Article
Index
What is Debt
Elimination & How Does It Work?
Debt Elimination
is a relatively new debt reduction method that utilizes consumer
protection laws under the Fair Debt Collection Practices Act. To
be more accurate debt elimination doesn't actually reduce your
debt but rather eliminates it entirely. Initially this might
seem quite unbelievable & impossible to do however as you
continue reading you'll soon realize how this works as effectively
as it does.
If you are not familiar
with the Fair Debt Collection Practices
Act then we recommend that you take the time to read
& understand it thoroughly. It is this law that makes debt
elimination programs completely legal and viable.
You see, the Fair
Debt Collection Act protects you from 3rd party debt collectors because
you haven't actually signed any formal (or informal) contract
with them. You signed a contract with your credit issuer alone.
Once that creditor writes off your debt, it is not lawfully
collectable by a 3rd party debt collection agency without a new
contract being signed between you and that 3rd party
collection agency.
What debt
elimination programs do is provide you with a legally binding
letter which you send to the debt collector/s. In order for the
collection agency to legally continue with the collection
proceedings they must respond to the letter. However since they
cannot legally respond (due to the format of the letter which
highlights various aspects of the Fair Debt Collection Act),
their only course of action is to never contact you again in
regards to the debt and it is simply written off.
These debt
elimination programs provide everyone with an alternative to
debt consolidation which simply juggles your debts around into
the hands of a new creditor, and the embarrassment of having to
declare bankruptcy. They are very useful to terminate your
unsecured personal debt & protect you from harassing debt
collectors.
Debt Elimination
is cost effective, extremely simply, and can remove large
volumes of debt almost immediately if they have already been
handed over to collection agencies. That is why it is fast
becoming one of the most popular methods to eliminate debt and
help people get back on their feet again financially.