Friday, June 21, 2013

Forum Post: 6 Unbelievable Ways the Big Banks Are Scamming You | OccupyWallSt.org

Forum Post: 6 Unbelievable Ways the Big Banks Are Scamming You | OccupyWallSt.org  I'm not sure the arbitration argument is a valid one, but the other ones appear to be.

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.

Friday, October 19, 2012

Mission Statement for Credit-Protector.blogspot.com, the successful unwinding of 90% of all credit card defaults since the year 2000.

If I succeed in getting 90% of all credit card defaults unwound since the year 2000, then I can feel like I contributed something to society. 

I have done extensive research since 2007 and believe eventually somebody will bring down the credit card companies credit protector program. The credit card companies need to take responsibility for 90% of all credit card defaults since the year 2000.

Sometime back in the 90's, the credit card companies substituted an unregulated, Credit Card Protection Insurance Program that was charging 20 to 30 times more than what they should have been charging. In essence, the credit card companies took away a consumer's best option for protecting their credit rating should a legitimate emergency arise that required them to suspend their debt payments.

It is very important to acknowledge that debt suspension, or lowering of a payment because of a hardship, is entirely different than debt forgiveness. 

Regulated debt suspension insurance was never offered by the credit card companies, and as a result millions of credit card customers have been sued and placed in additional dire straights by the very same villains who CAUSED the original customer default by not offering an affordable, regulated debt suspension program.

If you believe that financial terrorism is in many ways equal to or worse than other forms of terrorism, (the lack of blood or violence lulls people into thinking nothing is really wrong, creating its own brand of brutality), then please support my efforts that were started in 2007 and continue onward to this day.
Recently, in the summer of 2012, and over 4 and 1/2 years after I started my www.credit-protector protest website,  the Consumer Financial Protection Bureau fined the Credit Card Companies close to a BILLION DOLLARS for the manner in which they marketed the Credit Protection insurance to their customers. This basically vindicated my 2007 warning four and one half years later!
However, I am concerned that the credit card companies may have gotten off the hook much too easily.

Here is the bottom line...If you owned a credit card and did not purchase credit card protection insurance that was priced between 79 cents to 1.09 per 100 dollars of debt, per month, you made the right decision!

You should have instead been offered credit card debt suspension protection insurance for around 2 TO 4 CENTS per hundred dollars, NOT 79 cents to 1.09 per hundred dollars!  

The credit card companies stole the BEST WAY you had to not default in the event you lost your job, were a crime victim, had a medical emergency, were CareGiving for a family member and could no longer work, or perhaps  were in the middle of a natural disaster, or a fire that ravaged your home.

The credit card companies either profited from you to an obscene degree if you purchased credit protector insurance, or you may have ended up defaulting because you knew that protection insurance put at a greater risk of defaulting if you kept paying it for years.

Until 90% of all credit card defaults since 2000 are over turned, justice will not have been served, and the Bernie Madoffs of the world who originally substituted an overpriced and unregulated credit card protection insurance program versus a much lower priced, affordable, debt suspension insurance program, will have gotten away with their own brand of financial terrorism.

How did I arrive at 90% and not a higher or lower number of defaults to be unwound?  I don't think everybody was a victim, a small group of people probably ran up their credit cards. But I also believe the majority of defaulters were honest people caught up in a dishonest program that left them with no way to protect themselves in times of a dire circumstance in their life. The penalties, fees, and ruined credit rating that then resulted should be reversed and compensated for. 

Thursday, October 18, 2012

Why 90% of all Credit Card Defaults should be Overturned, Grossly Overpriced Credit Card Protection Insurance.

While one may feel it is a victory for consumers that the Consumer Protection Financial Bureau has recently levied close to a billion dollars in fines against the credit card companies credit card protection insurance programs, it is really just a first step.

Obscenely over-priced Credit Card Protection Insurance was used as a hedge by the credit card companies against their own customers. The result was those customers had no way legitimate way to pay for debt suspension insurance in the event they had a dire circumstance arise that precluded them from making their monthly credit card payments.

Banks got a bailout, shouldn't consumers get a debt time out if they have a legitimate reason they have to either reduce or stop their payments for a while?  

If an credit card protection insurance policy covered debt suspension, that would be a fair option.

But what if that debt suspension insurance policy, instead of charging 2 to 4 cents per 100 dollars per month, was actually an unregulated  debt suspension insurance policy charging 99 cents per 100 dollars per month? 

Consumers would end up buying 5 years worth of coverage in about 3 months time, but only getting 3 months worth of coverage!

A 10,000 dollar credit card debt, if covered by credit card protection insurance, in just seven years time would result in the ENTIRE credit card debt being nothing more than credit card credit protection insurance premium charges, and the interest rate charged on top of each premium charge!

I believe that 90% of all credit card defaults should be unwound since credit card companies prevented their own customers from using a sound insurance concept to simply suspend their debts when an emergency arose.

Tuesday, October 9, 2012

American Express to Pay $112.5 Million in Fines & Refunds After Lying To Customers


It's over for the Credit Card conpanies debt protection "insurance" programs, yet this may be just the beginning.  Lets not forget all the credit card defaults from consumers who could never use this obscenely overpriced insurance program to protect themselves from default because the Credit Protection coverage was an unregulated ripoff.

Almost all credit card defaults from the past 15 years may need to be unwound since none of those consumers had access to a fairly priced debt suspension insurance program.

Friday, November 25, 2011

Beware Credit Protector Rip Off Credit Card Insurance, Please leave comments here.

Hi, I would like to build a list of credit-protector rip off stories. Please feel free to use the comments section below to explain what happened to you. 

It's possible your credit-protector or balance protector story could be one of those selected for a book I may write at a later date, if you are interested. 

Besides leaving your credit-protector rip off story here, you can also then contact me via my "about me profile" email address so that we can keep in touch, if you want to, no obligation required.

Tuesday, November 22, 2011

Credit Protector, Balance Protector, Payment Protector, Credit Shield, Account Balance Protection, and many many more aliases for an apparently corrupt credit card insurance plan.

The two overlapping images below list over 20 different names for  Consumer Credit Card Protection Insurance that is not overseen by any insurance agency or commission.  
The bottom line is, the ratio of premiums to policy holder claims actually paid out by unregulated insurance policies can be as low as 1%, meaning for every 100 dollars collected, only one dollar gets paid back to policy holders. 
While specific sections of credit card insurance coverage payout ratios may be as low as 1%, the overall average is higher, but well below insurance policies that ARE regulated by insurance regulators.

As a general rule, Credit Protector credit card insurance and it's gang of aliases won't ever reach the ratio of premiums to payouts that true insurance companies beholden to insurance guidelines pay out to their policy holders. This is what is truly wrong with the various credit card insurance protection programs that are offered apparently all over the world.

I'm estimating that most of the versions of credit protector credit card insurance programs are charging anywhere from 3 times to 9 times more than what they should were they actually regulated by insurance companies. If these credit protection service programs were ever sued for charging too much money for the past 10 to 15 years, the settlement payout world wide in my opinion would probably be over 100 billion dollars....and rising. 

CLICK ON EITHER IMAGE TO ENLARGE.