ADE’s experts utilize the banking and consumer protection laws in order to dispute the validity of your debt. After the information about your debt has been sold to a third party you are no longer dealing with the original creditor. Your original creditor has already been paid in full by insurance they carry against all debt. We prove that the third party is trying to collect a debt that no longer exists. We have been doing this with great success for over 15 years.
There seems to be a great deal of misinformation on this topic. The question being, do banks have insurance to cover themselves against loss in case of a payment default by a consumer?
The next questions is, is the Debt Dispute Program a valid way of handling a debt crises?
Perhaps the best way to approach this question in a credible manner, is to look at actual court cases and study the legal track records.
That is exactly the approach that was taken when researching the answer to this question.
Here is the actual question that we are attempting to answer. We know that a bank cannot carry defaulted debts on its books forever. The reason being is that defaulted debt that is negligible and have a low chance a bank would ever recover the money, would badly skew the picture on the health of the bank or lending institution.
So, banks are bound by a simple rule. When a debt reaches a default age of 180 days, the bank must remove it from its books as an asset and charge it off.
This can be used to help people get relief from their crippling debt that keeps them locked in a never ending circle of not moving forward.