Re: Does Credit Card Debt Elimination Work?

Posted by Walt (68.106.21.79) on November 26, 2003 at 16:39:30:

In Reply to: Re: Does Credit Card Debt Elimination Work? posted by Russell on November 26, 2003 at 15:13:09:

Congratulations on beating your arbitration case. I am not stating that you can’t to eliminate your debt in this manner. I am stating that there is nothing illegal about the banking system. The reason I call this system a scam is that they are charging thousands plus a percentage of what you save. You can do this yourself without believing the banking system is illegal. Anyone who intentionally defaults on all their debts is effectively declaring bankruptcy without using the formal protections afforded by the courts. If you are relatively judgment proof and show no willingness to pay, after a while the creditors will give up on you not because the banking system is illegal, but simply because they are only $$ driven and will stop throwing money at a losing cause. By not paying, refusing to settle, and going to court with them with bankruptcy backing you up, they’ll give up. You don’t need to pay anybody to do this, and it is not the “secrets” sold to you, but plain old business sense on the part of the creditors why they backed off.

For anybody with substantial tangible attachable assets, creditors will not back down and give up. Look at a thread above, and you see MBNA is suing somebody using debt elimination. You don’t have to believe the dogma or pay anybody to use this technique, but you better have no attachable assets or else have the ability to BK to back you up.

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