Oh No! Look Who’s Not Happy About Debt Elimination

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Like thousands of individuals, you stumbled upon at DebtErasure.com because you are in debt and you are searching for debt help and fast answers. And not just any fast answers, but ones that provide you with genuine help. Prior to arriving here, you’ve may have performed online searches and come across numerous debt solutions. They go by various names; Debt Counseling, Debt Elimination, Debt Management, Debt Termination, Debt Settlement and Debt Consolidation just to name a few. In this session, we have a warning about the highly touted debt elimination programs/plans. These debt elimination programs are all over the Internet, so pay attention…

BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
DIVISION OF BANKING
SUPERVISION AND REGULATION

SR 04-3
January 28, 2004

TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK AND DOMESTIC AND FOREIGN BANKING ORGANIZATIONS SUPERVISED BY THE FEDERAL RESERVE

SUBJECT: Debt Elimination Shams

Board staff has become aware of various illegal schemes being offered to the public that purport to eliminate outstanding debt through the use of specially prepared documents. The organizers of these schemes concoct specious legal documents based on the borrower's debt, which are then presented to the borrower's bank, mortgage company, finance company, or other lending institution in an attempt to satisfy the debt. The shams are reminiscent of the tax protesters' tax evasion schemes seen throughout the 1990s.

The information in the first paragraph should have been enough to convince anyone in debt to wake up and smell the smoke. The writing is on the wall; debt elimination is on fire and if you attempt to use it as a tool to get out of debt, you will most likely get burned!

The purported legal documents used in the current scams include fake financial instruments that claim to eliminate the borrower's debt obligation. The instruments usually question the authenticity of financial obligations, and often refer to a specific government agency (such as the Federal Reserve) in an attempt to support their claims. Some of the literature seen by Board staff questions the legitimacy of the Federal Reserve and the validity of United States currency. The literature may selectively cite from passages of government publications, statements by politicians, constitutional provisions, court decisions, various statutes, and private newsletters to support claims and to ultimately conclude that a specific government agency sanctions these debt elimination programs. For example, some of the documents specifically refer to the elimination of debt through the use of a "Federal Reserve approved" procedure.

Debt elimination programs that claim Federal Reserve approval or acquiescence and the satisfaction of legitimate debts through the presentation of suspicious documents are totally bogus. The Federal Reserve does not approve and is in no way involved in any program aimed at eliminating anyone's debt obligations.

Do you realize how brazen these bogus debt counseling agencies and companies have to be to use a government agency to bolster their sham?

PLEASE NOTE Two Key Points: this continues on Part 2 and my comments are highlighted in yellow.

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

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