Friday, April 18, 2014

Breaking News, have Debt Collectors violated their reach when they ignore natural disaster claims?

The Good News is, apparently consumers DO have some debt suspension rights. I would recommend checking out your credit score on TransUnion Credit, including checking out their dispute options. Of course, NEVER lie, use the truthful dispute to win.

Transunion Credit Bureau allows consumers the right to dispute their potentially negative credit scores via a proprietary checklist of dispute options. If one has the truth on their side, then it may be possible to get a negative or delinquent account reversed if the reason one defaulted is also a dispute option.

An example would be if one lives in an area that had a natural disaster declared. There are other dispute options as well. Experian also allows one to dispute negative credit histories, but they don't actually give a list of dispute choices and one has a limited amount of space to make their case, but their site is rather easy to navigate as well.

Seems to be worth investigating one's credit score if it means improving that score by truthfully disputing a negative credit report. Be careful however, Experian, TransUnion and Equifax all seem to want one to sign up for a monthly credit protector or credit review option.

I frankly find it disturbing that none of the three offer a simple, "check my credit history and make corrections if necessary" option that does not automatically renew on a monthly basis. I wonder if the Consumer Financial Protection Bureau may be knocking in their doors in the future.



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Sunday, February 2, 2014

Government Sequestration of the Elderly's Home Equity a 100% Success. Over 98% of the Elderly Collecting Social Security won't Qualify for a HELOC no matter how much Equity is in their Home!

The U.S. government has sequestered the home equity wealth of the elderly. Anybody who makes less than 3,000 dollars a month is not eligible for virtually any type of a loan, even if that person owns a home and has an abundance of equity in the home.

The average amount of social security income for 2014 is between $1,100 to $1,500 per month. 
Anybody receiving less than $2,400 dollars a month in SS (SS 2,400 x 1.25 = $3,000) WILL NOT qualify for a HELOC in most scenarios! It is safe to say that over 98% of the elderly would NOT QUALIFY for ANY type of loan, even a loan secured by their home, even if their home is paid off!
There are literally millions of elderly who could probably have a plus net revenue every month if they could pay off credit card debt with a HELOC. The reduction in interest rate charges that range from 12% to 20% from credit card debt down to a more reasonable 4% HELOC would literally tip many elderly back into the black, thus allowing them to actually pay down their HELOC over time. The elderly would eventually have more spendable cash as well.
The U.S. government has basically sequestered the elderly from being able to pay down their higher interest rate credit card debt by use of their HELOC!
The U.S. government has basically forced the elderly who own homes into reverse mortgages or nothing at all. 

The biggest problem I have with reverse mortgages is the more thrifty the elderly person is taking money out of their home via a reverse mortgage, the MORE they get penalized by the mortgage insurance premium that is tacked on based on the full value of their home!

For every dollar the thrifty elderly person takes out on a reverse mortgage plan, another dollar goes for mortgage insurance! And, all mortgage insurance payments that come out of the the Home's Equity get assessed that 4% or higher HELOC interest rate charge!

Why should you care? If the elderly are locked out of their own home equity, especially if all they want to do is eliminate credit card debt, they have little or no money to spend on local commerce since it is going to the credit card companies in the form of high interest rate charges.

Do you see the government orchestrated trap? Either the elderly stay stuck with high interest rate credit card debt that continues to erode their spendable wealth, or they sign up for a reverse mortgage and have their home equity eaten up by the mortgage insurance premiums.

If you fight against elderly wealth sequestration, you are actually helping free up dollars for local commerce and that helps everyone in your local community.

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Saturday, January 25, 2014

Debt judgments secured have fallen by a quarter since 2011

Debt judgments secured have fallen by a quarter since 2011 in England. However the total amount of the value of debts secured in court has actually still risen. Got "Debt Neutrality Petition"?


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Saturday, December 7, 2013

Debt Suspension Rights files complaint with the FTC about the CFPB.

I just want to clarify that I love that the CFPB exists. However, if the Consumer Financial Protection Bureau is hardwired to believe that credit card agreements are not flawed, then much of the CFPB's great work is compromised. Think of it as spending money to do a perfect wheel alignment on a car that has four balding tires. 

Below is my official FTC complaint against the Consumer Financial Protection Bureau....

