Now some people are really stupid!!!! Be sure and cancel your credit cards before you die.
This is so priceless, and so, so easy to see happening, customer service being what it is today.
A lady died this past January, and Citibank billed her for February and March for their annual service charges on her credit card, and added late fees and interest on the monthly charge. The balance had been $0.00 when she died, but now somewhere around $60.00. A family member placed a call to Citibank.
Here is the exchange :
Family Member: 'I am calling to tell you she died back in January.'
Citibank: 'The account was never closed and the late fees and charges still apply.'
Family Member : 'Maybe, you should turn it over to collections.'
Citibank: 'Since it is two months past due, it already has been.'
Family Member: So, what will they do when they find out she is dead?'
Citibank: 'Either report her account to frauds division or report her to the credit bureau, maybe both!'
Family Member: 'Do you think God will be mad at her?'
Citibank:'Excuse me?'
Family Member :'Did you just get what I was telling you - the part about her being dead?'
Citibank: 'Sir, you'll have to speak to my supervisor.'
Supervisor gets on the phone:
Family Member : 'I'm calling to tell you, she died back in January with a $0 balance.'
Citibank : 'The account was never closed and late fees and charges still apply.'
Family Member : 'You mean you want to collect from her estate?'
Citibank: (Stammer) 'Are you her lawyer?'
Family Member :'No, I'm her great nephew.' (Lawyer info was given)
Citibank: 'Could you fax us a certificate of death?'
Family Member: 'Sure.' (Fax number was given) After they get the fax:
Citibank: 'Our system just isn't setup for death. I don't know what more I can do to help.'
Family Member: 'Well, if you figure it out, great! If not, you could just keep billing her. She won't care.'
Citibank: 'Well, the late fees and charges do still apply.' (What is wrong with these people?!?)
Family Member: 'Would you like her new billing address?'
Citibank: 'That might help...'
Family Member: ' Odessa Memorial Cemetery, Highway 129, Plot Number 69.'
Citibank: 'Sir, that's a cemetery !'
Family Member : 'And what do you do with dead people on your planet???
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Gerald Celente, trend expert, visionary, keynote speaker, is trusted worldwide as the foremost authority on forecasting, analyzing and tracking trends. Celente is author of Trends 2000 , Trend Tracking (Warner Books) and publisher of the Trends Journal®. Trends Research Institude
These are 4 UTube videos. A must see to understand where we are and what is coming...This is reality, very authoritative and you can't say that you can't listen to bad news. What you don't know is coming and is going to hurt you and your family.
This is as good as anything you've ever heard or seenof to ub=nderstand where we are in the housing crisis. Using nothing but numbers, charts, and graphs, video shows you where we've been, where we are, where we're going, and how we're going to get there. It does not get plainer than this.
Click to hear the real rest of the story...
This is YOUR nation America. Either speak up NOW or we are looking at a potential bond market crash and a rerun of the 1930s. Yes, I mean it, and here's the presentation you MUST WATCH if you care about this country. Then you must act - NOW - by calling your Rep and Senators. Time is running out!
Contact Richard Garcia at 1-800-678-9853 and we will work together in 2008
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Yea that's right ..you work year after year long and what do you get years older and DEEPER in debt. You say No. You have a home maybe more even rental property and a thrilling business. Well maybe you are the exception, but I double it.
You see, worldwide we are exchanging paper for goods and services (your labor) backed by debt or a promise to pay by more paper and ultimately your labor. For example: Derivatives which are in part defined as instruments whose value derives from some underlying asset. Examples include futures contracts, options etc. Also known as synthetics. What The Hell did you say? Synthetics? So you may ask what is the value of these DERIVATIVES/SYNTHETICS ..in the billions maybe a few trillions?
