I contact a company called Court Mediation Services. That states they wipe out dedit in the following way.
We focus mainly on Contract Law. Here's how it happens: You're probably already aware that in the contract you have with your credit cards, there is a clause that says they can basically change the terms and conditions whenever they want to - right? Well, what's good for the goose is good for the gander. What we'll do is assume the debt, and change the terms and conditions so they're good for us, rather than being good for the credit card.
After you are processed in, when you get a credit card statement, let's say it's from XYZ Bank, take out any ads, but leave in the statement and the return envelope. Instead of making out a check to XYZ Bank for the minimum payment, you make it out to CMS (again, that's us - Court Mediation Services) for the minimum payment + $43. Slip that into the letter they sent you, then put the whole thing in a bigger envelope and send it to us. When we get it, we'll cash your check made out to us, and we'll write one of our own checks to XYZ Bank for the minimum payment. In that payment envelope, we also include a brand new set of terms and conditions, and on the check for the minimum payment, we put a note that says that if they cash this check, they agree to the new terms and conditions. And they ALWAYS cash the check – we've done this for years with literally thousands and thousands of accounts, and we have never had a national or regional bank send the check back to us. I'm sure at one time or another you've gotten a check in the mail, probably out of the blue, for $10 or $20, that on the back where you endorse it there's fine print that says if you cash this check then you are agreeing to enroll in that company's credit repair program or credit protection program or whatever their service is? This is exactly same thing, except we're doing it to them instead of them doing it to us. Once they cash the check, they have accepted the new terms and conditions.
Those terms and conditions, that new contract, is what does the job. That is how we assume the debt. You will also fill out an official form that is notarized and signed by both parties that says we are assuming the debt, so you have something in your hand, but the new contract switches the debt to us, so they'll start contacting us instead of you. The statements will start coming to us as well. That way you don't have to deal with it. The contract now says that they are not allowed to charge ANY interest rate. It says that the minimum monthly payment is now $10 a month. It says that they are not allowed to charge any late fees, that they are not allowed to put any negatives on your credit report, and that if they ever HAVE put any negatives on your credit report, they have to take them off. So there is term after term that's now in our favor rather than theirs. The new contract also says that if they BREAK any of the terms, they agree to a financial penalty of anywhere from $500 - $2500 per occurrence. You know how right now if you send a payment late to your credit card company, then they'll charge you a late fee? You're paying a financial penalty because you broke the terms of the contract. Again, this is exactly the same thing except we are giving them a taste of their own medicine. The whole purpose of this procedure is to offset the debt. That first month that we send in the minimum payment, we intentionally send it late. And even though they accept the new contract by cashing the check, because it is late they're going to put a late fee on there. Well, according to the new contract, they just broke one of the terms and so have a penalty assessed to them. For the next several months, we will use that $43 you provided to send them payments of $10 - $15 per month. And I can tell you, they will try to charge more than 0% interest, they will try to collect more than $10 minimum monthly payment, they will put late payment fees on the account, and so on and so on, and every time they do they're racking up penalties. Please understand that when we take over the account, we are willing and able to pay off the entire debt. You're simply paying us to assume your debt for you. We will continue to pay the debt in full, month after month, as long as the creditor follows the terms of the contract. But they simply don't follow the contract. If they did, they would get all the payments. But when we take over the contract, even though it may have a balance of $10,000, after 4-6 months, because they keep breaking the terms of the new contract, they will owe us several thousand dollars. We could go after them for that amount, and who knows – in the future we may, but as of now that isn't the point. The point is to get rid of the debt, and we use that money they owe us as leverage. We tell them to retire the account or we WILL come after them for that money.
Realize that contract law boils down to the very basics. There are three parts to contract law – the offer, the terms, and the acceptance. We've made an offer of a new contract. The terms and conditions are spelled out right in front of them, and the acceptance is when they cash the check. From that point on, every time they send a statement to us, and every time they accept a payment from us, they are showing performance on the new contract. We also show performance every time we send those minimum payments of $10-$15/month.
So we now have a contract that is spelled out, that both parties have accepted, and that both parties have been performing on for months now. Go to any judge or lawyer in the country and they'll tell you that it's pretty cut and dried at that point. It's too late for either one of the parties to come back and say "Wait, I didn't really want that term in there.
Is this really legal??
