FAQ
How does your debt elimination process work?
DebtToNothing.com uses Novation and Anticipatory Repudiation to discharge your unsecured debt. By way of your strategic default, the creditor is issued a new binding contract that stipulates fines and penalties for non-compliance with crediting and fair credit reporting laws. These fines and penalties are subtracted from your original debt balance and over time the debt is reduced to zero. The amount of time it takes to eliminate the debt depends on how much debt you have to discharge. This process is vetted contract law.
How did DTN get started and how long have you been in business?
The Novation process has been actively used since the early 1990’s to discharge debt. Over the course of the last decade there have been a few companies that use some variation of the process to assist consumers with the burden of impossible debt obligations. We are the only company that stands behind its clients with the legal backing of a law firm on retainer. After witnessing so many innocent people forced into veritable servitude by ultra-high debt interest and fraudulent crediting practices, we decided there must be a more aggressive and superior method to eliminating debt without using bankruptcy. DTN is a growing company because we stand by our clients through the entire process.
How much does it cost and how long will it take?
The amount of debt to be discharged determines the amount of time it will take to eliminate it as well as the cost. Each case is different and requires its own analysis but typically we can eliminate each dollar for approximately 8 to 10 cents. Some smaller fees may also be applied depending on each case and your DTN representative can explain this process in detail during your enrollment.
There is no precise way to determine the amount of time it will take to discharge the debt. Each case is unique and depends on a multitude of parameters for each situation. We estimate a year for smaller debt and 2 years for large debt as a past practice has determined. The absolute deadline for any debt discharge ultimately depends on your state’s statute of limitations.
Will collectors still harass me with phone calls and threats?
Once you are enrolled in our program you will be issued a new contact number and address that you should provide to your creditors as a point of contact. After a few weeks the creditors will stop harassing you with threatening phone calls. We do suggest that our clients purchase a phone recording module ($20 from Radio Shack) to monitor and record phone calls from creditors. Recording these few phone calls is an important step in discharging your debt quickly and efficiently. The client’s participation in this part of the process allows us to keep our rates low and also ensures that your debt will be wiped out in the most timely manner possible.
What happens when all of my debt is discharged?
When DTN has determined that your original debt is at zero, we contact your creditor and force them to expunge the records of that debt. This acknowledgment also assists in the credit repair process at the end of the program.
Does this process hurt the credit card banks?
No. Banks anticipate defaults and plan accordingly. When a credit card customer defaults on a credit card debt the banks quickly discharge that bad debt (sell it to third party collectors) and receive a tax credit from the government. In addition, the banks employ sophisticated strategies such as writing off the bad debt and investing in Credit Default Swaps. These are hedge investments made against you in the event that you default. Essentially the banks place bets against their customers. It is no wonder they seem to intentionally try to ruin their customer’s payment history by increasing interest rates to obscene levels for no apparent reason.
Does the Novation process damage the economy?
No. This process actually cleans up the economy and adds value to our currency. Billions of dollars of worthless fiat money are floating around the economy. When banks take in $1 dollar they loan out $10. This is called fractional reserve lending and is ethically questionable. In order to loan money at these levels the Federal Reserve (a privately owned bank) must print money around the clock. For each new dollar they print, the dollar in your pocket loses value. DTN extracts these worthless dollars (bad debt) from the system and makes them disappear. This is money that was created by a computer entry. It is money that never existed in the first place. Our company simply deletes these erroneous entries from the number created to represent the money supply.
Is it Moral?
As with anything, the debt elimination process can be rationalized to be considered moral, although we believe we are doing good for the ordinary citizen. Our position is this: We have personally attempted to interact with the big banks on a moral, personal level and "do the right thing" with no success whatsoever. Dave Ramsey on his debt radio show often makes statements along the lines of, "You owe the money, pay it back." But unfortunately this is not possible for everyone. If you are carrying high balances on multiple credit cards while experiencing a reduction in income or an increase in expenses, it is nearly impossible to pay the money back. And when you reach out to the banks for some sort of relief from the 29.99% interest rate they charge an operator in Sri Lanka reads from a script telling you why they cannot do anything for you. At some point you need to make the decision whether to feed your family or pay interest to the banks. The interest rates the banks charge are usurious and if you attempt, like we have, to negotiate with them they will not even discuss it with you. To further complicate matters, the banks change the terms of their agreement with you every few weeks, always making the terms more favorable to them. This includes increased rates and penalties in most cases. Sometimes it is worse. So, to attempt to play on such a one-sided field by taking a moral stance will lead to further and prolonged debt slavery for you. It is always your choice. But when you decide to fight fire with fire and get your life back, we will be here for you.