"ISDA reports that data collected from their own survey of derivatives markets shows that the amount of outstanding vanilla swaps grew (is that Synthetic vanilla?) by 25% during the first six months of 2003. The growth rate of all interest rate derivatives, which includes single-currency interest rate swaps, cross-currency interest rate swaps and interest rate options, grew by 24% during the same period. The total outstanding amount of interest rate derivatives now totals $123.9 trillion (HOW MUCH!!!!in 2003 what is it now?) compared to $99.92 trillion at the end of 2002. By comparison, the BIS reported a figure of $106.29 trillion for the end of 2002. The difference might be attributed to how ISDA surveys only its members while BIS seeks to survey all derivatives dealers worldwide."
The Source for this information is found at: "Important New Data on Derivatives" Randall Dodd, Director Financial Policy Forum, September 25, 2003
"The purpose of highlighting this new data is not to alarm but to raise awareness and understanding that these very large markets are growing at a very rapid pace. The data provides further proof that the regulation of financial market regulation by the Sarbanes-Oxley Act is not discouraging the use of derivatives to manage risk. The data also serves as a reminder that derivatives markets are, along with banking, securities and insurance, the pillars of the financial system."(Oh that is very reasuring)
For those doubting Toms out there rap your head around a further, wider definition:
"Derivatives are financial instruments whose value is derived from the value of something else. They generally take the form of contracts under which the parties agree to payments between them based upon the value of an underlying asset or other data at a particular point in time. The main types of derivatives are futures, forwards, options, and swaps.
The main use of derivatives is to reduce risk for one party while offering the potential for a high return (at increased risk) to another. The diverse range of potential underlying assets and payoff alternatives leads to a huge range of derivatives contracts available to be traded in the market. Derivatives can be based on different types of assets such as commodities, equities (stocks), bonds, interest rates, exchange rates, or indexes (such as a stock market index, consumer price index (CPI) — see inflation derivatives — or even an index of weather conditions, or other derivatives). Their performance can determine both the amount and the timing of the payoffs."
Being a great fan of baseball here come stride three ..
Derivatives: Facts and Fallacies by Michael S. Rozeff
To worry or not to worry
Derivatives scare many people. They don’t know what they are, or they may be quite unfamiliar with them. They don’t know how they work, and it’s not easy to learn. The amounts tossed around are fantastically huge. Most are traded behind the scenes. They are purchased in margin accounts, and this worries the untutored. Mysterious bankers, corporations, and dealers handle them mostly. Then there are the unnamed speculators and hedge funds. People worry about the financial system melting down. They worry about chains of bankruptcies. Sometimes there are big failures like Enron or Barings Bank or Orange County. People get scared. Regulation seems lax. Accounting for derivatives is tough and highly technical. Deciphering derivatives in footnotes of annual reports is unpleasant. People worry and worry, and there seem to be many reasons to worry. When they’re not worrying, they’re predicting disaster.
The worry is greatly overdone. Derivatives are worth some thought for investors, but they’re a side show. They’re the tail, not the dog. The tail won’t wag the dog. They’re worth some concern, but not too much. There are more important issues to worry about."
We have gotten to the point where I get on the soapbox and scream, pull what little hair I have left on my heard and tell you these institutions... all of them are the nuts ..evil nuts. The idea or concept of fiduciary responsibility is alien to this landscape of thieves.
The fiduciary duty is a legal relationship between two or more parties (most commonly a "fiduciary" or "trustee" and a "principal" or "beneficiary") that in English common law is arguably the most important concept within the portion of the legal system known as (the study/practice of fairness in economics) equity. In the United Kingdom, the Judicature Acts merged the courts of Equity (historically based in England's Court of Chancery) with the courts of common law, and as a result the concept of fiduciary duty also became usable in common law courts.
A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust, and the word itself originally comes from the Latin fides, meaning faith, and fiducia.
