Stop paying credit cards. Give yourself a bailout!!

[Spooz Top]

Quote from bears21:

i would still be more afraid of the scarfo then the boa trust me the physical pain would outway the mental. also there are many more outs for defaulting on unsecured debt the secured debt. if you buy something on credit from a dept store such as a big plasma tv and you default the original creditor cant come back and seize your tv. now if you put that tv up for collateral on a secured loan they can seize it for non payment.

also take the flip side i put money down on a house 3 years ago with a nj homebuilder kara homes. they went bk and guess what happened to all the unsecured creditors such as i , beat like a rented mule. i had no rights as an unsecured creditor the secured ones were taking care of first. myself and many other families suffer. so if any of you on this board feel pitty for the banks whenever they get beat you are just all sheep. one day it will happen to you and you will change your tune about the fairness of the whole thing. unsecured creditors should be treated the same whether they are a bank or a regualar person. that is the real distinction and until that changes you let me know if you still feel sorry for a bank when the get clipped scarfo.

I have no sympathy whatsoever for banks/lending instituions & their BS fine print designed to fleece the borrower.......i`m on the side of we,the people.
My point is on 12k of yesterdays money....the thread starter will pay much more than that over the course of his young life.

here is a cat that was ahead of the trap!

Thomas Jefferson's Warning To America
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

btw,Bears.....i`m sorry to hear about what had happened to you thru Kara Homes...........i`m in North Jersey so i`m familiar with them & the story.

 

[bears21]

Quote from Spooz Top:

I have no sympathy whatsoever for banks/lending instituions & their BS fine print designed to fleece the borrower.......i`m on the side of we,the people.
My point is on 12k of yesterdays money....the thread starter will pay much more than that over the course of his young life.

here is a cat that was ahead of the trap!

Thomas Jefferson's Warning To America
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

btw,Bears.....i`m sorry to hear about what had happened to you thru Kara Homes...........i`m in North Jersey so i`m familiar with them & the story.

thanks spooz it has taken a while but things are starting to get back to some level of stability for my family and I. I do want to say that people should stop passing judgement on somebody because everyone has a unique situation. It doesnt mean your a deadbeat or bla bla bla. I could care less about what anyone thinks of me that i dont come into contact with. It would be much harder personally to default on someone you do know such as friends and family. to me lending institutions are a tool (no pun) just like we are to them. If you have to make that choice you have to put yourself first before the banks. that is something i never could figure out people would actually miss their mortgage payment to make a cc payment. one obligation is secured while the other one is unsecured. my credit is slowly creeping back up, i have a few secured cc and i dont buy anything anymore unless i have the cash. my car is paid in cash the house i have now is the only debt out there. people mock trump and he does some shady shit but he somehow comes out on top in his situations. is he a deadbeat because if he is then he rules. look at what hes got hot chick tons of assets, and he still has a good name after all those times of defaults his name is intack. he can still trump up business.

 

[Frostie]

What I don't understand is that CC companies lend out money at 10-30% interest to account for the risk they take on the borrowers. These rates seem reasonable in the current environment, but what made these rates reasonable a few years ago when the default levels/risk were relatively low?

IMO there are two sides to every contract and if the deal is broken, both parties are at fault in one way or another. The CC companies seem to be scrambling to reposition themselves and re-evaluate(evaluate for the first time maybe) their business model.

 

[volente_00]

Quote from spanish89:

LOL

Getting rather personal against me again i see!


But for everyone who wants to not payback any creditcards and get away with it (no court apperacnes or anything) heres the step by step checklist of how to do it-

1. Make sure you dont onw a house or car, just rent instead since then theres nothing they can take you to court with the intention of taking from you.

2. Make sure you have ZERO money in the normal bank account for that bank. A they would take money out of it to pay off the card if you do.
So have a few other bank accounts n only use them for keeping cahs in.

3. If like me you trade for a living, and live in the UK so all your earning is tax-free and dont need to be declared,
then they wont even watse their time trying to take you to court,
since it would cost them to do it and if you have no assessets or trace-able fixed income then theres nothing that could be done to do.

4. The bank will try calling your mobile phone number about 5x per day, so just black their number so the call never can get through.
And dont ever let banks even know your home phone number.

5. You then write to the bank saying
''I have no siezeable assesets, no fixed salaried income, and nothing else that could have a court order taken out on..,
but so i am willing to make you a token payment of £1 per month.
Please let me kwno when your ready to setup this as a recurring order to you each month.''

6. They will then try calling you for a few weeks again to try talking about things, but wont be able to get through ever cos you will have blocked their number.
And if they want to get anything from you they will have to write to you saying ''ok make £1 per month payment'', or will have to write to you saying they will write off all the debt as they just accept they are beaten.

7. You then go out and buy champagne and celebrate.
Then just get on with living your life and enjoying it.

And when the court sees the money you have in your trading account ?

 

[volente_00]

Quote from Fractals 'R Us:

Trump does BK once per business cycle..

Another credit card myth: "you can't rent a car without a card"... horseshit, they want the card to cover their deductible on the insurance, you can give them that in cash...

I'm trying to think of something that you can't do without a credit card and coming up empty handed here...

Airline ticket ?


Unless you drive there in person and buy it perhaps ?

 

[spanish89]

Quote from volente_00:

And when the court sees the money you have in your trading account ?

Ok 1stly how would any court know that i have a traidng account??

(In uk the law is extremely different since we can use SB accounts which are totally tax free, and so dont have to ever be declared)

And theres no 'paper trail' linking you to ever using it, as they are all 'really offshore' accounts, all based in cayman islands, maldives, or other tax havens.
Since its tax free income theres no reaosn why you would ever tell the government about it since its nothing to do with them.



