Legal Credit Card Debt Elimination

Legal credit card debt elimination includes payoff, settlement, consumer credit counseling services, consolidation loans, negotiation, and bankruptcy proceedings. These are the only legal methods available today. There are schemes out there disguised as legit services, but in reality, these companies are breaking federal law by offering such scams. Thousands of people are falling prey to these illegal methods and being persecuted for federal crimes. "Let not him that is deceived trust in vanity: for vanity shall be his recompence" (Job 15:31).

Methods of eliminating debt can be found by browsing the Internet and phone book for businesses that offer financial resolution services. For those who do not have the ability to pay overdue balances, have not made a payment in months and who own no collateral, filing for bankruptcy might be an option for legal credit card debt elimination. It is important to note that a bankruptcy proceeding will remain on one's credit report for 7-10 years. When asked on any future credit applications about bankruptcy, the filer is required to tell the truth. There could be an alternative option to bankruptcy if one has available capital to pay some of the debt.

Another alternative method is described as settlement or negotiation. Candidates for bankruptcy are given the option to negotiate down the balances on an overdue card in order to make a lump sum payment as paid in full. Usually creditors accept from 30%-50% of the original balance assuming that much of the balance is in late fees and interest charges. These creditors are happy to get anything at all, because if the bankruptcy proceeding were finalized they would get nothing. These legal credit card debt elimination settlements are quite common, and getting specialized organizational help is advised. These specialized organizations may already be familiar with limitations on terms that certain creditors must adhere to, and that can be advantageous to you, the debtor.

Another avenue is a consumer credit counseling service. This service contacts all creditors and works out payment plans with them. The debtor then pays a monthly sum which the service disperses to the creditor as per the agreement. This holds off any further collection activity and can salvage a report if done in a reasonable amount of time. The only true way to obtain legal credit card debt elimination is to make a plan of action for paying debt and creating a realistic lifestyle budget. These logical techniques will ensure that credit card debt is no longer a problem to be solved.

Legal debt elimination does not have to negatively affect the rest of someone's life but rather, should help build a new life. There are bankruptcy, lawyer advice and consolidation agencies. The first two are usually considered last; consolidation agencies are the most enumerate and probably most reliable for help. Research all options and their full details before making a final decision.

No matter what circumstances anyone has encountered - bad credit, auto loans, previous consolidation, no proof of income - there is a solution available. Things happen to everyone and sometimes Americans find themselves in a mess of debt and no recollection of how they got there. Consolidating all debts can help a person get out of debt years sooner than they could on their own and counselors are always willing to work with someone. Many organizations that offer legal debt elimination will have customized credit counselors available any time for advice and planning. These counselors will help a person reduce interest rates and maybe even eliminate late charges through legal debt elimination.

Many organizations will offer free applications and information requests for these services. These should be filled out as accurately as possible, so the counselor may provide the best service. Many counselors will provide a follow-up within 24 hours and have several options available. The organization will then become the interim between the person and the creditors. By doing this, counselors can negotiate ideas with the creditors in order help someone be most efficient with money. Since the interest rates may be lower, the debt will fall faster. This will allow a person to pay one low monthly bill and be able to keep more of the money they earn.

Counselors and advisers will help anyone work within their personal budget for repayment of debt, which is hard to do without their help. By consolidating into one payment, the individual starts on the path to financial freedom and is no longer being overrun with bills. Matthew 6:33 says "But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you." Companies offering legal debt elimination should be researched for legitimacy and all persons considering consolidation should be wary of giving away personal information. Any legit company will be more than willing to offer references as well as a sound contract stating the use and privacy of information provided for their services.

Legal Debt Elimination Companies

Legal debt elimination companies offer consumers an alternative to bankruptcy or consolidation, when they are struggling or unable to make monthly unsecured loan payments. Consumer owed balances in the United States have more than doubled in the last ten years and so the number of these financial negotiators have increased along with the growing need for the assistance they provide. When looking to gain control over a financial situation, finding a legal debt elimination company to help can be a good solution. While there are many reputable and legitimate assistance programs available, the consumer must also be aware there are many scam programs as well. Spending time looking into finding the right company and obtaining accurate information on their programs can save the consumer time, trouble, and money in the long run.

A good financial plan is one that takes the time to educate the clients in sound financial principles usually by providing a counselor. This professional will help the consumer determine if they qualify for a particular program. Once that is determined, the counselor for the legal debt elimination company will help the consumer determine what they are actually able to pay each month towards the accumulated balances. In addition to getting individuals started in a program that is right for their situation and helping them work towards paying off their borrowed monies, these counselors will also work with the clients to establish a reasonable budget based on an assessment of how much money they make and how much they spend.

Most legal debt elimination companies will either use the methods of debt settlement or negotiation to help consumers get out of the financial situation that brought them together. These practices are different from the more commonly known 'consolidation' in that they do not simply transfer balances from one place to another without attacking the principal due. In most cases, these negotiators work between their client and the creditor to lower overall amounts due, and then the legal debt elimination company pays off the debt in a discounted lump-sum. The consumer pays one monthly payment that fits into their budget to the negotiating business, who then puts that money into a settlement account prior to paying the creditors off. In most cases consumers using legal debt elimination companies will find themselves out of indebtedness in less than two years.

The Bible tells us that "The rich ruleth over the poor, and the borrower is servant to the lender." (Proverb 22:7) Unfortunately with all God's wisdom about debt shared with us in the Bible, we as Christians can still find ourselves in a mess financially. Legal debt elimination companies can help us get ourselves out of financial bondage and back to the state of financial freedom we were intended to live in.

Legal issues for debt elimination include the notification of fictitious instruments of payments being given to financial institutions, mortgage companies, creditors and retail establishments. These payments in question suggest that the US Dept. of Treasury, the Controller of Currency, The Federal Reserve System or any other federal or state agencies will be paying the bill in order to charge off a legitimate debt. These are serious debt elimination scams and many people are paying fees to companies that provide these illegal documents. These instruments are commonly referred to as "bond for discharge of debt, bill of exchange, due bill, and redemption certificate".

If a financial institution or retail establishment has received one of these fictitious instruments, they are required to keep it, and file a SAR or Suspicious Activity Report, which is then to be turned in to the FBI or Federal Bureau of Investigation. These so called bonds implement legal issues for debt elimination companies that are working and producing illegal documents. They are being offered from organizations in debt elimination schemes said to be credit forgiveness documents provided for by the United States Treasury. They appear authentic at face value but are indeed worthless.

The OCC or Office of the Controller of Currency has a listing of known fraudulent companies and websites. It is advised to research the OCC to see if the legal issues for debt elimination a consumer has been offered are legitimate. These scams may be in Violation of Title 18 Section 514 Fictitious Obligations or of other Federal Statutes. Any person attempting to use these illegitimate documents to eliminate a valid debt may be subject to criminal prosecution. In addition, many fraudulent companies are claiming that a mortgage lender can be taken to court and the mortgage declared void because the lender used borrowed money to fund the loan.

A consumer must be aware of certain laws and practices when repaying mortgage obligations. If a homeowner wants to have their mortgage loan declared void, they will have to prove legal issues for debt elimination by way of the lender breaking usury laws (charging over the maximum interest allowed), gross violation of lending law, fraud or in competency. Otherwise, the loan will have to be paid back in the same way everyone else has to pay their debts. Christians are responsible for what they do and what comes out of their mouths. Any promissory note signed is a promise to pay, and that is exactly how debt will be eliminated; by paying it off. "Of his own will begat he us with the word of truth, that we should be a kind of firstfruits of his creatures" (James 1:18).





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