As I write this article I am listening to a talk show. The host and guest are pointing out that owning a gun or guns is our right and as in Switzerland owning a firearm has some beneficial effect at keeping us safe from the many threats in this violent system. Well, as right or wrong as that might be there is a better answer. With the dollar in peril, sub prime loans hurting Americans, Personal Bankruptcy rising and Credit Card Debt in record levels it is time to educate yourself take up your Law. The boys and girls play at Power back in Washington still mouth that "We are a Nation of Laws... well let's use the law and your freedom of speech and assembly. Stop voting for your team, you know the Red Team or Blue team or Elephant and Donkey. Remember the 4th Estate, well it's not there to help you either...it wants you stupid and broke. This election year be listening for answers to issues. How have these candidates voted on GAT and NAFTA. If you don't know it those two Treaties are responsible for the loss of the trillions of dollars which is evident in the number of business now off shore, the unemployed, un insured, homeless and dead. Gat and NAFTA are the reason for the waves of immigrants that came across the borders because of the effect these treaties had in their home lands too! Last word: It is us "We The People" against them! That includes All the people of every Nation regardless of race, gender creed, station or color. You have a problem with that..look above at the scope of Derivatives. $123.9 trillion in 2003! Open your windows and yell... I am sick to death at working for the man and falling deeper and deeper in debt. I'm not going to take it any more! Educate yourself power is knowledge and get out of debt free in 2008.
A legal negotiation between a mortgage bank and... (more)
Added: December 21, 2007
A legal negotiation between a mortgage bank and a lawyer representing a client who cannot meet his adjustable rate mortgage payments and is facing foreclosure on his home. The victorious lawyer wins by noting that cases are won by appealing to a jury's emotion, but civil cases like this, in contrast to criminal cases, are decided by a judge, not a jury, who is expected be much less swayed by emotional appeals.
And with falling asset prices, the mortgage debtor would probably be better off to walk away from his debt obligations and purchase a home in the future after his credit has been restored and home prices have fallen.
But never mind, the clip contains a great riff on Shakespeare, "Let's kill all the bankers!"
Do You Have Violation in Your Mortgage? FREE Consultation Truth-In-Lending Audit.
The simple truth is that borrowers are victims of predatory lending and don't realize they've been taken advantage of...Mortgage Crisis Solutions
How credit cards impose modern slavery on the people. To give people digits on their bank account and charge interest on something that is not real all, backed up by nothing except debt, never had value, does not have value and will never have value.
So you thought you would refinance after improving your credit and that you would get a better rate. But with the mortgage market in turmoil after the default rates soared nationwide, lenders have raised their standards. Your mid-score in the 600s, isn't good enough to get a prime mortgage with a rate of about 6.5 percent. The banks want at least 700. Even worse, the value your home is slipping.
Can you see it? It’s time to pull out all the stops. The Banks, the Corporations and you know all the other players are not living up to their responsibility to their customer. Fight back!
We will show you how to make them financially responsible. We are still a Nation of Laws! Make no mistake about it. The Law is on your side, you just have to be willing to be the frog that jumps out of this pot of boiling debt.
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Your host Mark Bustamonte of Tri-Star Consulting Group, LLC and Co-Host Richard Garcia of Credit Card RIP will interview Steven Ciantro NIFCE Certified Credit Counselor of American Debt Enders.
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I copied this article (The $915 Billion Bomb in Consumers' Wallets) for you to read. These are very alarming issues. You and I have communicated about credit card debt. If you have resolved this matter -Great.... If NOT Go TO American Debt Enders. After you have visited the sit Go to the Settlement Tab Information you should know:
This is a unique program being offered through a Consumer Law Firm in our network which combines elements of debt settlement and debt validation to eliminate or substantially reduce your debt. Because this firm actually disputes your debt, the creditors cannot report to the credit bureaus during the dispute process. They cannot sue you during the dispute process either. Additionally, letters are sent to creditors to keep them from calling you. All calls are directed to the law firm.
I have also address the very disturbing issue of Sub-prime loan. Has your lender taken advantage of you? If so…awards can be in the millions. Find out with a Free Mortgage Audit!
Most borrowers sign their closing documents very reluctantly knowing that something is wrong, but not knowing what to do about it. Based on Federal and State Consumer Protection Laws, Mortgage Violation Watchdog (MVW) is every borrower's best defensive weapon against unfair and deceptive lending practices.
How much hotter does the water have to boil before you decide to JUMP out of the pot!
This is a video I found on YouTube. It cover that basic for credit card holders. I will be helpful in understanding term practices and conditions.
