Debt Suspension Rights files complaint with the FTC about the CFPB.

I just want to clarify that I love that the CFPB exists. However, if the Consumer Financial Protection Bureau is hardwired to believe that credit card agreements are not flawed, then much of the CFPB's great work is compromised. Think of it as spending money to do a perfect wheel alignment on a car that has four balding tires. 

Below is my official FTC complaint against the Consumer Financial Protection Bureau....

I have tirelessly tried to raise awareness about deficiencies in credit card agreement language. The CFPB has taken the position that there is nothing wrong with credit card agreement language.

The CFPB apparently believes that leaving out critical information for a consumer to consider prior to signing up for a credit card simply means that the consumer needs financial literacy training and that the consumer must honor the promise to pay at all costs, even if means placing a credit card debt above and beyond the value of a human life.

Is the FTC in agreement with the CFPB over the Promise to Pay and more financial literacy for consumers, policies?  

The latest smokescreen thrown up by the CFPB involves the claim that there are more complaints about debt collectors than there are about credit card companies. I personally handed the CFPB specific data that would level the credit card arena playing field back in May of 2013. I even posted the letter I gave to the CFPB online at the following link.  

When the CFPB announces their "ground breaking" debt collection decisions in early 2014 the report will probably mention some ways that debt collectors have misbehaved, and that they should fear fines from the CFPB. However, this will probably be balanced out by recommendations that credit card companies don't spend enough money on financial literacy education for its customers.

All of the ensuing media coverage will probably create conservative backlash outraged over the bullying of debt collectors while the progressives will screech about unfair debt collection practices.

Lost in all of the back and forth braying will be the following issues, consumers HAVE NO DEBT SUSPENSION RIGHTS of any kind. Even a criminal can serve time and be done with their sentence, but a credit card defaulter can be forced into perpetual ongoing interest rate charges no matter what the reason for the default.

Lost your home in a flood, doesn't matter, the credit card holder will simply default and be adjudicated into a lifetime 9.9% accruing interest rate charge by the courts.

Hurricane destroyed your home? Fire?  Have Cancer?  Medical Emergency? Identity theft? Accident victim not of one's own doing or fault? Job obsoleted and the only way out is to go back to school? Caregiving for a family member? All just excuses according to the CFPB and the credit card companies, let the perpetual interest rate charges accrue.

The irony is, I'm actually ok with the "debt matters more than life itself" meme prolifigated by both government and banking entities, as long as that boarish position is BOLDLY PRINTED RIGHT ABOVE AND RIGHT BELOW where the person signs their credit card agreement.

Anything short of that is basic fraud against the american consumer.

On top of that, in 2002 the comptroller of the currency denied the insurance industry access to compete with the credit card companies over credit card debt suspension insurance coverage. All the comptroller could think to offer was to make sure that premiums covered the cost of the insurance. 

The result? Credit Card Debt Suspension Insurance that was overpriced by a factor of 1,000% to 2000%. The profit was so great that the CFPB had to fine the credit card companies over 500 million dollars for over aggresively marketing their overpriced insurance coverage.

Can you fix whats broken with CFPB? 

-----end of complaint. For the record, I used the entire allowable character limit for my complaint, had zero left, so I left out an s in aggressively and "the" just before the final CFPB.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Reuters reports Brazil suspends debt payments for Brazilian Coffee Farmers, closes comments less than 6 & 1/2 hours after breaking story.

Reuters reports that Brazil suspends debt payments from Brazilian Coffee Farmers. Debt Suspension Rights finds it strange that Reuters has closed their comments section less than 6 and 1/2 hours after breaking the story.

CLICK ON EITHER IMAGE TO ENLARGE.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Consumer debt specialist Robert Manning sues Sevan Aslanyan, Aslanyan's companies Access Counseling, Cole Asia Business Center and Cole Group, and five alleged associates of Aslanyan, in Federal Court.

If it is true that consumer debt specialist Robert Manning was defamed (as he claims), it shows how precarious the consumer debt rights field can be. It must take a very long time to build up a name in the field of consumer rights and consumer fairness issues, and it can be blown up relatively quickly by spreading one accusation.

