Burdened with credit card debt?

Did you know... the general public thinks that banks make loans by lending out depositors' funds, or make loans from their own assets? Those traditional banking practices changed many years ago. Here is what U.S. House of Representatives' Subcommittee on Domestic Finance of the Committee on Banking and Currency told us back in 1964 in their Primer on Money: "Imagine there is only one bank in the country and it has two private depositors, each with $50 in his checking account. Total bank demand deposits would then be $100. Suppose John Jones asked for a $50 loan from the bank and the bank approved the loan. The bank would then lend the money to Mr. Jones by simply opening a checking account for him and depositing $50 into it. This is what ordinarily happens when anyone -- business or private individual -- borrows from a bank. The bank deposits the amount of the loan in the relevant checking account. "In making the loan to Mr. Jones, the bank did not reduce anyone's previous bank balance. It simply credited the Jones account with $50. The total amount held in bank demand deposits now becomes $150. The bank has, therefore, issued $50 in "checkbook money." "The natural question to ask is, 'Where does the bank get the additional $50 to issue and lend to Mr. Jones?' The answer...is that the bank did not "get" the money at all. Money has been created. " What does the creation of "checkbook money" mean to you? It means that you probably don't owe your bank a single dime. Consider this: You have a 'loan' or a credit card from XYZ Bank and your payment to them is $175 a month. Now that you know how the funds they 'loaned' you were created, how fair is it for you to have to work, say, 7 & 1/2 hours --  one full day  -- in order to make that loan payment while XYZ Bank created the funds with just a few keystrokes?  But that's not all. Consider also, the fact that your 'lending' institution is not at risk since there were no funds taken from other depositor's accounts or from their own assets. The reason interest is added on to a loan is because the lender is taking a risk by lending to you and is therefore entitled to make a little more than just a return of funds lent. This condition does not exist on the type of credit loan that we are discussing.  In other words, if you never paid the 'loan' back, they would lose nothing. One judge recognized the inequity in the system in a court case that has become known as the "Credit River Decision". However, after rendering his fair and just determination, he died under questionable circumstances six months later. The way in which our financial system currently works would not be so bad if it were more equitable. For instance, if you wanted a $10,000 line of credit and the bank charged a fee for creating checkbook money for you and then a monthly service charge for keeping track of your account, that would be fine -- and more affordable -- but it is the deceit involved in the present method that makes it so odious. Debt Elimination In discussing debt elimination with many people who have called our office for help or advice, it seems there are quite a few misconceptions regarding the credit system and the consequences of challenging the repayment of credit accounts. To avoid getting into a long detailed discussion here, I will just briefly say that it is our own ignorance of the law and the money/credit system that allows us to be deceived, intimidated, abused, oppressed and lied to. It is unfortunate that some of us suffer declining health and other personal problems due to stress because we don't know how to use the laws put in place to protect us from predatory lending and collection actions. The way we work is that we first supply you with information so you have an understanding of how the credit system became what it is and what legal protections you have. Then your documents are prepared and e-mailed to you so you can print them out and sign where necessary. A couple of them need to be notarized so you will have to sign them in front of a local notary. You never refuse to pay what you legitimately owe to anyone so you always remain in honor. The approach is that there is a billing error, which you will better understand once you review the printed material we'll send to you. You are simply asking them to correct the error and adjust the account. Along with the documents, you will also be sending them a check made out to the 'lender' for $25 marked "Final payment to Acc't #xxxxxxx" as a  bookkeeping fee for them to correct the error, and you will be returning the last statement or presentment that was sent to you. Also included in the package is a Surety Bond which they can use to discharge the debt if they are able to prove that a legitimate debt exists, and a Power of Attorney which is worded in such a way that even if they do not respond, they will grant it to you in order to make corrections to your credit report if such needs to be made. All the documents are sent to them by a notary, third party witness, with the notary's Certificate of Mailing which we provide. If the Respondent does not reply to your documents, a follow-up Notice of Non-Response is sent and finally, when no answer is received from the Non-Response, the notary will issue a Certificate of Dishonor. If you receive a response you're unsure of dealing with, you can contact us for consultation. Should the Respondent write to us and we need to send a letter in reply,  we will expect you to send us $35 to cover our time and expenses. We work with you every step of the way, giving you guidance and instructions for handling any situation that may arise. Please be aware that this is not an arrangement whereby you pay us and we take over the matter(s) for you. Gaining an understanding of how the monetary/credit system works, and then reading through and executing the documents yourself enables you to build the knowledge base to better operate in today's economic climate and to conduct future commercial affairs with confidence and expertise. After you have gone through the process once, if you feel confident enough, you can use the files we e-mail to you for eliminating any other credit account "debts" you may have. Of course, you would have to check and re-check your work for accuracy as these are serious legal documents. We can serve as the notary, third party witness to send them with our Certificate of Mailing to the bank for a $35 fee, which includes the certified mailing cost.  If you don't have the expertise in handling such documents,or just don't have the time to prepare them, we can process additional ones for you at the rate of $300 per credit account. What This Process Does and Does Not Do Because you do not refuse to pay and are simply asking the 'lender' for an explanation or, failing that, to correct the account, you are in a favorable legal position. However, it seems that the personnel working in the 'lending' industry are very single-minded and do not think, reason or explain, but just stick to the "get the money" routine. They may put an adverse report in with the credit reporting agencies. That is why a Power of Attorney is in your debt elimination package, so that you can go to the reporting agencies yourself to correct the information. Should your 'lender' bring a collection agent or an attorney into the matter and they try to sue you, you will be prepared with the verification from the notary that the 'lender' refused to correct the billing error and could not, or would not, give a reason for the refusal. In commerce, that is a dishonor. Their lack of a response, or the giving of a defective response, constitutes agreement with your statements, and so the matter is settled in the private realm. The business of the court is to preside over controversies. If there is agreement, there is no controversy. Getting Started $425 covers the information/introduction package, consultation by e-mail or phone, and all the documents described above. If you are in collections for any other kind of debt, it may be covered under the Fair Debt Collection Practices Act. Contact us if you are not sure.  ***Liked the Process and just need us to serve the documents? OR Would like Templates to complete yourself? $150 donation will cover the mailing and service of a process that you have completed and that you ONLY need our  Notary Service for. Add $50 for the templates to 'do it yourself'. This price includes some review/consultation. *** Send us a copy of (or the original, in which case you won't have to send it to us later) your last credit account statement(s), letter(s) or whatever was sent to you, with a note containing your contact information (name, address, phone #, e-mail address) and Social Security number. The $425 (or $150 or $200) can be in a Postal Money Order, preferably with the 'pay to' line left blank, or through PayPal or credit card  (click here). Mail statements/letters, your information and donation to: The Penny Pincher Press 315 Main Street Simpson [ 18407 ] Pennsylvania Need more information? It would be best to e-mail (preferred) an explanation of what your current situation is, or call  570-647-4400.