Debt Consolidation: Just Another Scam?
You have probably heard so many bad reviews about debt consolidation programs that you think that debt consolidation agencies are nothing but groups trying to rip off customers who are in desperate need of fixing their debt problems. Sadly, there are many companies that can easily fall into this category but there are some others that do provide debt consolidation services and help people with their financial difficulties.
It can sometimes be very difficult to know which companies are legit and which are not. However, you will be able to find online reviews with plenty of information and links to different debt consolidation programs that have already been tested and proved to work seamlessly. Just search the net for debt consolidation and you will find plenty of information on these companies.
Prior to deciding which company is best for you, you need to understand how they work and what differences you can find between them. With all this information you will be able to make a conscious decision which is essential on matters of this importance. A debt consolidation program will affect your finances and your credit for a long time; choosing your debt consolidation program carefully is the smartest thing to do. What To Expect
When hiring a debt consolidation agency’s services you can expect them to ask you details on your debt, on your income, expenses, and other information regarding your financial and credit situation. They will probably provide you with a budget and a debt consolidation plan and ask you to authorize them to take control of certain aspects of your finances. You may be asked to close accounts, cancel credit cards, etc. All this is normal procedure if you want to reduce your debt and bring some ease to your financial situation.
They will also contact your creditors and negotiate with them new schedules for repaying your debt. This negotiation will eventually be finished and you will end up with new repayment programs with extended terms and lower monthly payments that you will be able to afford without difficulties. The Scam
Though there are some online companies which provide financial mediation and other services financial related that charge membership fees or administrative fees upfront, if a debt consolidation company that provides nothing but debt consolidation services asks for money upfront, you are facing a scam. The law prohibits these specific companies to charge money upfront unless they provide other services than debt consolidation and they can only charge money for those services. Any fee for debt negotiation or consolidation can be claimed only after the debt consolidation program has been executed successfully.
Also beware of those companies that ask you for one or two thousand dollars to pay for the costs of closing a consolidation loan deal for you. If there are any closing costs, they can always be included in the overall loan costs and be part of the loan installments. Just follow your instinct, paying to a lender to get approved for a loan makes no sense. If the company claims to be a lender and asks for money upfront, chances are that you are also facing a scam.
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Cancel Debts Lawfully! Help Others Become Solvent
How would you like to have a Business that allowed you to help people with Debts. Do you think you would be busy? Would this be recession proof?
Here is the background:
When a Credit Card Company, Bank or Financial Institution extend a loan to you, they take money from their own Reserves or the Depositors money held in Trust and make this available to you on the condition that you pay it back with interest, Right? NOT AT ALL!!!!
In truth, what happens is that when you apply for a loan, this application is then converted to an IOU (I Owe You) / Negotiable Instrument, which in the eyes of all parties involved (except you - you ignorant fool) has the value of the sum written on it. So the bank takes your application and enter it into its accounting ledgers as a deposit, or sells it for the stated value and enters the value received into it's accounting as a deposit.
Now the Bank actually owes you money.
To balance it's books the Bank or Card Company now releases credit (that came out of thin air) into your account, to the stated value. Now the books of the bank are balanced. No one owes anyone anything. But they do not inform us about this, if this became public knowledge the whole scam would fold - who would like to repay money they actually created themselves??
Why should we work hard for years to pay the banks money they have already gotten and for which they are just doing some computerized book keeping? Where is the Banks risk? Nowhere! They have already been paid. Where is your risk? In years of labour, in possibly loosing your possessions and your good name. Is there a balance here?
This probably explains how the Banks can make these extreme profits and have all these fantastic buildings. How would you like to have a business where you can print money at no cost and get paid twice for it as well as collecting interest on top?
So you have to pay the whole sum again plus interest! You can see what an fantastically profitable scam this is. If you or I did create money out of nothing, we would soon be in jail for counterfeiting. But the Banks have bought the Politicians and control the Justice System, so they have made this kind of legal.
But there is a weakness in their system. They did not reveal this to you when you signed for the "loan" so the Contract is not valid. Contract Law is very clear on what has to be in a valid contract. There are a few more things that they normally omit, which makes it possible take them on and eventually have the debt canceled.
Also, did you know that the Debt Collection Agencies have no legal leg to stand on. One can just refuse to engage with them - as long as one makes this known in writing and stands ones ground they will eventually back off. Do not talk to them. Ask them to prove their case and admit to nothing. Do not ever agree that they have any rights to collect or that you owe anything. If you do, you have agreed that they can extort money from you.
They will have that on tape and make a transcript of it. They might use this against you in court.
If you want to learn more about this and get in contact with a Group that can help you to legally challenge Debts or Introduce others in need to the Group, follow the link.
http://www.debtfree.mekeda.co.uk
If you follow this link and join my mailing list you will get two Books that explains in full how them money system works and a lot more. This will be the actual story of how this society actually works, not the false image we are fed daily trough media, news and the Education System. Reality is very different from appearance, but do not take my word for it - investigate yourself!
You will also receive a template for dealing with Fixed Penalty Charges, like parking tickets, late payment fees etc. You do not have to part with your money for things like that. Once you understand how the Government is holding you to ransom, you will also see ways out of the trap.
Let this be your first step on a road that will lead to a great Business and much greater freedom than you thought possible, while earning a good or great living. You will even learn how to deal with the Tax man, the Law, etc.
Kent Bengtsson