Credit Card Default- No Standing, No Ability To Collect!!!!!!!

reply to post by crimvelvet


The Jerome Daly decision was overturned the very next day, the site you quote from has inaccurate information in that regard

en.wikipedia.org...

The immediate effect of the decision was that Daly did not have to repay the mortgage or relinquish the property. The case and its reasoning have subsequently been cited as nullifying the U.S. banking system and in particular the practice of fractional-reserve banking. However, the bank appealed the next day, and the decision was ultimately nullified on the grounds that a Justice of the Peace did not have the power to make such a ruling.[3] Because the decision was nullified, the case has no value as precedent. However, it is still cited by groups who support a government owned central bank or oppose the Federal Reserve System; such groups argue the case demonstrates that the Federal Reserve System is unconstitutional. A U.S. District Court decision in Utah in 2008 mentioned half a dozen such citations, noting that similar arguments have "repeatedly been dismissed by the courts as baseless" and that "courts around the country have repeatedly dismissed efforts to void loans based on similar assertions."[4]

Daly eventually ended up disbarred because he refused to let it go
www.lawlibrary.state.mn.us...

Be very careful whose information you follow, while disputing with collection agencies can be done, you have to follow specific rules to win, as do the collection agencies. Most people win because the collection agency did something against the rules, not because of a lack of standing.

reply to post by 4nsicphd

OK, here's an idea, but I have retired from practicing law, and this is not legal advice. Put together a list of all creditors. Then do a real, accurate financial statement and sign it. I'm assuming you owe more than you are worth. Calculate the ratio of debts to assets. Let's say you owe $100,000 and have assets, at a liquidation value, of $50,000. That's a 50% ratio. Write a letter to each creditor with a copy of the financial statement, and a copy of a Chapter 11 Bankruptcy petition you have filled out. You can get the forms at any good sized office supply store. The letter should say something on the order of, "I've tried but I just can't make it. Here's a financial statement. I will pay you 55% of what I owe which is more than what you'll get if I file the attached Petition in Bankruptcy." But remember, this advice is coming from someone who quit doing law and went back to get a PhD in Physical Chemistry and is now a forensic scientist, not a lawyer.

While your intentions are good, you do not want to do this.

1) You can often settle for a lot less than 50%. Let me just say that sometimes I have paid my debt in full and that I advocate never going late or settling if you can avoid it, it's a real nightmare. If you are down this road, good negotiating means that you lowball them, really really low and let them go up from there. When I say low, I'm talking like 12-25% of the debt.

2) Never, ever, ever send a collection agency or a junk collection agency all this information. THEY DO NOT HAVE YOUR BEST INTERESTS AT HEART and will use anything and everything they can against you. There are stories I could tell, rational stories not made up ones, but just know that they will lie and they do lie.

3) You have to take a very non-emotional tone with these thugs. It's very difficult to do. You will want to scream and want to cry because of the things they say and do. They ROUTINELY violate the FCRA (or whatever the acronym) but who has time to fight all that? You think the BBB and Sec of State care? They don't. The best advice is to never answer the phone when they call. If you do, have a plan in place and sound well-informed, unafraid and educated. Paint a very bleak picture (which usually isn't hard to do!) Sound reasonable. Deal with them via certified mail for everything. One caveat -- some of these places can be very nice on the phone, due to the economy, if you're lucky enough to get a reasonable person, just make reasonable payment arrangements if possible. (This, after you've verified the debt is yours etc.).

4) There is a ton of misinformation on the Internet. I do not think the debt collection companies are worth it because they charge you a FORTUNE. You will end up owing them almost as much as you owe your cc's. You can do it all on your own, they basically do nothing anyway other than make you think it's all going away.

5) Make sure that if you are ever Served -- SHOW UP IN COURT. 99.9% of their cases are won by "default" which means you didn't show up. That's when they can get the power to garnish your wages etc. Always always show up and deal with it before it gets to that point.

6) Don't take out credit cards, don't get into debt!!!