Published: Sep 24, 2021 06:34 PM PDT by Jeff at Stop The Pirates.
Translation: from the freedom forge of: one.
Debt can be paid off under the Fair Debt Collection Practices Act. Credit history can be restored with the help of the Fair Credit Reporting Act. Creditors can be fended off with knowledge of simple contract law, generally accepted accounting principles, court rules, and the no-lending basis of banks. Collection agencies can be fended off on the grounds that an assignee cannot establish a contractual connection in order to enforce a claim.
Banks are prohibited from lending. Due to the principle of congruence under GAAP, they cannot lend other depositors' money. Federal Reserve regulations prevent you from making loans or risking your own fortune.
To accept a loan application or promissory note, banks must convert the customer’s promissory note into a check and return it to them. Only they can do this because they have a monopoly on tradable instruments. It is the customer who creates the currency and funds the line of credit for himself. The customer is the payer (creditor). The banks hide this fact by appearing to go through a credit approval process for each customer. There is no credit from the bank.
If you oppose a creditor who has not assigned the account to a debt collection agency, the goal is to get the creditor to a new arrangement and / or forcibly confiscate the account.
Notice of the final payment may be sent to the obligee in the expectation that he will not deny the payment or its terms in writing and thus accept it as full payment. If the final payment is accepted and the obligee has not responded to or objected to the notification of the final payment, it will be very difficult for them to maintain a claim against the account holder.
In practice, the creditor will call you to inform you of late payments. It is advisable to write down the caller's name, company, postal address, telephone and fax numbers, and the date and time of the call, and to encourage the caller to only communicate with you in writing. It is best to interrupt the call after receiving this information and then send a letter with the same request.
If the calls continue, you can repeat this or file a complaint with the Attorney General of your country.
In most cases, the creditor will release the account for collection. Once that happens, third party collection efforts are subject to the provisions of the Fair Debt Collections Practices Act.
The claim can be assigned, but that does not automatically mean that you are entering into a contract with the new third party collection agency; You do not do that as long as you do not conclude the contract by toleration.
The third party debtor usually has no agreement with the debtor, so he needs the debtor's consent to recover the loss he has caused. This is usually obtained through deception by getting the debtor to enter into a new obligation.
You can ask him to confirm the alleged guilt. The debt collection agent did not deliver any services or products, and there is no automatic payment obligation for you.
If the collection agent does not respond with a written agreement, proof of your consent, or proof of consideration (e.g. payment), he has not confirmed the claim.
Most collection agencies that receive such a request will never proceed with the collection.
If the debt collection agency continues to ignore your request for validation, a complaint with the Federal Trade Commission may be appropriate. Simply giving the address of the FTC on the second reminder is likely to produce positive results.
Unsecured Debt Can Be Terminated
Posted: 24 Sep 2021 06:34 PM PDT by Jeff. Stop The Pirates.
Debts can be purged using the Fair Debt Collection Practices Act. Credit history can be restored by using the Fair Credit Reporting Act. Creditors can be defended against with knowledge of simple contract law, generally accepted accounting principles, rules of court and the basis that banks do not loan anything. Debt collectors can be defended against with the basis that an assignee cannot establish any contractual nexus to enforce a claim.
Banks are prohibited from loaning. They can't loan other depositor's money because of the matching principle under GAAP. They can't loan out nor risk any of their own assets because of Federal Reserve regulations.
In order to accept a credit application or promissory note, the banks must convert the customer's note into a check and give it back to him. Only they can do this because they have a monopoly on negotiable instruments. It is the customer who creates the currency and funds the line of credit to himself. The customer is the depositor (creditor). The banks conceal this fact by carrying out what appears to be a loan approval process for each customer. There is no loan from the bank.
The object in defending yourself against a creditor that has not assigned the account to a debt collector is to manipulate the creditor into a new agreement and / or force the account into collections.
The creditor can be sent a notice of final payment with the expectation that the creditor will not dispute the payment or its terms in writing, thereby accepting it as payment in full. When the final payment is accepted, and the creditor has failed to respond or object to the notice of final payment, it makes it very difficult for them to maintain a claim against the account holder.
In practice, the creditor will call you to ask about late payments. It is prudent to take a record of the caller's name, company, mailing address, and phone and fax numbers, date and time of call, and then request that the caller limit communications with you only to writing. It is best to disconnect the call after obtaining this information and then to send a written correspondence making the same request.
If the calls continue, you can do this again or make a complaint with your state's attorney general's office.
In most cases, the creditor will assign the account to collections. Once this happens, the third party collection efforts are regulated under the Fair Debt Collections Practices Act.
The debt can be assigned, but that doesn't automatically mean that you have a contract with the new 3rd party debt collector; in fact you don't as long as you don't contract with them by acquiescence.
The third party assignee usually has no agreement with the debtor, so in order to recover the loss that it chose to incur; it needs the debtor's consent. This is usually obtained by deceit, by tricking the debtor into accepting a new obligation.
You can request from them a validation of the purported debt. These they're not going to be able to fully respond to - the collector never provided any services or products, neither is there an automatic obligation for you to pay.
When the collector responds with anything but some written agreement, evidence of your consent or evidence of consideration (eg payment), they have failed to validate.
Most collectors who receive this request will never pursue the collection.
If the collector persists in ignoring your request for validation, a complaint to the Federal Trade Commission may be appropriate. Just listing the address for the FTC on the second notice is likely to get positive results.
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You are, as always, great, thanks for your information. For that alone one must love you.