|
DEBT ELIMINATION... IS THERE SUCH A THING?Debt elimination
Many people use the term ‘debt elimination’ as a general phrase for
debt reduction. You may have received email offers for “complete 100%
credit card debt elimination” or other debt elimination services. In
fact, a ‘debt elimination program’ is a well-marketed scheme that
claims it can get rid of all your unsecured debt with no payback of any
kind. Sound too good to be true? It is.
Debt elimination services will claim that their debt elimination
program can eliminate 100% of your credit card debt. They’ll tell you
that under the law you really don’t have to make any creditor
payments. They boast that their debt elimination plan will result in
court ordered judgments against creditors preventing them from ever
collecting the unpaid debts.
Let’s examine some of the main concepts behind debt elimination
services. A main component of a debt elimination plan is debt
validation. Laws do require that creditors and debt collectors prove
their claims, or validate your debt, if requested. It is true that
often creditors sell your account so many times that eventually they
cannot find your original credit application. Do you honestly believe
you wouldn’t owe the debt? This is like driving 100 MPH and getting
out of your ticket because the officer misspelled your name. But this
is exactly what credit card debt elimination services will tell you.
You’re not denying you used the credit cards.
You just can’t afford to pay them off. Debt
elimination services claim that regardless of what you spent, you can
pay back nothing. One well-known debt elimination program boasts that
you can even keep what you purchased on those cards while paying
nothing. Doesn’t sound realistic or ethical, does it? But that is
what a typical debt elimination plan states.
A debt elimination program will also tell you
it doesn’t matter whether you are current or behind in payments. Debt
elimination services will brag they have discovered a dark secret that
banks want to prevent you from knowing. If complete credit card debt
elimination were this easy, don’t you think it would be headline news?
Another “secret” that debt elimination services tout is that
creditors do not actually lend money, but instead use your credit
application to "create" currency for your use. The banks then charge
you interest to use this currency that your application created. Debt
elimination services claim that they use this information to throw out
court judgments, stop collection efforts, and save you from paying on
any credit card debt. The fact remains: you filled out an application
to borrow from the credit card companies.
They have every right to collect what you
spent if you don’t pay your invoices, despite the claims of the debt
elimination services. If you join a debt elimination program, you are
begging for a lawsuit. Just imagine if thousands of people signed up
for credit card debt elimination. Do you believe the courts would
allow everyone to repay nothing? If you want to sign up for a debt
elimination program, just be prepared to defend yourself in court.
In credit counseling or debt negotiation, you
make a concerted effort to repay what you can. A debt elimination plan
is designed to stiff the credit cards in an effort to avoid paying back
anything. If debt elimination services and their credit card debt
elimination guarantees sound too good to be true, then…
Simply ignoring or denying your debt situation will not make it go
away as stated by the debt elimination services. The best step to true
debt elimination is to examine the reality of your situation. If you
can afford to repay your debts on your own, you should. If you cannot,
then you may want to contact a competent debt reduction company to
negotiate settlements for you.
Don’t waste time or money with a fraudulent
debt elimination program. For a free consultation from Professional
Debt Advisors please to see if our debt resolution program is a viable option fill out the form on the right or call us now at
866-559-3328. |
|
GET FREE FINANCIAL ADVICE NOW! |
|
| | |
|
Debt Settlement - Straight Talk