I have tirelessly tried to raise awareness about deficiencies in credit card agreement language. The CFPB has taken the position that there is nothing wrong with credit card agreement language.

The CFPB apparently believes that leaving out critical information for a consumer to consider prior to signing up for a credit card simply means that the consumer needs financial literacy training and that the consumer must honor the promise to pay at all costs, even if means placing a credit card debt above and beyond the value of a human life.

Is the FTC in agreement with the CFPB over the Promise to Pay and more financial literacy for consumers, policies?  

The latest smokescreen thrown up by the CFPB involves the claim that there are more complaints about debt collectors than there are about credit card companies. I personally handed the CFPB specific data that would level the credit card arena playing field back in May of 2013. I even posted the letter I gave to the CFPB online at the following link.  

When the CFPB announces their "ground breaking" debt collection decisions in early 2014 the report will probably mention some ways that debt collectors have misbehaved, and that they should fear fines from the CFPB. However, this will probably be balanced out by recommendations that credit card companies don't spend enough money on financial literacy education for its customers.

All of the ensuing media coverage will probably create conservative backlash outraged over the bullying of debt collectors while the progressives will screech about unfair debt collection practices.

Lost in all of the back and forth braying will be the following issues, consumers HAVE NO DEBT SUSPENSION RIGHTS of any kind. Even a criminal can serve time and be done with their sentence, but a credit card defaulter can be forced into perpetual ongoing interest rate charges no matter what the reason for the default.

Lost your home in a flood, doesn't matter, the credit card holder will simply default and be adjudicated into a lifetime 9.9% accruing interest rate charge by the courts.

Hurricane destroyed your home? Fire?  Have Cancer?  Medical Emergency? Identity theft? Accident victim not of one's own doing or fault? Job obsoleted and the only way out is to go back to school? Caregiving for a family member? All just excuses according to the CFPB and the credit card companies, let the perpetual interest rate charges accrue.

The irony is, I'm actually ok with the "debt matters more than life itself" meme prolifigated by both government and banking entities, as long as that boarish position is BOLDLY PRINTED RIGHT ABOVE AND RIGHT BELOW where the person signs their credit card agreement.

Anything short of that is basic fraud against the american consumer.

On top of that, in 2002 the comptroller of the currency denied the insurance industry access to compete with the credit card companies over credit card debt suspension insurance coverage. All the comptroller could think to offer was to make sure that premiums covered the cost of the insurance. 

The result? Credit Card Debt Suspension Insurance that was overpriced by a factor of 1,000% to 2000%. The profit was so great that the CFPB had to fine the credit card companies over 500 million dollars for over aggresively marketing their overpriced insurance coverage.

Can you fix whats broken with CFPB? 

-----end of complaint. For the record, I used the entire allowable character limit for my complaint, had zero left, so I left out an s in aggressively and "the" just before the final CFPB.


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Friday, November 22, 2013

Reuters reports Brazil suspends debt payments for Brazilian Coffee Farmers, closes comments less than 6 & 1/2 hours after breaking story.

Reuters reports that Brazil suspends debt payments from Brazilian Coffee Farmers. Debt Suspension Rights finds it strange that Reuters has closed their comments section less than 6 and 1/2 hours after breaking the story.


CLICK ON EITHER IMAGE TO ENLARGE.


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Thursday, November 14, 2013

Consumer debt specialist Robert Manning sues Sevan Aslanyan, Aslanyan's companies Access Counseling, Cole Asia Business Center and Cole Group, and five alleged associates of Aslanyan, in Federal Court.

If it is true that consumer debt specialist Robert Manning was defamed (as he claims), it shows how precarious the consumer debt rights field can be. It must take a very long time to build up a name in the field of consumer rights and consumer fairness issues, and it can be blown up relatively quickly by spreading one accusation.

Manning was featured in a 2007 documentary, In Debt We Trust.

So what is the lesson? Perhaps don't do business with people you just met.


Please consider signing the Debt Neutrality Petition by by clicking here.

Monday, November 4, 2013

Incredible News, Debt Neutrality Petition crosses 500 signatures on Change dot org.

I am grateful to see the idea of Debt Neutrality beginning to take off. Stuck at 81 signatures for a while, the Debt Neutrality petition has suddenly crossed 500 signatures.

