Interested in debt removal? Have you heard that 99% of debt collection is illegal?
Illegal debt collection can be a major problem that many people don't fully understand. When you borrow money from a bank, it might seem like the bank is giving you their own money, but that's not actually the case...
How Credit Is Really Created
Here's the real deal: Banks are not allowed to lend their own money or credit. So, what are they really giving you? The answer is nothing, except for your trust. When you sign a credit card application, your signature turns it into something called a promissory note, which is like a promise to pay.
Your signature gives this note value, and banks are supposed to treat it as if it's cash. In other words, they treat it as if you funded the account with your own money. However, they don't disclose this to you. Instead, they make it seem like they're lending you something when, in reality, you're the one lending them your trust.
Here's where things get tricky...
After you sign that promissory note, the bank trades it with the Federal Reserve for actual dollars. It's like swapping one promise to pay for another. Both sides get something of equal value, so the trade should be even. However, the bank forces you to pay back not just the original amount but also interest.
Here's Where the Illegal Debt Collection Comes In...
If the bank gets rid of the original note, they're committing fraud because they're making you pay for something they no longer own. This fraudulent behavior is what allows you to:
►Get debt collection agencies to erase your debt.
►Have debt collection agencies or creditors remove negative marks from your credit report.
►Sue certain debt collectors or creditors who break the law or try to collect an invalid debt.
What a Debt Removal Process Allows You Do To
In a debt removal system like Debt Removal Secrets, you send letters to validate the debt. Validation is a crucial term here because it requires the lender to take specific actions. You want to make sure the accounts are in order, and you also ask for the accounting records of the debt.
These records will show that you gave them a promissory note, and they gave you Federal Reserve notes. There were debit and credit entries that balanced each other out, which is basic accounting. The trade was complete when the notes were swapped, and you don't owe them anything more. Their own accounting records prove it.
So, in the validation letters, you're just asking for proof that you owe them something, and that the proof they provide is correct. They need to provide the original contract with a wet ink signature. The problem is they can't provide this proof because they got rid of it when they traded the note.
When the bank traded the note with the Federal Reserve, they were fully compensated. Trying to collect an invalid debt is also fraud. Many people pay these debts because they aren't aware of the truth. It's illegal for banks to lend money, so it's also illegal to collect on their accounts. Are you starting to get some ah-ha moments here?
How You Can Get Paid From Their Fraud
According to the law, breaking the Fair Debt Collection Practices Act can result in fines ranging from $100 to $1,000. So, not only can you get the debt removed, but you might also be able to make the lender pay you.
This information might sound unbelievable, but it's essential to understand how this works and how to protect yourself from illegal debt collection. There's much more to explore on this topic, so subscribe to our newsletter to get our weekly emails.
The Next Step to Take
If you haven't done so already - you can Click Here to Watch Our FREE Debt Removal Workshop. If you're dealing with debt and want to learn the debt removal process, get the Debt Removal Secrets program for a way to erase the debt for good and STOP debt collectors and creditors in their tracks. Our proven method works for all types of unsecured debt including: medical bills, credit card debt, loans, bankruptcies, and even student loans! Don't wait - we can help you start erasing that debt TODAY!