everyone expects a golden life to just be handed to them.
- You find this strange ? Almost none of the people who work 9 to 5 jobs feel that their work supports their survival. They work because they simply have to. If people would get a sense of fullfillment at the end of the day by realising they have worked so that they could survive - live, their desire to work would also increase.
the desire to work hard is way down.
Originally posted by dalan.
Originally posted by jaysconspiracy
What kind of world are we living in!!?? People on here are cheering the idea of not paying any more of their debts and saying " to hell with them" to all the people they borrowed from. It should come to no shock that we live in a crumbling society where unemployment is up and the desire to work hard is way down. Everyone expects a golden life to just be handed to them. Not that long ago I got myself in a world of credit card debt. I did my best to pay but eventually it snowballed and I had to file bankruptcy. I felt ashamed by giving these companies my word and then not coming through on my debt. You are the moron who had to borrow and now you are mad at the person who was willing to take a chance on you and lend you money!?????????? Look in a perfect world everything would be free, but in the real world it doesn't work that way. So at the end of the day you have to decide what type of person you are going to be. Are you going to do your best to be a man ( or woman ) of your word, or are you another leech wants it all but isnt willing to work for it? Don't borrow if you cant pay for it!!! Take some responsibility for yourself!! Bailing on your debts just raises costs and interest on the paying people!
I would just like to point out that your entire point of view is flawed from a gross lack of knowledge as to how loans actually work. When someone gives you a "loan" they are in no way "taking a chance on you." In fact, it is quite the opposite, the money loaned by a bank, or whomever, does not come out of their existing assets. Loans are the basis for new money creation.
Originally posted by Lunatyx
Originally posted by jaysconspiracy
What kind of world are we living in!!?? People on here are cheering the idea of not paying any more of their debts and saying " to hell with them" to all the people they borrowed from. It should come to no shock that we live in a crumbling society where unemployment is up and the desire to work hard is way down. Everyone expects a golden life to just be handed to them.
I agree with you, people who get a loan, should always try to do their very best to pay it off as soon as they can. A loan is a big responsibility.
BUT, I would very much like to point out 2 things :
1- Isn`t it completely unfair that even when you work day in, day out, week after week that you cannot afford the most basic things like a home or a decent education ? No one should have to take a loan for such things, but in this day and age there is just no other option.
2-- You find this strange ? Almost none of the people who work 9 to 5 jobs feel that their work supports their survival. They work because they simply have to. If people would get a sense of fullfillment at the end of the day by realising they have worked so that they could survive - live, their desire to work would also increase.
the desire to work hard is way down.
I`m not trying to shake your cage, I`m just trying to show some empathy...