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Wednesday, October 16, 2013

We must define what we mean by affordable | Irish Examiner, Irish examiner responding to Debt Suspension Rights prior article?


I am glad to see that the Irish Examiner is at least exploring and "examining" the issue of strategic default. However, when do they get to the discussion of debt suspension rights and the insidiousness of 2% monthly minimum credit card payments? (they should be at least 5%, not 2%) And when do we begin to discuss the over charging of credit card debt suspension insurance by as much as 2000%?

Unfortunately, there is nowhere to comment that I can see. If I had been allowed to comment, I would have mentioned that mortgage debt is not necessarily the debt that causes mortgage defaults to occur. Credit Card debts, because they have a super low monthly minimum payment, slowly entrap and engulf people into more and more debt, and that was not mentioned in the article. "Debt Suspension Rights".



Please consider signing the Debt Neutrality Petition by by clicking here.

Sunday, September 29, 2013

Debt Suspension Rights speaks at the May 15, 2013 Los Angeles meeting of the Consumer Protection Financial Bureau.

Debt Suspension Rights speaks at the May 15, 2013 Los Angeles meeting of the Consumer Protection Financial Bureau.


Click here to see the contents of the papers I am holding in the image above and that I briefly discussed during my comments.


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Friday, September 27, 2013

Consumer debt can lead to mental health issues, yes, that sounds like a normal reaction to me.

If Consumer debt can lead to mental health issues, than wouldn't unfair debt suspension rules that entirely favor the rich elite and wall street compound and completely disfavor the rest of society create even harsher results?

Does not unfair debt rules that lead to mental health issues, in turn lead to more and more militaristic type of responses by our government and law enforcement toward those who KNOW they have been treated unfairly by the system?

Shame on the media for over reporting people who "lose it" while under reporting those that play a key role in causing people to "lose it", the banksters and the unfair debt rules they create that favor their own position and leave main street twisting in the wind.

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Monday, September 23, 2013

Reuters posts RIDICULOUS 2013 headline about Russian Credit Card Debt, then closes comments same day at ZERO.

I don't know what is more outrageous, this ridiculous headline and article from Reuters about Russian credit card debt, or that they closed the comments section the same day the article was posted, and with no comments.

Reuters quotes Alexander Vikulin, head of the National Bureau of Credit Histories (NBCH), as saying that "household debt costs for the vast majority of Russians were easily manageable." and that Russians can easily afford to double their consumer debt!

Are you kidding me, "can easily afford to double their consumer debt"???

Well of course household debt is easily manageable for the "vast majority" of Russians. It doesn't take the vast majority of consumers in any country to drive the economy into the tank. Perhaps as little as 20% to 25% of the country not being able to afford their present debts can over time create an economic "death spiral" for the entire country.

It is sad that governments think they must have ample consumer debt to have a thriving economy, perhaps sad is too soft of a word. 

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Wednesday, September 18, 2013

National Real Estate Post wants all debtors to keep their word, but their hearts go out to the flood victims in Colorado.

It didn't take very long for Brian Stevens of Frank and Brian Real Estate Fame to show confusion over the issue of credit card debt and mortgage defaults. Below their daily videos Mr. Stevens has written some consumer debt related hyperbolic doozies. Every quote below does NOT come from their videos, but rather the  commentary BELOW the daily video. 

What I am saying is that if you break what should be a sacred bond, your word, then you should feel pain, and that pain should help outline your choices in the future...
lol, If it were a sacred bond, it would occur in a courtroom in front of a judge, or in a church in front of the justice of the peace. And in both scenarios many of the fine print gotchas that are presently hidden from the consumer would be revealed. and if that were done, Credit Card companies would have half the business they presently have, and a lot less defaults as well.  
So just who is it that wants the defaults? Apparently the credit card companies do because that is where they can really score big with penalties, fees, higher interest rate charges and FUTURE PROFITS based on POORER future credit scores.
Nice to know that Mr. Stevens thinks you, the consumer, should feel unending, unmonitored pain, doled about by the same people that have scammed the system with adhesion contracts that conveniently hide many fallow credit card policies that would be deal breakers if only the debtor knew at the time they signed up..

....The idea of creating an agency (CFPB) that allows you to be wishey washy at best with your word undermines the fabric of America. And yes, it’s not just the “dealing with debt collectors” crap, it’s the crazy lawsuits, it’s the “you’ve been harmed by your mortgage” crap (when you signed the note), it’s the witch hunt mentality against an industry that lends TRILLIONS per year.... 

