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"The Debt Relief Secret"

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As many of you are aware the FTC has an ongoing investigation on Camco, a company that purchased old bad debts then tried to collect on them, for their illegal collection practices. Take a peek for yourself at The FTC press release on the whole situation here.

Now while some consumers are breathing a sigh of relief that they are no longer being harassed by one of the WORST offenders on the block they are also forgetting that they now should contact the credit bureaus demanding removal of Camco from their credit files.

That’s right, demand removal. They are currently not fully functional, they are known for making up false amounts of monies owed, they are known for illegally reporting on credit reports and whom will the bureaus be able to speak with the verify this information. My advice is to make the best use of this time and work on getting them off your credit reports if they are on there.

For the I Hate Debt readers I am attaching a sample letter you can use if you have been a victim of Camco and would like to get them removed from your credit file. Once again the FTC actions prove that yes, they do work for you and using the work they have done you too can help yourself.

***Below is a Sample Letter that you can use as a guideline to contact the Credit Bureaus. You may choose to mail it regular mail or send it Certified Mail. I suggest your change the letter up a bit to suit your specific claim and writing style. This letter does not constitute representation and should not be used in place of legal counsel.*****

Your info (Don’t forget to put your SS#)

Experian
Attn: CASS
P.O. Box 2104
Allen, TX 75013-2104

Transunion
1561 E. Orangethorpe
Fullerton, CA 92831

Equifax
P.O. Box 740256
Atlanta, GA 30374

To Whom It May Concern:
It has come to my attention that Capital Acquisitions & Management aka CAMCO has been under investigation by the FTC and is no longer in full operation. Attached is a copy of such press release dated December 8, 2004.

They are listed on my credit file alleged I owe a debt that I do not feel is mine or is incorrect. I am requested that the trade line or collection account listed as Capital Acquisitions & Management or CAMCO is investigated and removed from my credit file is it is found to be incorrect.

Per the FCRA you are to have 30 days to complete this investigation and then send me a copy of an updated credit file.

Per your companies request and guidelines for investigation I am enclosing a copy of my drivers license and a utility to verify I am in fact who I state I am and live at the address listed above.

Your prompt attention in this matter is requested.

Thank you,

Informed Consumer.
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Debt Calculator

See how long it will take for your debt to get paid off with one of these four options. We have listed a standard debt amount as a default on the debt calculator. You will need to enter your current personal or business debt amount below to see what your debt payoff amounts will reflect.

What's Best For You: Minimum Payments?

Debt Consolidation?

Credit Counseling? Debt Settlement?
Total Unsecured Debt $30,000.00 $30,000.00 $30,000.00 $30,000.00
Months To
Get Out Of Debt
430 60 60 36
Interest Rate 18.9 % 12 % 10-12% Ave None
Total Interest Paid $49,978.53 $10,040.01 $21,300.00 None
Monthly
Payment
$900.00 $667.33 $855.00 $458.33
Total Cost
To Be Debt Free
$79,978.53 $40,040.01 $51,300.00 $16,500.00
Monthly Payments   Months To Get Out Of Debt   Total Cost To Be Debt Free
$900.00
$450.00
$0.00
 
430
215
0
 
$79,978.53
$39,989.27
$0.00
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PLEASE NOTE: This calculator gives you an estimate of how much it will cost you to get out of debt, how long it will take and how much your monthly payment may be with the different options to pay off your debt. Keep in mind "Minimum Payments" assumes you NEVER make any further purchases on your credit cards and the credit card companies NEVER raise the interest rate on your cards in the future from the rate calculated above. The "Debt Consolidation Loan" example is usually only possible when taking out an "equity line of credit" or "second mortgage", which involves securing your unsecured debt with your home. This is a very risky option for most people because the home could be foreclosed if you cannot make the payments.