2004 Credit Suit

Debt cancellation programs - do they work?

I'm inundated with debt cancellation spam and it's NOT a way to improve your credit rating. This approach is similar to the claims that you don't have to pay income tax. A major promoter of that theory was recently arrested in Las Vegas.

DEBT-CANCELLATION PROGRAMS
An analysis by G. Edward Griffin, Revised December 18, 2003

This is a real interesting read! There's a letter from the OCC:

"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."

Why am I shocked to see how they investigate consumer "fraud" while refusing to do anything about bank fraud and perjury?

This concept of debt cancellation is really fascinating and Edward Griffin does an excellent job analyzing the various aspects, including ethics and morality.

And in case you don't want to read it all, here's my take on it: Don't do it unless you have legal skills AND money and some serious luck.

HOWEVER, if you're being sued, try it as defense.

Discharging the debts through bankruptcy is definitely cheaper, faster, safer AND gets you better credit.

I also read about the Fabians at that site. Not an easy read, but interesting.