Common Questions
What about debt elimination scams?
Being overwhelmed by debt creates a great deal of stress and anxiety. Scammers know this and will devise many ways to take advantage of debtor vulnerability. Debt Elimination companies claim that they can eliminate your debt completely and that you can legally cease paying creditors with no repercussions.
Their reasoning is that the debt you have incurred using credit cards is not legal debt. This allegation is based on wording from the following legal documents:
- Title 15 United States Code Section 1692
- The Fair Debt Collection Practices Act Section 1601
- The Fair Credit Billing Act
- The Uniform Commercial Code Section 203
For a fee, often in excess of $2,500, the debt elimination company will send you materials with excerpts from these pieces of legislation; adding their own bogus interpretation of the laws stated in them. They convince unwary, and naive debtors that it is their legal right not to pay their debt.
Along with the insightful reading materials, you will also receive a certificate that you are instructed to take to your bank to let your creditors know that you are legally releasing yourself from any obligation to repay your mortgage, credit cards and other debts. In reality, the debtor who tries to turn in this phony certificate could be faced with federal fraud charges. And, because the debtor has stopped paying their bills they have trashed their credit, are possibly facing foreclosure and are on the road to financial ruin.
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