1. Is it legal, ethical, or moral?
A. Yes. Credit card companies are immoral because they create money out of thin air.
When your business fails, you get sick, or you lose your job and you can’t pay your credit card bills, the banks are unsympathetic and won’t work with you. They continually monitor your credit rating and if you get behind with slow payments, they make it difficult to get more credit; and the bank begins charging outrageous late payment fees. There are no bank usury laws and they can charge anything they want. They want you in debt and a slave to the credit card industry.
2. Am I liable for an ex-spouses’ non-payment of any credit card debts.
A. You certainly might be. If your name is on the credit card they can come after you. Credit card companies and debt collectors are not bound by a Court decision assigning the debt to your ex-spouse. You are still liable if your name is on the card. Default judgements will not stop harassing phone calls.
3. What about my credit? How will it be affected.
A. Virtually all of our clients will receive a higher credit score after the program is completed.
4. Does it matter that I am in the collection process?
A. No, but sometimes the process is completed quicker if you are already in collection.
5. How can the credit card companies charge such high interest rates; and what laws are in place to stop credit card companies from charging so much?
A. There are no usury laws in place anymore. Most credit card companies incorporate in South Dakota and Delaware where some rates over 40%. They are looking for ways to raise your rates and you are at the mercy of the banks.
6. What should I do when the credit card companies or debt collectors start calling me?
A. First, when you enroll in this process, the debt collectors may still call you but do not answer questions or provide information to them. You need to take notes and document the calls. You have rights that are protected under Federal Law. With the support of American Elimination of Debt, L.L.C., you will receive compensation for these phone calls.
7. Does the process really work?
A. Yes, there is a solution. We guarantee our program is successful, but your participation is necessary to provide documents of the violations made by credit card companies. return to questions
8. Can I use my credit card to pay for American Elimination of Debt program?
A. Yes, it is possible to do this.
9. Do I have to put all of my cards on the American Elimination of Debt program?
A. No, you can pick and choose the cards that you want to put on this program.
10. My debt is a few years old, what is the Statue of Limitation?
A. Statue of limitation is 2-6 years or date of last activity. return to questions
11. Is refinancing my home to pay off credit card debt a good idea?
A. It is not always a good idea to move your debt from one place to another and put your home at risk.
12. Would debt counseling, consolidation, or a debt settlement program be a better way to go?
A. No. There is no reduction to your debt. The credit card companies are working with the debt consolidation companies to reduce interest rates and fees; therefore they are getting paid for doing this service. The process also takes 3-7 years to pay off the debt, thus ruining your credit.
13. The debt collector is taking me to arbitration, what should I do?
A. The National Arbitration Forum in Minnesota is completely bias, 99.6% in favor of the debt collectors. They will try to seek judgement after arbitration.
14. If I am already in a debt program, can I leave that program and work with American Elimination of Debt, L.L.C.?
A. Yes. You can write a letter informing them you no longer need their services. Send the letter by certified mail return receipt requested.
15. Is bankruptcy a good direction to take?
A. No. The new bankruptcy laws make it almost impossible to put credit card debt into a bankruptcy. Bankruptcy can last for many years, so please weigh all the options.
16. Can I put business credit cards in the program?
A. No, not at the present time. return to questions
17. What types of credit cards can I place in the debt elimination program?
A. All accounts that are unsecured, including signature lines of credit cards.
18. Are you a debt elimination company?
A. Yes, but much more. If debt collectors still come after you, we sue the debt collectors.
19. Does it matter if I am already in collection?
A. No, it makes it easier to accomplish the debt relief, unless you have already made payments to a collection agency then we may not be able to help you.