Credit Card Companies Are Committing Fraud & You Don't Have To Pay Them - GoFuckYourself.com

BluMedia · 07-10-2003, 03:23 PM

Ok this company claims you don't have to pay back any of your credit card debt. They said the credit card companies are committing fraud and with their 3k program you can get rid of all your credit card debt and have a clean credit report. This does not seem legit but I guess it does makes sense. Here is what their website says why this works......

Any CPA can share with you that banks are required to operate under Generally Accepted Accounting Principles otherwise known as GAAP. They?re also required to abide by the policies and regulations of the Federal Reserve Banking System. In order for banks to accept a promissory note or credit application that gets converted into a note they have to convert your note into a check and give it back to you. The banks have a monopoly when it comes to monetizing your signature in order to convert your note in to the check to give back to you.

Because of the matching principle under GAAP, banks cannot loan out the money of other depositors and they cannot loan out their own assets because of the Federal Reserve Bank regulations. If you were to look at accounting ledgers for a regular checking account and accounting ledgers involved when a customer opens line of credit or when a bank takes possession of a promissory note, you?ll see that they?re identical. So compare how your credit card works with how your checking account works.

The customer, let?s say you in this case, would be the creditor of the bank in every case. You?d deposit $100 dollars, then you?d write a check at the grocery store for $100 and now the account sits at zero. The bank doesn?t come back and ask you to pay them another $100 with interest do they? Well of course not. However, with credit cards, they?re doing the same thing except now you?re coming back around and paying another $100, with interest, to the bank.

It?s you who creates the money and funds the line of credit, which the bank in turn bills you for each month with interest. Quite simply folks, after realizing this, many people just decide to stop making credit card payments altogether.

So, now that you've learned this new information, you have the basis for starting your Debt Relief Process with the banks. If you read the back of your credit card statement, you?ll see a clause there under a heading that says something like ?Billing Error? or ?Billing Dispute.? There is a place on the statement that says? ?You only have 60 days to report any disputed entries or errors?? So now starts your 60 days because, you?ve learned this new information. Congratulations!

Here is their website

http://www.dsibc.com

What do you think?

andi_germany · 07-10-2003, 04:13 PM

Well .....

You buy something with your Credit Card. You get a product and therefore I would say you are liable to pay for it. As simple as that.

gothweb · 07-10-2003, 05:44 PM

It all sounds like bullshit to me.

NETbilling · 07-10-2003, 05:46 PM

What will they think of next... ?

LOL

Mitch

HEARTBREAKER · 07-10-2003, 06:35 PM

it happens that's why i don't like credit card sometimes...

07-10-2003, 03:23 PM	#1
BluMedia Confirmed User Industry Role: Join Date: Dec 2002 Location: Colorado Posts: 3,973	Credit Card Companies Are Committing Fraud & You Don't Have To Pay Them Ok this company claims you don't have to pay back any of your credit card debt. They said the credit card companies are committing fraud and with their 3k program you can get rid of all your credit card debt and have a clean credit report. This does not seem legit but I guess it does makes sense. Here is what their website says why this works...... Any CPA can share with you that banks are required to operate under Generally Accepted Accounting Principles otherwise known as GAAP. They?re also required to abide by the policies and regulations of the Federal Reserve Banking System. In order for banks to accept a promissory note or credit application that gets converted into a note they have to convert your note into a check and give it back to you. The banks have a monopoly when it comes to monetizing your signature in order to convert your note in to the check to give back to you. Because of the matching principle under GAAP, banks cannot loan out the money of other depositors and they cannot loan out their own assets because of the Federal Reserve Bank regulations. If you were to look at accounting ledgers for a regular checking account and accounting ledgers involved when a customer opens line of credit or when a bank takes possession of a promissory note, you?ll see that they?re identical. So compare how your credit card works with how your checking account works. The customer, let?s say you in this case, would be the creditor of the bank in every case. You?d deposit $100 dollars, then you?d write a check at the grocery store for $100 and now the account sits at zero. The bank doesn?t come back and ask you to pay them another $100 with interest do they? Well of course not. However, with credit cards, they?re doing the same thing except now you?re coming back around and paying another $100, with interest, to the bank. It?s you who creates the money and funds the line of credit, which the bank in turn bills you for each month with interest. Quite simply folks, after realizing this, many people just decide to stop making credit card payments altogether. So, now that you've learned this new information, you have the basis for starting your Debt Relief Process with the banks. If you read the back of your credit card statement, you?ll see a clause there under a heading that says something like ?Billing Error? or ?Billing Dispute.? There is a place on the statement that says? ?You only have 60 days to report any disputed entries or errors?? So now starts your 60 days because, you?ve learned this new information. Congratulations! Here is their website http://www.dsibc.com What do you think? __________________ IntenseCash - If you can't convert us then you might want to look for a new job . BrokeStraightBoys.com converting 1:124 stats counted by Nats

07-10-2003, 04:13 PM	#2
andi_germany Confirmed User Join Date: Oct 2002 Location: Germany Posts: 768	Well ..... You buy something with your Credit Card. You get a product and therefore I would say you are liable to pay for it. As simple as that. __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, then you may use a 624x80 instead of a 120x60.

07-10-2003, 05:44 PM	#3
gothweb Confirmed User Join Date: Jun 2002 Location: Back in the USSA Posts: 8,849	It all sounds like bullshit to me. __________________ Photos by Ian X.: Distinctive photos of goth babes. Blood Money:Your traffic, my sites, our money. MojoHost: Still the best.

07-10-2003, 05:46 PM	#4
NETbilling Confirmed User Industry Role: Join Date: Jan 2002 Location: Huntington Beach, CA Posts: 8,591	What will they think of next... ? LOL Mitch __________________ Mitch Farber CEO - NETbilling, Inc. Email / Phone: 888-357-8166 / 661-252-2456 Transaction processing & 24/7 call center services with exceptional rates and flexibility, since 1998!

07-10-2003, 06:35 PM	#5
HEARTBREAKER Confirmed User Join Date: Jun 2003 Posts: 2,984	it happens that's why i don't like credit card sometimes... __________________ An Adult IT Staffing Solutions Company email: [email protected] icq: 418366319 Tel.#: 1-702-940-0789 (U.S. Toll Free)