Debt Consolidation Advice

The debt consolidation advice most people receive amounts to telling them to get a low interest rate loan and pay off all the high interest rate credit cards. This is very sound advice. If your interest rates are high, and believe me, most credit card companies are trying to raise everyone’s rates to 25% or higher if they can, it takes forever to pay off debt.

Think about it. If you owe $1000 at 25% interest, they will tack on another $250 by years end. Your minimum payments probably don’t even cover the interest rates they charge you. It seems almost criminal. It used to be called usury rates and was against the law, but banks pay lobbyists to get laws changed to their favor through Congress. The little guy has no chance.

Or does he?

CAPITAL ONE SUES THIS GUY

HE SUED BACK AND WON!

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Banks in the US are a mess. They are stumbling through this subprime mess and don’t seem to have a clue as to what they are doing. Just pick up the newspaper and you’ll hear stories about robot signers that never even looked at the documents. These folk just signed off on legal documents representing hundreds of thousands of dollars and never even checked them.

This could be your silver lining. Your world may have just turned from cloudy to a sunny day. Why? If the information in your loan documents is incorrect you may not be liable for the loan.

Take the time to read that one more time and let it sink in. If the paperwork of your loan is incorrect, the contract may not be enforceable. You may not owe them any money. And there is nothing they can do about it.

The same thing is true of your credit cards. If you did not agree to the terms of the credit card, you may not owe the bill. Some people have even sued the lenders and won!

Not only did they get their debts reduced, some even sued the lenders and were awarded money.

This is tricky stuff. Banks like to bury you in mountains of paperwork. There are so many laws out there that govern this or protect that it is impossible for the everyday guy or gal to know if they are getting a fair shake. You really need to get in touch with someone who knows the law and can advise you. That person is usually a lawyer but lawyers cost money.

The other way is to do the research yourself. It’s not easy and in fact it’s pretty dull and boring. On the other hand if you find a mistake in the paperwork, it can mean thousands and thousands of dollars to you. It’s worth your time to investigate it deeper wouldn’t you say? So where do you start?

You could do some searches for “robosigners” but having someone robosign your contract was not necessarily illegal. What you are looking for is either clauses in your contracts that may not be legal in your state or just plain mistakes. Simple things like getting the legal description of your property wrong. Then if the robosigner signed off on the contract anyway, the contract may not be valid. The loan would be on the wrong house.

Keep in mind that nothing in this article is meant to be legal advice. Nobody can tell you if you have a chance without at least looking at your documents. Proper research can tell you what to look for and if you find it, take it to a lawyer to get his or her opinion.

Knowing how our credit reporting system actually works is well worth your time even if you don’t find a mistake in your paper work. You have many rights as a US citizen and consumer that were made to protect you from unscrupulous behavior. Unfortunately the people who use credit the most are usually the ones that aren’t aware of the laws in the first place. Don’t you think the banks know this and use it to their advantage? Many people just go along and never question what the banks, lenders or credit card companies are saying because they figure the little guy always loses in the end.

Don’t let that be you.

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