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I found this website in my Google Alert from a Post in: Debts in Momay's Blog which lets us know that Credit Card Debt is creating financial issues all over..
Everyone knows how quickly monthly credit payments can add up. Between credit cards, auto loans and medical bills, it can be very overwhelming. Add high interest rates to the equation and it can be virtually impossible to get out from under the burden of all that debt. It truly is a vicious cycle – a cycle that enriches the profits of many creditors. Take, for instance, a credit card with a £5000 balance that carries a 22% interest rate and has a minimum payment of £130. At this rate, it will take seven years to pay off the credit card at a cost of about £10,000. That’s twice the principal balance on the credit card! Add one or two more credit cards, an auto loan and a hospital bill and it’s no wonder that consumers are becoming prisoners to their creditors.
Despite the problems in housing, most Americans are feeling pretty fat and sassy. Living standards – at least, by the standard measures – have soared in the last 30 years. In 1950, the average new house had only 1,100 square feet of space. Now, the average is about 2,400 – even though families are much smaller.
Back in the ’50s, the typical family had one car. Now, driveways are full of them. And, of course, there are Jacuzzis, air-conditioning, big-screen TVs and all the other paraphernalia of modern life.
From the Eisenhower years to the Bush years, however, the U.S. economy was maturing. In the ’50s, manufacturing profits were half the nation’s total. Americans made things and sold them to foreigners. This left us with money to spend, to lend, to save...or to invest. Typically, we saved nearly 10% of what we earned in the Eisenhower/Kennedy era.
But then came a New Era. The government spent too much in the ’60s...and rather than own up and make good, the Nixon Administration defaulted. “The dollar is our currency, but your problem,” said Treasury Secretary John Connolly in a moment of spellbinding honesty. Then, in 1972, the U.S. trade deficit stood at $3 billion. Now, the trade deficit is nearly $3 billion every day!
It did not pay to save dollars in the ’70s. Inflation rose to 12% and made them worth less and less. In a way, this was the lesson Americans most wanted to learn. They didn’t want to save anyway...they wanted to spend. Gradually, the economy shifted from one in which people made things at a profit to one in which they bought things at a loss. Households turned their attention to how to consume what they had never earned. And business turned its attention to how make money by selling to people who didn’t have any money. The economy itself shifted to one based on manufacturing to one that emphasized marketing...and then finance. Factories rusted. But shopping malls and housing development proliferated.
In 1967, Henry Kaufman was made a full partner at Solomon Bros. in New York. His compensation: $25,000 a year. Forty years later, the average hedge fund manager is taking home nearly $24,000 PER WEEK.
Meanwhile, the average U.S. weekly pay is only $841 – a figure that is about the same, in real terms, as the average 30 years ago. And here is the question to which we keep returning, a question that is purely rhetorical:
How can people who don’t earn more money still spend more?
Not only do we know the answer, we’ve given it to Dear Readers countless times:
They borrow.
Total U.S. credit debt rose during the Greenspan years alone from $9.8 trillion to $37.3 trillion – a 400% increase. That is the weight now pressing down on the U.S. economy. That is the burden that must be lightened.
And it is being lightened – in two ways. Many debts are going bad. House foreclosures in September doubled from the year before, for example.
The other way it is being lightened is by inflation. Every day, people add more debt...and inflation takes a little more off. In the last 30 years, consumers, business and speculators were able to add debt a lot faster than inflation took it off. But now, debtors are already stretched to their limits...and creditors are getting persnickety. A Reuters report tells us that consumers have switched to credit cards in order to continue spending. Home equity lines and mortgage refinancing has fallen from favor.
Eventually, inflation will wipe out debt. The 1,000% inflation rates in Argentina in the ’80s eliminated most debt. Still today, the country has very little debt. Is it hard to get a mortgage? We don’t know, but if anyone is lending money in Zimbabwe, he should probably seek medical attention and bankruptcy protection; with an inflation rate of 100,000% per year – he will be wiped out overnight.
In America, the process has a long way to go. Official inflation rates are only 2%-3%, though consumers report price hikes much greater than that. Still plenty of excitement ahead!