2ndly how on earth would it ever even get to court mate??

I know exactly how the legal system works, i did A-level law just to be able to know this sorta stuff even. lol

The bank know that they are getting fuked over and screwed in by people from every direction,
since picture the bank as a solid ball of water, everyone who isnt aying back loans now n blaming recession is like drops of water shooting out from that central ball, and the water represents money.


So the bank have to try getting back any water that they can before they evaporate entirely,
however they know how extremely hard it is to 'pickup water with their hands' and it costs them for each attempt they make.


And so they only waste their time trying to pickup teh more 'solid' water,
the people who own houses and cars that can be taken away from them trhough a court order.



However why would the bnak waste even more money in taking me to court, when what can the bank order form me??

I rent not own, i dont ever wana drive myself so dont have a car, i keep all my money in the most offshore unreachable and untraceable osshore account possible that the court have no way of knowing eeven exists,
and i make a living 100% from that source though and so theres no 'salary' coming into my bank account that they court could 'dock money from'.


The bank's legal time arent complete idiots, they know all this, they know they i know all this too,
and they know full well taht i knew exactly what i was doing and played them an un-beatable hand!



So they just accept defeat as they know when they are beaten, and move on to trying to get money form people who didnt play teh game so strongly.

 

[volente_00]

Quote from spanish89:

Ok 1stly how would any court know that i have a traidng account??

(In uk the law is extremely different since we can use SB accounts which are totally tax free, and so dont have to ever be declared)

And theres no 'paper trail' linking you to ever using it, as they are all 'really offshore' accounts, all based in cayman islands, maldives, or other tax havens.
Since its tax free income theres no reaosn why you would ever tell the government about it since its nothing to do with them.



2ndly how on earth would it ever even get to court mate??

I know exactly how the legal system works, i did A-level law just to be able to know this sorta stuff even. lol

The bank know that they are getting fuked over and screwed in by people from every direction,
since picture the bank as a solid ball of water, everyone who isnt aying back loans now n blaming recession is like drops of water shooting out from that central ball, and the water represents money.


So the bank have to try getting back any water that they can before they evaporate entirely,
however they know how extremely hard it is to 'pickup water with their hands' and it costs them for each attempt they make.


And so they only waste their time trying to pickup teh more 'solid' water,
the people who own houses and cars that can be taken away from them trhough a court order.



However why would the bnak waste even more money in taking me to court, when what can the bank order form me??

I rent not own, i dont ever wana drive myself so dont have a car, i keep all my money in the most offshore unreachable and untraceable osshore account possible that the court have no way of knowing eeven exists,
and i make a living 100% from that source though and so theres no 'salary' coming into my bank account that they court could 'dock money from'.


The bank's legal time arent complete idiots, they know all this, they know they i know all this too,
and they know full well taht i knew exactly what i was doing and played them an un-beatable hand!



So they just accept defeat as they know when they are beaten, and move on to trying to get money form people who didnt play teh game so strongly.

In the U.S. the Bank you screwed over has your social and there are "people" that work for them that will make all your information find its way back to them should they need it. With that same social they can also pull previous tax returns which will show your trading activity.



How do you have all your money in an offshore account and still access it ?


Does it not have to be transferred to a local insitution in order for you to pull the money out ?

Where does the money go to when you wire from the offshore account to ?????


How do you get your money to your offshore account ?

Fly over there and deposit cash ?

 

[Trader666]

Please keep the entertainment coming with the details of your loser life and how great you pretend it is! Have you ever thought of taking up the Jack Hershey method? You're definitely good enough at denial and make-believe to join their cult

You can pretend you're savvy but the truth is, you're nothing more than a brown stain on society's underwear. You're too imcompetent to make your way above-board so you live a life where you have to hide like a cockroach. Which also makes you a coward.

Great life you have -- NOT! You're throwing your money away on rent, you can't have a car, you have to hide what little you have fearing it will be taken from you... in short you live like a fugitive.

You can pretend that's a great life but all you're doing is putting a fake happy face on a cow pie.

This is your life:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2365921>

Quote from spanish89:

I rent not own, i dont ever wana drive myself so dont have a car, i keep all my money in the most offshore unreachable and untraceable osshore account possible that the court have no way of knowing eeven exists,
and i make a living 100% from that source though and so theres no 'salary' coming into my bank account that they court could 'dock money from'.

 

[DynamicHedge]

spanish89,

what does the SB account acronym stand for? SB = ?

 

[mitsubishi]

Quote from DynamicHedge:

spanish89,

what does the SB account acronym stand for? SB = ? [/QUOTE

SB= spreadbet. eg if the sp500 was trading at 800.0 the broker would quote a spread of 799.8 - 800.2. If you think index is going up you buy 800.2. You decide how much per full index point you wish to stake. Later the index is trading at 820.0 the spread is quoted 819.8- 820.2 you would sell at 819.8 ( at £10 per point your profit would be £196) you can go long or short and it is tax free margin required is £45 per £1 stake. I think it is tax free since much like betting on a horse (which is not tax free) you are betting on an outcome (the index will go up) rather than taking delivery of anything. Futures contracts are also quoted for,as well as oil,gold shares etc. Spreads vary according to products and most trading is 24hrs by internet or phone. Brokers will balance their books with customers going long or short and will hedge in the real market if they need to,though most customers will lose more than they win. All you need is a bank acc and an address you have lived at for a year and you can open account within an hour with very small capital.(hence the high rate of losing customers) Trading platforms are reliable with simulated 10k accounts available.