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  TalkFreelance     TalkFreelance Information     General Discussion :

Yuck, I smell a lot of fraud about to be commit

Thread title: Yuck, I smell a lot of fraud about to be commit
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11-15-2008, 12:49 AM
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Sam Granger is offline Sam Granger
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  Old  Yuck, I smell a lot of fraud about to be commit

Was talking to someone about banks in America, doing creditcard settlements with people with big cc debts who don't pay on time.


I didnt pay one of my card's minimum payments which had 20k balance on it for 90 days.. Going into 120 days they started giving me offers. Settlements. Settlements for pennies on the dollar. Now this is nothing new. They have been doing this for years.

What is different now is the POWER we as the consumer have on them now with the latest crisis... We literally have them by the balls. After numerous counter offers I was able to talk down a settlement of $3500.00
$20k down to 3.5k, yikes....

Someone else settled 52K for 4.5k


Tell them that you need it in writing that they will wipe this off your credit record. No Charge off, no 90 days late, no settled for less the amount notes on your credit record. Tell them you want it to say "paid as agreed" and "Account closed by Customer" Simple as that. Get it in writing.
Pretty sick that people are actually doing this. Great way to save the economy (yes, I'm being sarcastic). And it's 100% legal

11-15-2008, 12:59 AM
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They are doing it the wrong way.

11-15-2008, 09:19 AM
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It's happening in the uk aswell, there was an episode about it on Panorama:

Panorama - Can't Pay, Won't Pay
Documentary
BBC1
10th November 08

"With the credit crunch affecting everyone, Panorama reveals the lengths some lenders are now going to in order to get borrowers to pay off their debts. "

One couple had £110,000 of debt wiped off through studying legal loopholes.

11-15-2008, 09:54 AM
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It's crazy though, I know some people now who are maxing out their creditcards to take advantage of this...

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