29 Jan Can I Erase My Debt With a Piece of Paper?
When people are desperate, they can fall prey to con-men and scam artists.
Recently, I’ve heard about a scam circulating around the country that has apparently taken in thousands of people each year. The people pushing this claim that credit card obligations really aren’t debt, you don’t have to pay them, and if you knew the SECRET that “they” don’t want you to know, all your debt can be wiped out.
Sounds too good to be true? It is.
In exchange for lots of money–typically a couple of thousand dollars–you receive a document you are instructed to give to your creditors that supposedly shows you don’t owe them anything. The document might be called a “Redemption Certificate,” an “Exchange Bill,” a “Discharge Bond,” or some other fancy legal-sounding name. It looks good and sounds good.
However, the one thing that all of these documents have in common is that after you give these documents to your creditors…absolutely nothing happens. Every creditor will ignore them. They have no legal significance, and will not prevent creditors from writing, calling, suing or garnishing. They are a completely worthless piece of paper that you paid a lot for, and they do absolutely nothing to relieve you of your debt.
Look at it this way: if you were able to wipe out your debt simply by giving your creditors a piece of paper (that doesn’t have “Federal Reserve” printed on it!), don’t you think everyone–especially the lawyers–would be doing it?
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