It shocks me how naive Mr. Stevens can be. The CFPB's job is to look busy while NOT FIXING the underlying causes of economic theft from main street by the wealthy elite. Yes, there are UNFAIR credit card policy issues that have NOTHING TO DO with what the CFPB is enforcing. For starters, STRATEGIC credit card DEFAULTERS are treated BETTER than INVOLUNTARY credit card DEFAULTERS in virtually all instances.

 ....We as individuals need to spit on our hand and shake it with our neighbor and promise to be accountable for our actions because at the end of the day, that is all we have; our name, our bond, our promise.... 
The statement up above sounds like it came right out of the mouth of Jim from the CBS show "Under the Dome". At the end of the day we have the life that we have lived, the family that spawned us, and hopefully some friends outside of the family that we treat like family. What we can have above and beyond the "Jim" statement up above is our belief in fairness. if we believe in fairness, many of our economic issues begin to subside.
 ....If you think I’m lying, talk to pretty much anyone in the middle of our country, Kansas, Omaha, Nebraska, The Dakotas, and a few more; they know exactly what I’m talking about....
Hey, lets ask the flood victims in Colorado if they are going to be keeping their "word, their bond, their promise". Lets ask the credit card companies if losing one's home in a flood, being injured by the flood, having no power to get work done, losing a loved one, losing one's place of work to the flood, are reasons to SUSPEND A  CREDIT CARD DEBT. The answer is, NO, those are not excuses. Except that they ARE excuses to everyone on the planet except the very entities that Mr. Stevens apparently loves to defend.
Wow, just wow. Debt Suspension Rights has outlined several issues in which there presently are NO consumer rights, and having commented on National Real Estate Post in the past, Mr. Stevens could have easily read them. Clearly, he disagrees with the agenda of Debt Suspension Rights for Consumers. 
For those who are interested, please read the Charlie Engle story, about an ultra long distance runner who was incarcerated for allegedly lying about his income so that he could get some home equity out of his home while he trained. The IRS actually had an agent pose as a woman interested in Charlie so that they could record incriminating remarks he made. The irony being that what guy hasn't bragged / embellished something he has done in the past when telling a women about it?
....Our hearts go out to the people of Colorado who are affected by the floods they’re having right now. If you want to help you can do so by visitingwww.HelpColoradoNow.org. We have a lot of friends out there and we hope you’re all okay. The level of devastation is at a Katrina level in Colorado and we at the National Real Estate Post have....
And there it is, the shoe polish on the worn out, stinky shoe, speal. 
Hey, "your word is your bond", and hey, "you should feel pain" (for defaulting on your credit card and mortgage debts), yet Mr. Steven's heart goes out to the victims of the Colorado flood who will soon be joining the line of "you should feel pain, your word is your bond" miscreants.
 Just amazing.
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Friday, September 13, 2013

OneWest Bank pays 7 figures in mortgage fraud case

The term is PARALLEL FORECLOSURE, not Dual Tracking. Dual Tracking CONFUSES PEOPLE and OBFUSCATES what is going on. Parallel Foreclosure is the behind the scene term used by Chase Bank and other banks to describe deceitful, and perhaps criminal behavior regarding mortgages.


You are viewing Parallel Foreclosure blog. Please check out UNfair Foreclosures blog and Swarm The Banks blog as well.

Monday, September 9, 2013

Irish newspaper Independent ie concern trolls its debtor victims into thinking they are strategic defaulters, then they delete reader comments after a day or two.

The link below is a tragic example of how one Irish media outlet attempts to re-define INVOLUNTARY DEFAULTERS as STRATEGIC DEFAULTERS.


Even more outrageous, all the comments have disappeared after a day or two. I think they think the everyday reader won't notice that their comments disappear after a day or two for the serious articles, but I did. 


How do these goons get away with this level of fraud and deception? To actually imply that an INVOLUNTARY DEFAULTER is a Strategic Defaulter is the height of concern trollism.

wow.

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Thursday, September 5, 2013

Brian Stevens CRAZY RANT on credit card debt.

Click here and then look below the video to find Brian Stevens CRAZY WRITTEN TIRADE about credit card debt.

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