Several different collection companies for each debt?

[fletch70]

It's complete and utter tosh. I am trying to be polite

[Ganymede]

Thank you all.

What are your opinions about their claims that debts are immediately paid when the bank receives ones signature and that the signature is what generates the 'money'.

They suggest that the financial institutions suffer no losses as they do not or are not permitted to use their own or their customers' funds??

To be honest I don't have a clue how the banks work or where the money comes from but what do they mean about full disclosure of accounting?

 

It's all Freeman of the Land nonsense and fantasy.

[citizenB]

Sadly this is NOT an alternative way of dealing with debt - it is only a way of giving the participant more problems.

[steampowered]

If it sounds too good to be true, it probably is.

 

If you could escape your debts by uttering a few magic words, noone would pay any of their debts.

[fkofilee]

If it sounds too good to be true, it probably is.

 

If you could escape your debts by uttering a few magic words, no one would pay any of their debts.

 

Besides that, I would imagine there would be a change in Law anyway to make people liable for their debts...

I will admit though, the last 3 days, ive been looking at that forum... It draws me in more and more about how not to act. Their advice is extremely bad!

[Redletter]

Thanks for your replies everyone.

What are your views about the so called Bills of Exchanges Act 1882 and the suggestion that companies are breaking the law if they refuse payment by promissory notes?

Is there any documented case law to back up their claims?

[renegadeimp]

Our views? It's obselete. The law of property act supercedes it. Sadly the forum you were reading tries to ignore this very important fact simply because they make their site look like they offer a very easy way out of debt. But the catch is you pay these shysters a lot of money for their silly template letters, then you send them off and get into a lot of trouble and rack up CCJ's and more debt. You try to go back to that forum for help or to complain, then find you are blocked, ignored or banned.

 

FOTL arguments do not work and you will get yourself into many more problems. Do things the right way and follow the law and proper procedure ( and not some conmans fantasy), and youll be much better off.

[steampowered]

The Bills of Exchange Act 1882 remains in force, but it does not say any of the things that FOTL sites claim it does. The Act is very short - I suggest you just read it for yourself on legislation.gov.uk. There is certainly nothing that says the creditor has to accept a random signed promissory note as payment of the debt.

[fkofilee]

Promissory Notes I believe are not used as payment but as a IOU with a signed date...

 

Trust me redletter... Steer away from that site...

[Old Cogger]

stay way clear, or you may find to your detriment in the court system?

[Redletter]

Thanks for your advice all. Believe me I had already come to this conclusion but was just curious to know the facts.

[fletch70]

In the interests of fairness it has to be said that there are a very few ideas in those sights that have some use however you will find those recommended in most if not all debt advice sites. The main thrust if their argument i.e names accounting etc are hokum so its best to stay clear. If there were a magic bullet to solve all debt problems society as we know it would not exist

[renegadeimp]

And if that magical bullet did exist, the law would be changed pretty quickly to remove it.