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Debt Elimination Scams
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Debt elimination scams are most commonly perpetrated through web sites and e-mails. Essentially these scammers claim that for an upfront fee of a few thousand dollars (typically for $2,500 to $3,000 and an additional 15% cut of any debt 'eliminated') they will be issued a certificate that can be presented to a bank that will supposedly eliminate any obligation to repay mortgages, credit cards or other debts. While these inter-net scam artists assert the Declaration of Independence support their claims, or deny the authority of the Federal Reserve, these documents are entirely bogus, and all of the victims' financial responsibilities remain intact.
This scam is increasingly widespread. In the United States the Federal Reserve Board and the Office of the Comptroller of the Currency have gone as far as to send warnings to banks to be on guard against this scam, to confiscate any documents that the borrower presents and report suspicious activity to the FBI. |
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