The OCC Speaks On Fictitious Debt Elimination Schemes

Like a serial thief, the people behind the debt elimination schemes keep returning to the scene of their crimes, year after year. As we prepare for the New Year, 2009, a high percentage of Americans, are already straddled in debt. However, every holiday season, many take a big gulp and unwisely tack on more debt to their already unbearable load. By the time February rolls around and bills start piling up, the swindlers behind the instant debt elimination programs will be in full swing. Ge the full scoop now and warn others... 

I Just Signed Up For Debt Elimination!  

During the summer of 1998, the term, “Debt Elimination, became a catch all power phrase used as bait to lure unsuspecting debt laden consumers into a web of deceit. When companies first started advertising debt elimination programs, it seemed like the answer to a lot of prayers. They touted their programs and plans as having the power, in most cases, to instantly wipe out your debt. If not immediately, others said within months.

People jumped on the bandwagon with fervor; they were signing debt elimination agreements at an astounding pace. Unfortunately, they had no idea, that once they signed the agreement, they became a victim of a crime that would leave them speechless.

Ten years later, a new breed of cunning swindlers are selling the same type of fraudulent debt elimination programs. These white-collar criminals give themselves fancy titles such as: debt counselor, credit counselor, financial advisor, debt advisor, debt consolidation expert and the list goes on and on. No matter what title they give you, here’s how you can know if you are dealing with a legitimate debt elimination program or a false one.

How To Recognize Illegitimate Debt Elimination Programs
The core objective of every illegitimate debt elimination program is to take advantage of people who are desperately attempting to resolve their debt problem. These companies/individuals prey upon the unsuspecting by promising them instant debt relief. Their sales presentations are so persuasive, that even highly educated individuals get taken in. The basis of each of these shams revolves around collecting or receiving an upfront fee. Be careful here because they also call this fee a: membership fee, processing fee, administrative fee, participation fee and sometimes a

No matter what they call it, the point is, they want you to pay UP FRONT! These fees range anywhere from around $300 to $8,000. Once a person pays this fee, they can KISS THAT MONEY GOODBYE! And not only their money, but also their hopes of putting the stress and strain of their debt load behind them.

Here are the warning signs to look and listen for. If you see any of these, make no mistake about it, you are dealing with an outlaw debt counseling company. 

• They guarantee results
• They claim that by simply paying a small fee, they will show you a method or system designed to eliminate or wipe out your debts
• They have been authorized to transfer your debt to some wealthy philanthropic entity
• They claim the documentation used by the lender is invalid and therefore cancels the debt
• They claim to utilize little known laws or information available only to a select few to instantly eliminate your debts
• They instruct you to create your own arbitration company and then certify arbitration awards that drastically reduce or altogether eliminate your debt
• They claim they will provide you the access information to your trust account established by United States Department of Treasury or some other Federal agency. They claim every American has one of these accounts but doesn’t know about it. You are instructed to use this account to reduce or eliminate your debts
• They claim to have proof that banks and other financial institutions have no authority to lend money, extend credit or charge interest; therefore the loans are illegal
• They claim they can use a little know law or technicality to convert your debts owed to banks into deposits

As a result of these harmful debt elimination schemes, individuals have lost money, went into foreclosure, further damaged their credit rating and incurred additional debt. If you need debt help, learn about legitimate debt elimination programs.  

 
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.

 Source: http://www.DebtErasure.com

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