Creditwrench teaches the secrets of the debt collection industry and how to defeat their abusive practices without lawyers. We know how to win!
Sunday, December 18, 2005
Creditwrench Friday night Conference call
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This evening's conference call is extremely interesting. During the 1st half hour Wayne from Wisconsin talked about the extremely poor treatment he got in court today.

He had absolute proof that the plaintiff in his case, Discover bank, does not have standing to sue in Wisconsin courts. The fact of the matter is that they do not have standing to sue anywhere except in the state of Delaware. This is easily proveable by any one of multiple ways. First of all they are not a bank chartered by the Office of the Comtroller of the Currency of the United States Treasury and as such may not use the letters "N.A" after their name. You can check this out for yourself by clicking on this link. Neither are they on the list of bationally chartered credit card banks put out by the Office of the Comtroller of the Currency. And a more direct proof which Wayne also had is to be found here

The regulations governing "N.A" bank are to be found in Title 12 of the U.S. Code. That is an interesting read in and of itself. Wayne had an email from the O.C.C. which said that Discover Bank is not a N.A. bank but are regulated and controlled by the FDIC which is essentially a Depositor's Insurance Company and merely covers a bank's depositors for amounts up to $100,000 in the event of a bank failure. Wayne had also checked to see whether or not Discover Bank is registered to do business as a foreign corporation in the State of Wisconsin and discovered that they are not so registered. Therefore, he reasoned that Discover has no standing to sue in Wisconsin courts and so he filed a motion to dismiss because Discover Bank does not have standing to sue in Wisconsin courts.

He also filed motion to dismiss on yet another point and so he felt that he had a good shot at getting his case dismissed. Here is what happened. These podcasts are in mp3 format and are fairly large so it may take a fair amount of time for them to load up before they will play all the way through. How fast they will load depends on how fast your machine is and how much memory you have in your machine. If your machine or your connection isn't all that fast it may load up partially and play but will stop once it reaches the end of the portion of the file that is currently loaded so you may have to restart it a couple of times or so to get it to play all the way to the end of the file.

In the second half hour Richard talks about a mortgage foreclosure and sale of his house that he will face next Wednesday. Richard found out that the company who is forcing the sale of his home was dissolved as a corporation in 2000 and so would not have standing to sue either. He has filed a motion to vacate the judgment and stop the sale of his home. He filed Lis Pendense and the court will hear his case next Tuesday to see if there are sufficient grounds to stop the sale. The theory is, of course that a defunct corporation cannot own property nor can it collect any money from the sale if the sale did go therough. We will have to wait until next Friday night to see how he came out in Court.

Lynn also is being sued by Discover and since she is also a student she has access to all of the things that Wayne has discovered which should help her in her motion to dismiss because the plaintiff, Discover Bank does not have standing to sue in Indiana either. Cases brought by Discover in California and other states have been dismissed for that same reason. Wayne also gets back in the conversation here in this second half hour. So between Percy, Marieta, Lynn, Wayne, Richard and myself we had a very nice conversation going indeed.

Toward the middle of the call we started talking about aggregators, RSS feeds and how to use them to keep up with a very large number of news sources in a very short time. We also talked aobut the lawyer in El Paso, Texas who is attempting to defend against a barking dog complaint by raising the idea that the dog has a First Amendment right to bark since that is his way of speaking. A hilarious situation indeed.

I also discussed how podcasts are produced and made ready for folks who have Ipods and how they can download these conference calls and play them on their Ipods.

In this 3rd and final section we also discuss the new IRS 6050-P rules that mandate that original creditors file IRS 1099-c on all charged off debts. The IRS seems to think that will be a great new way to raise more taxes but since there is a penalty of $50 for each report they get or instance they find where originals creditors have failed to file those forms after charging off a debt it gives us a great new opportunity to get several things done starting in January of 2006. But $50 a pop isn't the end of it. The rule 6050-P also says that those who are found in multiple violations can be fined as much as $250,000. Now then, just imagine how satisfying it would be if your call to the IRS to notify them was the one that caused them to have to fork over $250,000 in fines plus all the $50 pops. And if enough people are calling the IRS to complain then maybe they won't have nearly as much time or resources to chase after us citizens and that would be a heck of a boon to an awful lot of people. So after the first of the year you might want to think about helping the IRS go after those companies who fail to file their taxes. I say let's go get 'em after the first of the year if they fail to file a 1099-c when they charge off a debt on you. Right now, this law is so new most IRS agents answering the phones don't have a clue what you are talking about so they have to spend time getting educated so they can answer your complaints. That wastes more of their time and resources educating those who answer their phones. So by February or March we ought to be able to educate the whole lot of them and that would be a noble task indeed. (LOl)

Part of the proof of the existance of IRS 6050-P is to be found here and more about this new law is to be found here

As soon as we can come up with a phone number to call to complain to the IRS about not having received your notice of filing of 1099-c by the creditor who charges it off. None of us likes the idea of having to pay taxes on a debt we couldn't pay off in the first place so the way to get some revenge is to report the creditor for failure to file the 099-c since we are going to get hung out to dry anyway we might as well bombard IRS with as many phone calls as possible.

Creditwrench Conference Call 12-16-05

Our weekly conference calls are always lively and interesting and we are now submitting them as podccasts to Feeds

We hope they will be accepted by them so that more people who are having problems with our court system all across America will be helped by our shows.

Although so far there are never more than maybe 30 to 40 people who listen in to the calls at showtime the number of people who click on the links and listen to them at other times continues to grow every day. People are still clicking on and listening to all of our shows right from the very first one we produced back in November 2005 and that number will continue to grow for years to come.
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