It is possible to take a different route to having your cards written off if you took out your credit finance agreement after April 2007. This is called Debt Elimination and it is a DIY solution.
In fact it is possible to take this route for ALL credit finance agreements. You will have to do the work yourself and it will cost you a one off fee of around £650 to receive all the information and template letters you need. It will mean a lot of letter writing, time and energy. But it is possible and I am doing it with one of my cards and a loan. I will keep the site updated with the process and results. It is called 'Debt Elimination' and here is a brief explanation of how it works.
How to eliminate debt and create wealth in the shortest possible time.
The company does not give legal advice however they supply the knowledge, philosophies and template letters necessary to cancel out your credit card balances on all major credit cards.
What credit card holders don't realize is that when banks approve your credit card and establish your credit card limit, they use your name and your signature on the application to create the money to fund the card. This is in essence your OWN MONEY. How does it feel to realize that you have been paying the banks outrageous interest rates for all these years on your OWN MONEY? What a deal for the banks!! Having you pay back your own money plus interest on it. At no time do the banks lend you any of their own money, or of other depositor's money (Not One Single Penny)
Your unsecured credit card debt is legally terminated based strictly on existing laws, policies and procedures that banks and other financial institutions are required to follow. A cursory examination of these laws reveals that modern lenders breach their contract with every single customer. Banks, credit card companies and other financial institutions advertise that they are in the business of lending money, but this is false. The Banks own accounting ledger shows that the exact opposite occurs. Once a customer challenges a lender and requires that the lender produce its accounting books and forces it to explain exactly whose asset was used to fund the loan or credit line, the original contract/agreement is rendered null and void because the lender did not fulfill part of the agreement, i.e. it failed to loan money that belonged to the bank/credit card Company.
Example 1:
For sake of illustration please follow along with this example:
Part of any bank checking-account agreement is that a customer's deposit must be credited to the customer's account. When a customer makes a deposit of £100 the bank accepts the deposit and credits his/her account for £100. The bank's accounting record now shows that the bank has a liability on its books for £100, because of the £100 asset deposited by the customer (a bank liability is a "bank IOU" for the customer). Per the customer's agreement with the bank, the customer can withdraw the £100 at any time and the bank is legally liable for returning the deposit when demanded.
Is the bank legally obligated for returning a customer's deposit? Is the bank in breach of the checking account agreement if it does not return the deposit? The answer to both of those questions is "Yes." The banking business would be the best kind of business imaginable if banks were not obligated to return people's deposits-but as incredible as it may seem that is exactly the way banks and credit card companies do business when they extend credit and loan money to customers!
In other words, your signed credit card or loan application (promissory note backed by your future labour) is converted into a "cash" asset by the bank. In fact, the bank stamps the back of the credit card agreement/loan application (promissory note) just as it would any other deposit, and then deposits it into a "transaction account" (a special account no different than a checking account that is opened under your name, but without your knowledge or consent). The bank then returns the cash to you (your "loan"), but also wants you to pay back this "loan" (of your own deposit) as if the bank had loaned you its own money. For these reasons, the bank does not fulfill its part of the loan agreement, thus nullifying the contract between the two of you and releasing you from any "repayment" obligation.
Despite what you may have been taught, this is the way the banks do business and this is what has happened in every single bank "loan" transaction you have ever been involved in. Bankers pray that no one will find out about the scam and ask for return of his/her original deposit, i.e. the signed promise to pay (asset) and expose the banking system for the confidence game that it is.
Example 2:
Here is a simpler, if idiotic, explanation of the above example:
John agrees to loan you £100 of his own money at 5% interest, but also requires that you put up a £100 cash deposit as collateral for the loan. Let us say that this was an acceptable loan arrangement for you and you entered the loan transaction, taking a £100 note from your pocket and giving it to John as collateral, and John then handing it right back to you and calling it the "loan". Let us also say that you paid back the £100 plus £5 in interest as agreed, but that John failed to return the £100 cash deposit that you had put up for the loan.
John would be in breach of this loan agreement for two reasons: 1) He did not loan his own money, and 2) He did not return your deposit. Both are grounds for nullification of the original loan agreement and all such "loans" from banks, credit card companies, and other types of "lending" institutions are not different from the example.
Modern "lenders" accept your signed promise to pay as "cash" and deposit the signed promise to pay in an account in your name without your knowledge and use your deposit as the source of all the money you receive in the so-called "loan," but never tell you about it and never return your original deposit. This is the way the banking system has operated since 1913.
If you fit in any of the following categories the program is designed for you:
* You cannot afford paying your credit card bills.
* You have no incentive for paying your credit card bills.
* You can tolerate negative entries on your credit report for as much as a year.
* You would like another chance, but do not like the idea of filing for bankruptcy just because of credit card debt.
We do not recommend people attempt termination of credit card debt without competent assistance. Banks and credit card companies have very clever officers and lawyers and can instantly recognize when you do not fully understand what you are doing. In such case you can be easily defeated. However, we can assure you that we offer the finest quality assistance available.
The process is much easier and faster than other programs, and before you know it you will be out of debt and back on your feet with a clear clean credit report. The program enables each individual to finally take control of their financial life and stop drowning in credit card debt without the need for bankruptcy. |