Manning was featured in a 2007 documentary, In Debt We Trust.

So what is the lesson? Perhaps don't do business with people you just met.

Courthouse News Service

Please consider signing the Debt Neutrality Petition by by clicking here.

Incredible News, Debt Neutrality Petition crosses 500 signatures on Change dot org.

I am grateful to see the idea of Debt Neutrality beginning to take off. Stuck at 81 signatures for a while, the Debt Neutrality petition has suddenly crossed 500 signatures.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

We must define what we mean by affordable | Irish Examiner, Irish examiner responding to Debt Suspension Rights prior article?

We must define what we mean by affordable | Irish Examiner

I am glad to see that the Irish Examiner is at least exploring and "examining" the issue of strategic default. However, when do they get to the discussion of debt suspension rights and the insidiousness of 2% monthly minimum credit card payments? (they should be at least 5%, not 2%) And when do we begin to discuss the over charging of credit card debt suspension insurance by as much as 2000%?

Unfortunately, there is nowhere to comment that I can see. If I had been allowed to comment, I would have mentioned that mortgage debt is not necessarily the debt that causes mortgage defaults to occur. Credit Card debts, because they have a super low monthly minimum payment, slowly entrap and engulf people into more and more debt, and that was not mentioned in the article. "Debt Suspension Rights".

Please consider signing the Debt Neutrality Petition by by clicking here.

Debt Suspension Rights speaks at the May 15, 2013 Los Angeles meeting of the Consumer Protection Financial Bureau.

Debt Suspension Rights speaks at the May 15, 2013 Los Angeles meeting of the Consumer Protection Financial Bureau.

Click Here to see one minute comment.

Click here to see the contents of the papers I am holding in the image above and that I briefly discussed during my comments.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Consumer debt can lead to mental health issues, yes, that sounds like a normal reaction to me.

If Consumer debt can lead to mental health issues, than wouldn't unfair debt suspension rules that entirely favor the rich elite and wall street compound and completely disfavor the rest of society create even harsher results?

Does not unfair debt rules that lead to mental health issues, in turn lead to more and more militaristic type of responses by our government and law enforcement toward those who KNOW they have been treated unfairly by the system?

Shame on the media for over reporting people who "lose it" while under reporting those that play a key role in causing people to "lose it", the banksters and the unfair debt rules they create that favor their own position and leave main street twisting in the wind.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Reuters posts RIDICULOUS 2013 headline about Russian Credit Card Debt, then closes comments same day at ZERO.

I don't know what is more outrageous, this ridiculous headline and article from Reuters about Russian credit card debt, or that they closed the comments section the same day the article was posted, and with no comments.

Reuters quotes Alexander Vikulin, head of the National Bureau of Credit Histories (NBCH), as saying that "household debt costs for the vast majority of Russians were easily manageable." and that Russians can easily afford to double their consumer debt!

Are you kidding me, "can easily afford to double their consumer debt"???

Well of course household debt is easily manageable for the "vast majority" of Russians. It doesn't take the vast majority of consumers in any country to drive the economy into the tank. Perhaps as little as 20% to 25% of the country not being able to afford their present debts can over time create an economic "death spiral" for the entire country.

It is sad that governments think they must have ample consumer debt to have a thriving economy, perhaps sad is too soft of a word. 

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

National Real Estate Post wants all debtors to keep their word, but their hearts go out to the flood victims in Colorado.

It didn't take very long for Brian Stevens of Frank and Brian Real Estate Fame to show confusion over the issue of credit card debt and mortgage defaults. Below their daily videos Mr. Stevens has written some consumer debt related hyperbolic doozies. Every quote below does NOT come from their videos, but rather the  commentary BELOW the daily video. 

What I am saying is that if you break what should be a sacred bond, your word, then you should feel pain, and that pain should help outline your choices in the future...

lol, If it were a sacred bond, it would occur in a courtroom in front of a judge, or in a church in front of the justice of the peace. And in both scenarios many of the fine print gotchas that are presently hidden from the consumer would be revealed. and if that were done, Credit Card companies would have half the business they presently have, and a lot less defaults as well.  

