Debt Elimination Swindlers Caught Red Handed

Just When You Thought It Was Safe - Debt Elimination Companies Are Back!
Like a serial thief, the people behind the debt elimination schemes keep returning to the scene of their crimes, year after year. As we prepare for 2010, a high percentage of Americans, are already straddled in debt. However, every holiday season, many take a big gulp and unwisely tack on more debt to their already unbearable debt load. By the time February rolls around and holiday bills start piling up, the swindlers behind the instant debt elimination programs are in full swing for the new crop of overwhelmed debtors.

Start Fresh With Debt Elimination… Maybe… Maybe Not?
I have been telling you, (no warning you) about the various debt elimination schemes for long enough time for you to get it. But apparently not long enough. I once received an e-mail from a visitor who was adamant about the fact they invested into a legitimate debt elimination program. As I’m used to doing, I advised them to keep me posted and if their debts were wiped out as stated, I would gladly purchase them a year’s supply of gas for one vehicle.

After not receiving their debt cancellation confirmation, which was now over three months past due, they became concerned. They contacted the company and were told that the, “debt elimination payments were processing…” and would hit at any moment. They signed up for a program, paid an up front fee of $2500.00 and was supposed to have their debt eliminated within 30 days. They were told that a wealthy philanthropic entity had pledged over $285,000,000 to help citizens get out of debt and this debt counseling company was assigned as the trustee of the account.

This couple eagerly waited as their bills continued to mount. As they held their breath for the big debt cancellation day to kick in, the debt collection process intensified. Not only were they receiving phone calls and dunning letters, two debt collectors, NCO Financial and another actually sued them. Even with suits filed against them, this couple still held on to the belief that their day of debt elimination would magically appear. It never happened and here’s just another reason why brought to you by the OCC.

Illegal Financial Activity
Fictitious Debt Elimination Schemes
ALERT from the Office of the Comptroller of the Currency.

Subject: Illegal Financial Activity
Description: Fictitious Debt Elimination Schemes

Date: October 1, 2003 Don’t let this date fool you - these types of companies are just as active today as they were in 2003!
TO: Chief Executive Officers of All National Banks; All State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (districts); Assistant Deputy Comptrollers; District Counsel and All Examining Personnel

RE: Debt Elimination Schemes using Fictitious or Worthless Bonds, Due Bills and Bills of Exchange

Please be advised that worthless instruments entitled "Bond for Discharge of Debt", "Bill of Exchange," "Due Bill," "Redemption Certificate," or other similarly titled documents continue to be presented to financial institutions, mortgage companies, credit card issuers, and retail establishments throughout the United States in an effort to eliminate legitimate debts. Many of these schemes are premised on baseless or fraudulent claims against the United States Treasury, the Secretary of the Treasury, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Internal Revenue Service, or other federal or state agencies. (See also OCC Alert 2003-7 and OCC Alert 99-10).

Regardless of how such instruments or documents are titled or whether they appear authentic, they are worthless, have no legal validity, and are not payable through the United States Treasury, the Secretary of the Treasury, the Comptroller of the Currency, or any other federal or state agency. The OCC is aware of the following organizations and Web sites promoting these fraudulent schemes:

• America's Advantage
• eliminatemortgages.com
• goodbyemortgages.com
• mortgageelimination.net
• the7thfire.com
• Financial Dynamics
• Remedywithredemption.com

The creation and presentment of these fictitious instruments may be a violation of Title 18, Section 514, Fictitious Obligations, or other federal criminal statutes, and any person(s) using such fictitious instruments with the intent to discharge valid debts may be subject to criminal prosecution. If a fraudulent document such as those described above is presented to your financial institution, do not return it. Instead, retain the document and file a Suspicious Activity Report. Deliver the instrument and a copy of the SAR to the local office of the Federal Bureau of Investigation. 

Please direct any questions or provide further information to the attention of the OCC at:

E-mail: occalertresponses@occ.treas.gov
Mail: Office of the Comptroller of the Currency
Enforcement & Compliance Division, MS 8-10
250 E Street, SW, Washington, DC 20219
Telephone: (202) 874-4800
Fax: (202) 874-5301
Internet: http://www.occ.treas.gov 

Someone once said, “A word to the wise is sufficient.” Meaning that once you inform a wise person one time, that’s all they need to take action. We hope this warning is sufficient enough evidence to help you see that almost all of the debt elimination programs are shams.   
 
William Phillips brings a degree in economics and an unwavering passion to help fellow Americans come from under the clutches of debt. He believes that with the right debt advice or debt counseling, anyone can recover from the stresses of being overwhelmed with credit card bills and other debts.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com 

 Source: http://www.DebtErasure.com