Thank you for any thoughts
Terry
We focus mainly on Contract Law. Here's how it happens: You're probably already aware that in the contract you have with your credit cards, there is a clause that says they can basically change the terms and conditions whenever they want to - right? Well, what's good for the goose is good for the gander. What we'll do is assume the debt, and change the terms and conditions so they're good for us, rather than being good for the credit card.
After you are processed in, when you get a credit card statement, let's say it's from XYZ Bank, take out any ads, but leave in the statement and the return envelope. Instead of making out a check to XYZ Bank for the minimum payment, you make it out to CMS (again, that's us - Court Mediation Services) for the minimum payment + $43. Slip that into the letter they sent you, then put the whole thing in a bigger envelope and send it to us. When we get it, we'll cash your check made out to us, and we'll write one of our own checks to XYZ Bank for the minimum payment. In that payment envelope, we also include a brand new set of terms and conditions, and on the check for the minimum payment, we put a note that says that if they cash this check, they agree to the new terms and conditions. And they ALWAYS cash the check – we've done this for years with literally thousands and thousands of accounts, and we have never had a national or regional bank send the check back to us. I'm sure at one time or another you've gotten a check in the mail, probably out of the blue, for $10 or $20, that on the back where you endorse it there's fine print that says if you cash this check then you are agreeing to enroll in that company's credit repair program or credit protection program or whatever their service is? This is exactly same thing, except we're doing it to them instead of them doing it to us. Once they cash the check, they have accepted the new terms and conditions.
Those terms and conditions, that new contract, is what does the job. That is how we assume the debt. You will also fill out an official form that is notarized and signed by both parties that says we are assuming the debt, so you have something in your hand, but the new contract switches the debt to us, so they'll start contacting us instead of you. The statements will start coming to us as well. That way you don't have to deal with it. The contract now says that they are not allowed to charge ANY interest rate. It says that the minimum monthly payment is now $10 a month. It says that they are not allowed to charge any late fees, that they are not allowed to put any negatives on your credit report, and that if they ever HAVE put any negatives on your credit report, they have to take them off. So there is term after term that's now in our favor rather than theirs. The new contract also says that if they BREAK any of the terms, they agree to a financial penalty of anywhere from $500 - $2500 per occurrence. You know how right now if you send a payment late to your credit card company, then they'll charge you a late fee? You're paying a financial penalty because you broke the terms of the contract. Again, this is exactly the same thing except we are giving them a taste of their own medicine. The whole purpose of this procedure is to offset the debt. That first month that we send in the minimum payment, we intentionally send it late. And even though they accept the new contract by cashing the check, because it is late they're going to put a late fee on there. Well, according to the new contract, they just broke one of the terms and so have a penalty assessed to them. For the next several months, we will use that $43 you provided to send them payments of $10 - $15 per month. And I can tell you, they will try to charge more than 0% interest, they will try to collect more than $10 minimum monthly payment, they will put late payment fees on the account, and so on and so on, and every time they do they're racking up penalties. Please understand that when we take over the account, we are willing and able to pay off the entire debt. You're simply paying us to assume your debt for you. We will continue to pay the debt in full, month after month, as long as the creditor follows the terms of the contract. But they simply don't follow the contract. If they did, they would get all the payments. But when we take over the contract, even though it may have a balance of $10,000, after 4-6 months, because they keep breaking the terms of the new contract, they will owe us several thousand dollars. We could go after them for that amount, and who knows – in the future we may, but as of now that isn't the point. The point is to get rid of the debt, and we use that money they owe us as leverage. We tell them to retire the account or we WILL come after them for that money.
Realize that contract law boils down to the very basics. There are three parts to contract law – the offer, the terms, and the acceptance. We've made an offer of a new contract. The terms and conditions are spelled out right in front of them, and the acceptance is when they cash the check. From that point on, every time they send a statement to us, and every time they accept a payment from us, they are showing performance on the new contract. We also show performance every time we send those minimum payments of $10-$15/month.
So we now have a contract that is spelled out, that both parties have accepted, and that both parties have been performing on for months now. Go to any judge or lawyer in the country and they'll tell you that it's pretty cut and dried at that point. It's too late for either one of the parties to come back and say "Wait, I didn't really want that term in there.
Is this really legal??
Thank you for any thoughts
Terry
