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From: Warren Reports

Debtors' Hell

By Jason Spitalnick - March 8, 2007, 2:26PM

Pulitzer Prize nominees were announced today. Warren Reports hometown newspaper the Boston Globe was nominated for its excellent series Debtors' Hell. It's certainly worth a read.

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None of what is in this series of articles surprises me. I have dealt with most of the issues mentioned as I fought off creditors after my corporation folded. Creditors have little respect for boundaries set by law. They will do whatever they can and get away with it. And due to contractual tricks and traps, they are making even more of it legal. Even settlement agreements are worded so as to have the debtor sign away ALL rights of due process, in the case that the collector decides the settlement agreement has been defaulted - like paying late one day because they failed to process the payment as soon as it arrived. Once the debtor defaults, they simply file to sweep accounts, sieze property, and garnish wages without any notice whatsoever to the unsuspecting debtor who thought the debt was settled. Unaware they waived all rights in the settlement agreement.

See my comment on this post about my dealings with some surprise credit card debt, that didn't belong to me personally, yet I was held responsible for, due to some tricky card agreement provisions unreasonably enforced by an agressive collection attorney and a credit card company that refused to consider my dispute.

Jim Anderson

The Truth About Credit

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Posted by Jim Anderson
March 9, 2007 9:08 AM | Reply | Permalink

Low interest! 90 days, same as cash! Pre-approved! Buy today! Low introductory rates!
Transfer your balances! In-store financing!
Low credit/no credit? NO problem!

This is some of the attractive verbiage that draws people through the doors of many stores, and keeps that revenue a-flowin'. Well, problem is, the market's saturated now, and EVERYbody's in debt. I've got relatives that'll never see 'daylight' again, financially speaking, and that's by design, the bank is after the deed to the ranch, the title to your house, and they want it BAD(probably so they can sell it to some guy in Saudi Arabia, hooray, globalization).
We are nothing but tools, we get played for fools, and regulation means nothing in the day and age of VERY successful patronage, which is either denied, or disregarded, meaning that these banks blow sunshine up your representatives' backsides until they're so happy, they'll just about sign anything. Why?
Because they're not masters of the world of high finance, and neither are you. So, they get played for stupid, too, which then opens up the door for the financiers to lay their guns in on the citizenry. Which is why you curiously always run out of money before you run out of month. Funny, how that works...

Posted by impeachtoday
March 11, 2007 12:41 AM | Reply | Permalink

For more sauce for the goose, watch this at Information Clearing House.

In Debt We Trust: America Before the Bubble Bursts

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- We do not act rightly because we have virture, we have virtue because we act rightly.

Sign the Petition at stopIranWar.com

Posted by NeoLotus
March 12, 2007 12:51 AM | Reply | Permalink

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