How to fight back against Credit Card companies

[Seahorse]

I want to start and sticky a thread with practical advice for people fighting or dealing with usurious interest rates, usually from the "big four", JP Morgan, City, Bank of America, Wells Fargo.  These banks are raising interest rates as fast as possible on credit cards, before the new credit card legislation takes effect.  What can a person do?  Here is a good article posted by BlueOwl on another thread.  It is reposted here and this thread will be sticked. 

(I posted this on a different thread, relevent here, too)

Alternatives to the Big Banks - or - How to keep a credit card, if you want, without buying bullets for the people shooting at you:

http://www.greenamericatoday.org/pubs/realmoney/articles/creditcards.cfm
(more at link)

Responsible Credit Cards: Myth or Reality?

Discover responsible credit card options and alternatives to the mega-banks.

Cards Connected to Better Banks

There are socially responsible banks and credit unions that exemplify responsible lending practices—as well as community investing institutions that take the social mission one step further by also investing in low-income populations.

Wainwright Bank Visa Cards (fees and rates vary): Wainwright, a Boston-based bank with a tradition of “socially progressive” banking, offers six different Visa credit cards with different rates and terms. All of these cards are issued and managed by Elan, a financial services company. Steven F. Young, senior vice president at Wainwright, says they “chose Elan because we felt their consumer practices were best.”

Permaculture Credit Union’s (PCU) Visa card (13% apr, no annual fee): Based in New Mexico, PCU is committed to Earth-friendly and socially responsible loans and investments. PCU’s card is issued by the Illinois Credit Union League to anyone, whether or not they are a PCU account holder, though applicants should mention they are “affiliated” with Permaculture Credit Union.

ReDirect Visa (15.15% apr, no annual fee): The ReDirect card is issued by Washington state’s ShoreBank Pacific.Depositors fuel the bank’s lending programs, which enable sustainable community development. ShoreBank Pacific issues the card by way of TCM, which is owned by ICBA Bancard, a subsidiary of the Independent Community Bankers of America.

Your card fees support ShoreBank Pacific’s community investing mission, and half of the card’s proceeds go toward reducing CO2 emissions through Sustainable Travel International’s “MyClimate” high-quality offsets. In addition to a conventional rewards program, the card also earns cardholders discounts at the sustainable businesses listed in regional “ReDirect Guides” for Denver/Boulder/Fort Collins, CO; Portland, OR/Vancouver, WA; and Salt Lake City/Park City, UT. Those businesses that offer Internet purchasing will extend ReDirect discounts to any cardholder. There’s no need to have a ShoreBank Pacific account to apply.

Salmon Nation Visa (15.15% apr, no annual fee): This card, also from ShoreBank Pacific, directs a percentage of its income to growing a community of citizens that practice environmental stewardship of “Salmon Nation,” a bio-region stretching from Alaska to Oregon where wild salmon live. Like the ReDirect card, Salmon Nation Visa isn’t benefiting a mega-bank, and you don’t need a ShoreBank Pacific account to apply.

The Loop Card (11.99% apr, no annual fee): A Visa from Albina Community Bank in Oregon. Profits from this Visa from Oregon’s Albina Community Bank not only support Albina, but one percent of every purchase goes to Portland’s neighborhoods, funding education, health, social services, environment, the arts, or economic development projects. You do not have to have an account with Albina to get the card, and it is not connected to a mega-bank.

Shorebank’s Elan Visa Consumer Card (variable apr, no annual fee): ShoreBank, in the Midwest, is a community development and environmental bank that issues a credit card available to anyone nationwide through Elan, the same company servicing Wainright Bank’s cards, at a rate determined by your credit history.

Self-Help credit union cards (9.95–12.95% apr, no annual fee): Self-Help, headquartered in North Carolina, works in communities traditionally underserved by conventional financial institutions. It offers Classic and Platinum Visa credit cards to members, and through online banking, anyone nationwide can become an account holder and apply. The cards are issued by Self-Help, a community development bank.

Please, only post articles on relevant advice for people needing advice.  Please don't clog this thread with unnecessary info that does not directly help someone dealing with usurious credit card issues.

People should fight back and withdraw any monies from these banks, including GoldMan Sachs if you have any money there too.  These banks survive by loaning money at usurious rates.  Stop feeding these beasts, go to local regional banks if nothing else.

[pablo113]

Good thread here on maxing out all your credit cards and then not paying them! Unsecured debt - they cannnot touch you and will eventually settle for pennies on the dollar!

http://www.doomers.us/forum2/index.php/topic,47331.0/topicseen.html

[vision-master]

Your Name
123 Your Street Address
Your City, ST 01234

ABC Collections
123 NotOnYourLife Ave
Chicago, IL

Date:

Re: Acct # XXXX-XXXX-XXXX-XXXX

To Whom It May Concern:

This letter is being sent to you in response to a notice sent to me on September 30, 2002). Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.

This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.

