Using FDRS.org for Credit Card Debt Relief

[Friendsplacect]

The best time to settle is before the 90 day mark after your last payment.
BEWARE OF ABRITRATION AGREEMENTS!

[mystrangemind.com]

I talked to Dan from FDRS this morning. He had no problem closing out my account without any hassle and without charging me for anything. He also offered to extend the time period from 18 months to 24 months, in order to have a smaller payment.

I think the jury is still out on this one. I told him that, if we can clarify the terms so that I am better protected as well as show me 3rd party evidence that their system works, I would consider using their services in the future.

So It seems as if they are not some fly-by-night operation, and may be serving their customers after-all. I would still feel more comfortable paying the "debt" and just walking away from credit cards.

I am transferring the funds and considering doing just that...

Thanks again for the insight.

[mrg]

If you can "pay" and be done with it, without financial hardship, do it and be done with it.

Are you going to play with credit anymore if you do "pay" it off?

A mortgage is the same game.

A "car loan" is the same game.

They monetize your signature on a note, deposit it and issue you back a check on your own note.

[mrg]

If you can "pay" and be done with it, without financial hardship, do it and be done with it.

Are you going to play with credit anymore if you do "pay" it off?

A mortgage is the same game.

A "car loan" is the same game.

They monetize your signature on a note, deposit it and issue you back a check on your own note.

[charlesa6]

You are absolutely right, mrg.

[mystrangemind.com]

Originally Posted by mrg

If you can "pay" and be done with it, without financial hardship, do it and be done with it.

Are you going to play with credit anymore if you do "pay" it off?

A mortgage is the same game.

A "car loan" is the same game.

They monetize your signature on a note, deposit it and issue you back a check on your own note.

I am preparing to pay off the high interest portion of it, though I am going to wait on paying the rest until the rates increase.

I may not pay it off, even then, since clearing all of the balance off of a card usually, after a couple of months of zero or low balance, leads to getting another nice balance transfer offer that lasts for 6-12 months. Just have to see what happens when the time comes.

I have been successfully bouncing balances between cards, paying off the card just before the rate goes up.. getting another offer and moving a high rate balance over and repeating... This has been quite beneficial for me and has provided liquidity for me to use in conservative investing ventures such as silver and gold, which I have had great success with to date.

From a moral standpoint, I am tempted to walk away from credit cards for good this time, now that I understand how much a card holder empowers the banks and creates inflation. I am finally beginning to understand how it all works, thanks to the guys at FDRS and especially the information contained in this forum. I don't feel right opening up any more accounts and playing along with their game.

So far I am to understand that the bank must have an "individual" with a birth certificate's signature if they want to make money out of nothing. My assumption is that they take the resulting promissory note, and present it to the fed who gives them liquidity.

So this would mean that the people are the only ones who can create money, and they are duped out of this capability by the banks. Why can't I make my own promissory note and create money from that? How does someone attain the capability to do this? If a bank were to allow the people to have control over their own promissory notes and money creation, what would happen?

I'm guessing that this means they are playing some sort of loophole and that some fundamental aspect of the law requires an "individual" in order to facilitate the creation of fiat. I would also imagine that this individual must have a "citizen ship" of some sort.

This is a fascinating topic! Its amazing, though not surprising, that we can be kept in the dark about matters that are this important.

[fedrick]

In our day to day life credit card is very essential one. We use these one on the time of every purchase and for our convience. And other point you please vist this site if you have time..its very useful one..
--------------------------------------------------
by
fedrick

Don't be a victim. Stop credit card debt now. We can help.
http://www.stop-credit-card-debt.com

[Shoonra]

It turns out that not everyone admires the "Federal Debt Relief System":

http://www.dailypaul.com/node/28840
and
http://creditsuit.org/credit.php?/bl...f_system_fdrs/


It seems that some people called FDRS and wanted to speak to any of their lawyers, and they were instead referred to another website called Credit Card Defense Network. Others continued to have problems and discovered that FDRS stopped taking their calls.

One thing for sure, despite calling itself Federal, it is not a govt operation.

[Soldier of Truth]

Originally Posted by Shoonra

One thing for sure, despite calling itself Federal, it is not a govt operation.

But, it sure operates like one.

I've found fun and interesting results when I offer to settle the alleged debt in full if they will verify "who" either is the "holder in due course," "owner of the note," or "actual lender." The silence is deafening.

All they do is pool those "loans" to investors in a master trust and tell you that a loan of credit has been extended.

(1) How is one "loaned" a promise to pay in the future?; (2) If all loans are created by deposit (not my words, but the federal reserve's), and my deposit makes me the creditor and the bank the debtor, then "who" really owes "who?"

Learn Securitization and you know loans.

http://www.occ.treas.gov/handbook/assetsec.pdf

The question isn't "what did you loan me?" The question is didn't you advertise to be the one lending to me? I'd hit'em for false advertising and gross misrepresentation. Maybe unjust enrichment, and breach of fiduciary duties for serving two master's and charging me the most for it.

But I do have to agree, stay away from those "debt cancellation" shysters. You'd do much better learning on your own and fending for yourself. As I like to point out, if a "lender" can't be identified, then where the hell's the debt?!

[Thom. Jefferson's ill]

Originally Posted by Soldier of Truth

Learn Securitization and you know loans.

http://www.occ.treas.gov/handbook/assetsec.pdf

I have just started looking over this publication and believe it will be invaluable to me. Thanks Soldier this is GREAT!

I am finding it helpful in understanding how to dispute credit card debt at the source.

Here are a couple nice quotes from the pub.
Basic Structures of Asset-Backed Securities
A security’s structure is often dictated by the kind of collateral supporting it.
Installment loans dictate a quite different structure from revolving lines of credit. Installment loans, such as those made for the purchase of automobiles, trucks, recreational vehicles, and boats, have defined amortization schedules and fixed final maturity dates. Revolving loans, such as those extended to credit card holders and some home equity borrowers, have no specific amortization schedule or final maturity date. Revolving loans can be extended and repaid repeatedly over time, more or less at the discretion of the borrower.

Revolving Asset Transactions
The typically short lives of receivables associated with revolving loan products (credit cards, home equity lines, etc.) require issuers to modify the structures used to securitize the assets. For example, a static portfolio of credit card receivables typically has a life of between five months and ten months. Because such a life is far too short for efficient security issuance, securities backed by revolving loans are structured in a manner to facilitate management of the cash flows. Rather than distributing principal and interest to investors as received, the securities distribute cash flow in stages — a revolving phase followed by an amortization phase. During the revolving period, only interest is paid and principal payments are reinvested in additional receivables as, for example, customers use their credit cards or take additional draws on their home equity lines. At the end of the revolving period an amortization phase begins, and principal payments are made to investors along with interest payments. Because the principal balances are repaid over a short time, the life of the security is largely determined by the length of the revolving period.

Parties to the Transaction
The securitization process redistributes risk by breaking up the traditional role of a bank into a number of specialized roles: originator, servicer, credit enhancer, underwriter, trustee, and investor. Banks may be involved in several of the roles and often specialize in a particular role or roles to take advantage of expertise or economies of scale. The types and levels of risk to which a particular bank is exposed will depend on the organization’s role in the securitization process.

and I love this definition of borrower:

Borrower. The borrower is responsible for payment on the underlying loans and therefore the ultimate performance of the asset-backed security. Because borrowers often do not realize that their loans have been sold, the originating bank is often able to maintain the customer relationship.