So just who is it that wants the defaults? Apparently the credit card companies do because that is where they can really score big with penalties, fees, higher interest rate charges and FUTURE PROFITS based on POORER future credit scores.

Nice to know that Mr. Stevens thinks you, the consumer, should feel unending, unmonitored pain, doled about by the same people that have scammed the system with adhesion contracts that conveniently hide many fallow credit card policies that would be deal breakers if only the debtor knew at the time they signed up..

....The idea of creating an agency (CFPB) that allows you to be wishey washy at best with your word undermines the fabric of America. And yes, it’s not just the “dealing with debt collectors” crap, it’s the crazy lawsuits, it’s the “you’ve been harmed by your mortgage” crap (when you signed the note), it’s the witch hunt mentality against an industry that lends TRILLIONS per year.... 

It shocks me how naive Mr. Stevens can be. The CFPB's job is to look busy while NOT FIXING the underlying causes of economic theft from main street by the wealthy elite. Yes, there are UNFAIR credit card policy issues that have NOTHING TO DO with what the CFPB is enforcing. For starters, STRATEGIC credit card DEFAULTERS are treated BETTER than INVOLUNTARY credit card DEFAULTERS in virtually all instances.

 ....We as individuals need to spit on our hand and shake it with our neighbor and promise to be accountable for our actions because at the end of the day, that is all we have; our name, our bond, our promise.... 

The statement up above sounds like it came right out of the mouth of Jim from the CBS show "Under the Dome". At the end of the day we have the life that we have lived, the family that spawned us, and hopefully some friends outside of the family that we treat like family. What we can have above and beyond the "Jim" statement up above is our belief in fairness. if we believe in fairness, many of our economic issues begin to subside.

 ....If you think I’m lying, talk to pretty much anyone in the middle of our country, Kansas, Omaha, Nebraska, The Dakotas, and a few more; they know exactly what I’m talking about....

Hey, lets ask the flood victims in Colorado if they are going to be keeping their "word, their bond, their promise". Lets ask the credit card companies if losing one's home in a flood, being injured by the flood, having no power to get work done, losing a loved one, losing one's place of work to the flood, are reasons to SUSPEND A  CREDIT CARD DEBT. The answer is, NO, those are not excuses. Except that they ARE excuses to everyone on the planet except the very entities that Mr. Stevens apparently loves to defend.

....Where are all the rules for the consumer? The consumer was part of the crisis too. Are you telling us that there was no intentional mortgage fraud happening on the part of the consumer during the crisis? None? B.S. – There was a ton of it, yet, no new rules for consumers who willfully hide information or mislead lenders into seeing a picture that is different than reality.....

Wow, just wow. Debt Suspension Rights has outlined several issues in which there presently are NO consumer rights, and having commented on National Real Estate Post in the past, Mr. Stevens could have easily read them. Clearly, he disagrees with the agenda of Debt Suspension Rights for Consumers. 

For those who are interested, please read the Charlie Engle story, about an ultra long distance runner who was incarcerated for allegedly lying about his income so that he could get some home equity out of his home while he trained. The IRS actually had an agent pose as a woman interested in Charlie so that they could record incriminating remarks he made. The irony being that what guy hasn't bragged / embellished something he has done in the past when telling a women about it?

....Our hearts go out to the people of Colorado who are affected by the floods they’re having right now. If you want to help you can do so by visitingwww.HelpColoradoNow.org. We have a lot of friends out there and we hope you’re all okay. The level of devastation is at a Katrina level in Colorado and we at the National Real Estate Post have....

And there it is, the shoe polish on the worn out, stinky shoe, speal. 

Hey, "your word is your bond", and hey, "you should feel pain" (for defaulting on your credit card and mortgage debts), yet Mr. Steven's heart goes out to the victims of the Colorado flood who will soon be joining the line of "you should feel pain, your word is your bond" miscreants.

 Just amazing.

  Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

OneWest Bank pays 7 figures in mortgage fraud case

The term is PARALLEL FORECLOSURE, not Dual Tracking. Dual Tracking CONFUSES PEOPLE and OBFUSCATES what is going on. Parallel Foreclosure is the behind the scene term used by Chase Bank and other banks to describe deceitful, and perhaps criminal behavior regarding mortgages.

OneWest Bank pays 7 figures in mortgage fraud case.

You are viewing Parallel Foreclosure blog. Please check out UNfair Foreclosures blog and Swarm The Banks blog as well.

Irish newspaper Independent ie concern trolls its debtor victims into thinking they are strategic defaulters, then they delete reader comments after a day or two.

The link below is a tragic example of how one Irish media outlet attempts to re-define INVOLUNTARY DEFAULTERS as STRATEGIC DEFAULTERS.

Loss, panic, shame: one widow's long road to 'strategic default'

Even more outrageous, all the comments have disappeared after a day or two. I think they think the everyday reader won't notice that their comments disappear after a day or two for the serious articles, but I did. 

And finally, on their facebook page, they never print the serious stories, just the person on the street happy type of story.

How do these goons get away with this level of fraud and deception? To actually imply that an INVOLUNTARY DEFAULTER is a Strategic Defaulter is the height of concern trollism.

wow.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Brian Stevens CRAZY RANT on credit card debt.

Click here and then look below the video to find Brian Stevens CRAZY WRITTEN TIRADE about credit card debt.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Debt Suspension Rights for Consumers, where are they? Please like us on facebook.

Please like Debt Suspension Rights for Consumers, where are they? on Facebook.

Debt Suspension Rights, where are they? supports the following... 

• Credit Card Debt Suspension Premiums REDUCED by 2000%, 
• IMPROVED Reverse Mortgage Options, 
• INVOLUNTARY Credit Card Default Rights, 
• Main Street Stock Market!

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.

Strategic defaulters will face jail, warns insolvency chief

The article link below had the comments section close on the SAME DAY the article was released! 

Punishing credit card strategic defaulters still DOES NOT help those with INVOLUNTARY credit card Defaults caused by a situation beyond their control because judges treat both situations identically.  Please read other articles about Debt Suspension Rights on this page to find what the real problems and solutions are to fixing the ongoing consumer wealth erosion.

Strategic defaulters will face jail, warns insolvency chief

Please consider signing the Debt Neutrality Petition by by clicking here.

Fix Unfair Credit Card practices, Fix the U.S. Economy, it really is that simple.

In the United States, the following solutions would solve our economic situation, but they are not being done. 

1. Offer Credit Card Debt Suspension Insurance at reasonable rates of 5 cents to 15 cents per 100 dollars of debt per month. NOT the 99 cents per 100 dollars per month or higher that has been offered in the past.

2. Allow courts to distinguish between involuntary credit card defaults and strategic credit card defaults rather than treat them both as identical. Then, offer repayment plans to involuntary credit card defaulters that don't include ongoing penalties, fees and interest rate charges and that don't perpetually hurt the involuntary credit card defaulter's credit score while they are paying down the default.

3. Reduce everyone's credit card debt by 65% as an acknowledgement that 

• A. 2% monthly minimum payments entrap consumers into a lifetime of debt. (Department of Justice study confirms this). 
• B. for overcharging debt suspension insurance premiums by 1000% to 2000% over the past 15 years!

4. Simultaneously raise everyone's monthly minimum payment requirement to 5% of what is due. People will still pay approximately the same amount every month as they were paying with the 2% monthly minimum payment and 65% higher credit card debt, but they will have

• A. 65% less overall credit card debt, 
• B. have a higher percentage of what they pay every month to use respend money if they need to, 
• C. will feel the "shock" of debt quicker when they begin to over borrow, 
• D. and will have a more realistic opportunity to get out of debt by simply trying.

Banks got a bailout while consumers have been publicly angry because they really didn't get the timely help they needed.

The above ideas solve the issue for everyone without giving the public anything they did not already earn, such as the right to be treated fairly by financial institutions while receiving consumer reparations for past harmful policies.

Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.