Please provide me with the following:


What the money you say I owe is for;
Explain and show me how you calculated what you say I owe;
Provide me with copies of any papers that show I agreed to pay what you say I owe;
Provide a verification or copy of any judgment if applicable;
Identify the original creditor;
Prove the Statute of Limitations has not expired on this account
Show me that you are licensed to collect in my state
Provide me with your license numbers and Registered Agent

At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureau’s (Equifax, Experian or TransUnion) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following:

Violation of the Fair Credit Reporting Act
Violation of the Fair Debt Collection Practices Act
Defamation of Character
If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist.

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.

I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS.

It would be advisable that you assure that your records are in order before I am forced to take legal action. This is an attempt to correct your records, any information obtained shall be used for that purpose.

Best Regards,

Your Signature
Your Name

[aconsta383]

Vision, is that from Bud?  I tell you that it works wonders, especially with the folks that don't understand that you're not who they're looking for...lol

[aconsta383]

Great thread, Seahorse...keep up the good work! 

[vision-master]

Vision, is that from Bud?  I tell you that it works wonders, especially with the folks that don't understand that you're not who they're looking for...lol

Roc.

[Autonomous Unit]

Unsecured debt - they cannot touch you and will eventually settle for pennies on the dollar!

Unless they go to court- you don't have to show up, then:
Unless you have a job, then they can garnish your wages.
Unless you have a bank checking account, then they can clean it out.
Unless you have a business, then they can hire a "Sheriff's Keeper"- he stands next to the cash register, and keeps the money customers pay you.
They can also intercept, and open mail to a business, and cash any checks that are mailed to your business.
Unless you have a home, then they can put a "prejudgment attachment" on it, and later, a lien.
Unless you are a turnip, they will try to get blood from you.

I was a bill collector, 1987-1989. I specialized in suing people ( that had the money to pay).
If you are poor, the judge can set you up for $20/month payments, for the rest of your life. I've seen it happen.

[jmhpolar]

Your Name
123 Your Street Address
Your City, ST 01234

ABC Collections
123 NotOnYourLife Ave
Chicago, IL
...

It would be advisable that you assure that your records are in order before I am forced to take legal action. This is an attempt to correct your records, any information obtained shall be used for that purpose.

Best Regards,

Your Signature
Your Name

Dude that shit is like the Jedi Mind Trick.  Awesome.

[vision-master]

Unsecured debt - they cannot touch you and will eventually settle for pennies on the dollar!

Unless they go to court- you don't have to show up, then:
Unless you have a job, then they can garnish your wages.
Unless you have a bank checking account, then they can clean it out.
Unless you have a business, then they can hire a "Sheriff's Keeper"- he stands next to the cash register, and keeps the money customers pay you.
They can also intercept, and open mail to a business, and cash any checks that are mailed to your business.
Unless you have a home, then they can put a "prejudgment attachment" on it, and later, a lien.
Unless you are a turnip, they will try to get blood from you.

I was a bill collector, 1987-1989. I specialized in suing people ( that had the money to pay).
If you are poor, the judge can set you up for $20/month payments, for the rest of your life. I've seen it happen.

They can't garnish retirement like SS or pensions.

[elliemae36]

What if the debt is 12 years old?  I don't have a credit card, and don't know what to suggest to a friend who got into trouble more than a decade ago, and only now is the company trying to get money from him.  (AmEx actually started sending him notices last year, as the economy tanked - funny, right?)  Isn't there some 7 year limit or something?

Thanks for the help/direction.

[Megadoom]

What if the debt is 12 years old?  I don't have a credit card, and don't know what to suggest to a friend who got into trouble more than a decade ago, and only now is the company trying to get money from him.  (AmEx actually started sending him notices last year, as the economy tanked - funny, right?)  Isn't there some 7 year limit or something?

Thanks for the help/direction.

Check your State's law on statue of limitation for unsecured debt. Most are 5 years. File a motion to have a court hearing in your defense on the grounds it exceeds the statue of limitations and almost always the CC company will drop the case.

[de jure]

Appear for the limited purpose of contesting jurisdiction on the basis that the applicable statute of limitations has expired. Be careful asking for relief other than dismissal unless you are prepared to counterclaim for violations of the FFCRA and the FFDCPA and your state's applicable consumer protection laws.

Elizabeth

[Doomsteader]

How to fight back against Credit Card companies? 

Go to http://www.creditboards.com and click on "forum"

IMO, the best forum on credit matters (of all kinds) on the internet.  And no, it's not my forum, but I am a member there, and highly recommend it for anyone with credit problems, issues or questions.

[vision-master]

Disconnect your phone?

Send back all the threating letters with lead weights attached?

Ask the bimbo on the line for a date?

The check is in the mail!

Move to Mexico?

[Autonomous Unit]

Two points:
1. If collectors are dunning you over the phone, tell them to stop calling you. Tell them to use the mail.
It's funny, when I did collections, people would scream about harassment, and how they didn't like me calling them, but they would only rarely tell me to stop calling them. If they told me to stop calling them, I did. It's the law.

2. The statute of limitations clock starts ticking when you make your last payment. So if the initial bill is 15 years old, but you paid $20 last month, the debt has been reaffirmed, and the statute of limitation has another 5 or 7 years to go.