Credit Law now allows for DEBT DISMISSAL
People are actually able to have their debts DISMISSED entirely!
It’s hard to believe. Some says it sounds “too good to be true.” The truth is, since the passage of new credit laws that were designed to empower the consumer, people are actually able to have their debts DISMISSED entirely! Yes, you read that correctly…we are not talking about debt consolidation…we are not talking about agreeing to some settlement where you pay back less than you owe…we are talking about actually having your entire debt simply dismissed. Gone! How is this possible? The Obama Administration passed new legislation surrounding the FDCPA (Fair Debt Collection Practices Act) that make it easy to contest your debts once they are turned over to a collections company.
Here’s how it works:
Typically after you have fallen behind on payments, it takes between 90-180 days for your original creditors to write the debt off and turn it over to collection companies. These collection companies buy information from creditors as to who had debt that was written off by the original creditor and then they try and bully you into paying them. Realize though that once the original creditor writes off the debt, they turn it over to their insurance companies and get reimbursed up to 3 times the original debt. This means that your debt no longer exists. The collection companies are not actually buying your “debt” but rather just the names, addresses and numbers of people that did owe the money before it was written off. It is at this time that hiring an attorney to fight the collection companies is absolutely critical.