Oh No! Look Who’s Not Happy
About Debt Elimination (Part 2)

Continued from Part 1 on debt elimination... remember, my commentary is highlighted in yellow!

These schemes are proliferating on the Internet, and the organizers are charging borrowers substantial up-front fees and commissions based on the total amount of debt that can be forgiven. Members of the public are being harmed as borrowers generally pay significant amounts of money without eliminating or reducing their overall debt obligations - which of course is not in fact possible through any of these programs. Also, the cessation of legitimate loan payments increases the risk of a foreclosure or other legal action being taken against the borrower, and in addition could negatively affect a borrower's credit rating. Financial institutions may find that the use of the specious documents complicates the collection process, and may at least temporarily prevent any final action against the consumer.

It is important to note that these shysters have used the power of the Internet to rake in millions of dollars off of unsuspecting victims. On the surface their websites look totally legit. In many cases, if you didn’t know what to look for and the right questions to ask, you’d probably get burned. Their sales representatives are so slick; they could sell outdated ketchup to a tomato farmer. Once they start their well choreographed sales pitch, they absolutely do not relent. By the time they are done, most people are so desperate, they will do almost anything to pay that upfront fee.

Examiners and banking organizations should be cognizant of these scams, and the public should avoid becoming involved with them.

This statement cannot be made any clearer, “the public should avoid becoming involved with them.” When it comes to debt elimination, heed their advice. Don’t become one of the countless number of people who fell for the debt elimination trap and are in a worse state financially.

Bank holding companies and state member banks should modify their policies and procedures as needed to ensure that staff involved in any way in a lending function is able to identify and respond appropriately to these current schemes.

Just to show you how cunning these crooks are, banks and other companies are being forced to adjust their policies and procedures in order to avoid getting burned by them. Think about that for a moment… the impact these debt elimination schemes is far reaching. So much so that they have even put banks on high alert.

If an institution supervised by the Federal Reserve is presented with fraudulent documents as described in this SR letter, the institution is expected to file a Suspicious Activity Report (SAR) in accordance with the Board's suspicious activity reporting rules. The banking organization must also retain the written materials associated with the purported debt elimination scheme as supporting documentation to the SAR, as required by the Board's SAR rules.

Reserve Banks are asked to distribute this SR letter to domestic and foreign banking organizations supervised by the Federal Reserve in their districts. Questions regarding apparent fraudulent debt elimination schemes can be directed to Leonard Zawistowski, Senior Special Investigator, at (202) 452-6488.

Richard Spillenkothen
Director

There you have it, debt elimination in nutshell. Please, I urge you, don't believe the hype or any of the compeling sales pitches. Do your homework prior to sigining anything and never but never pay any upfront fees to straighten out your debts unless you are paying a retainer to an attorney.

Oh No! Look Who’s Not Happy About Debt Elimination (Part 1)

William Phillips brings a degree in economics and an unwavering passion to help fellow Americans come from under the clutches of debt. He believes that with the right debt advice or debt counseling, anyone can recover from the stresses of being overwhelmed with credit card bills and other debts.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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Oh No! Look Who’s Not Happy About Debt Elimination (Part 2)

Oh No! Look Who’s Not Happy
About Debt Elimination (Part 2)