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Watch out for
debt-elimination scams
The Easter bunny-believers who buy into
this logic find themselves deeper in debt than ever -- and well down the
road to financial ruin.
By
Liz Pulliam Weston
Okay, it's
official: There is no argument so stupid that somebody won't buy it.
I thought the folks who fell for the "income tax is unconstitutional" scam
were pretty soft-headed. But they're geniuses compared to the ones signing
up for the latest "debt elimination" swindle.
Here's how it works: For a stiff upfront fee -- sometimes $2,500 or more
-- you can get a certificate to take to your bank that supposedly
eliminates your obligation to repay your mortgage, credit cards or other
debt.
What the victims get, of course, is an entirely bogus document that starts
them down the road to trashed credit, foreclosure, financial ruin and
possible federal fraud charges.
People fall for this . . . and then they start getting collections
notices. They don't really understand what's going on, said FBI spokesman
Paul Bresson. This is a growing problem, particularly in the past
five or six months.
The Feds are
really angry....
Spread via Web sites, e-mail and those ubiquitous hotel ballroom seminars,
these scams have proliferated to the point that the Federal Reserve Board
and the Office of the Comptroller of the Currency, which regulates the
national banks, have sent out alerts to the banks they regulate. The
warnings tell banks not only to be on guard against this scam but also to
confiscate any documents that the borrower presents and send a suspicious
activity report to the FBI -- the same kind of report used to alert the
bureau to information about possible terrorists, money launderers and
other criminals.
From the tenor of (the warnings) they're really mad, said attorney Gary
Van Ryzin, chief legal compliance officer for Great Lakes Higher Education
Corp., a student loan servicer and guarantor based in Madison, Wis. They
take the integrity of the financial system pretty seriously.
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To stop people from looking into
legitimate remedys for the debt, scare talk is effective especially when
you say "FBI". And, so what if the FBI is looking into it?
What can they do if you are in the right and are exercising your due
process based on the law? To say you are stupid is insulting, but it
is effective to
the average person who is easily swayed.
There may have been companys that
bilked people out of their money. You find that in all walks of
life. A stiff fee of $2500 is not so stiff when you are eliminating
hundreds of thousands of dollars of mortgage or credit card debt.
The mortgage elimination process actually costs $3,000 out of pocket.
But the proof is in the pudding....we have reconveyed over 500 mortgages
and have more than 200 on the way. It all takes about 6 months.
The bank cannot offer up proof that it loaned anyting to the mortgage
holder. Our lawyers pin them down. Check the law books on
Contracts. One of the principles of a valid contract is that both
parties offer up "consideration" - that is, both sides put up risk
or something of value. The bank doen't put anything up...they just
make you think they do.
The way our companies work, you do not get a "certificate" as she
mentions. You become educated in the process and understand what is
happening with banks. No FBI employee, or Chief Legal Compliance
Officer can deny what we are telling you about the Federal Reserve System,
and how banks get something for nothing. We can send you documents
printed by the Fed (Federal Reserve) admitting how they create money out of
thin air. All one has to do is understand the Law of Contracts, and
that we are governed by the Laws of Commerce to see that we are being
manipulated.
Read the material, and learn, learn,
learn. Do not let the scare talk sway you. Is this article
denying that banks use your promissory note to create bucket loads of
money that wasn't there before your signature? When all a person can
do is use insults and not offer any facts, you know that it is a message to
scare you off.
The Federal Reserve System is a
private corporation owned by mostly rich european bankers. It is not
part of our government. After all, what
would you do if you were a bank, and people were discovering your little
game? You would try to scare them off, wouldn't you?
There is a hole in the fence and the cattle are starting to escape.
The debt elimination movement is
growing and the banks are getting worried, yes indeed. Someday, we
might actually have a system that does not create inflation, and our money
is actually worth something. We even have bankers contacting us who
didn't know the whole story before, and they want to eliminate their debt,
too.
"the Feds are mad" -- Oh, please.
(please note that the word "Feds" refers to
the FBI - the word "Fed" refers to the Federal Reserve in normally used
parlance)
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