By Natalie-Marie Hart
Crystal Kids Radio
This is the second part of the series of the slave debt. There is more to come.
A lot of people have collection agencies calling them probably would ask the magic question:
Why are collection agencies calling me?
That would possibly be about unsecured debt.
Now what is an unsecured debt?
This is a debt, which a creditor has no collateral now what is collateral (it is a property pledged to secure a loan or debt, usually funds or personal property as distinguished from real property but technically collateral can include real estate) if you do not pay your debts; they are more likely to forward those accounts to collection agencies or even lawyers may act as collection agencies now.
Why are lawyers allowed to act as collection agencies?
There was a law firm in Ontario sending fake court documents to the people who had debts. What this law firm did because they were breaking the law they went to the Ontario Liberal Government. They happened to be big supporters of meaning large campaign contributions. The Ontario Liberal Government changed the law just for them. Now thanks to this illegal act in Ontario lawyers are collection agencies too. Talking about corruption.
Now what are the most common types of unsecured debts?
That would be credit cards and personal loans. I recommend people not to get credit cards so you do not fall into their trap. If you are going to do any banking credit unions is the best way to go.
What is a secured debt?
Your creditor has collateral, which they can take if you fail to repay your account. A good example of a secured debt is a loan that you take out to lease or purchase the best example would be a car. The lender usually puts a lien on the vehicle, making your car the collateral, so that if you cannot make your payments your lender can reclaim your car. Another good example is when you purchase a home; your lender puts a mortgage on your property. The property is the lenders collateral and if you fail to make your mortgage payment at any time your lender may take steps to take away your property away from you. Lenders commonly persist on becoming a secured creditor for vast personal loans or lines of credit.
What is a consumer debt?
A consumer debt is an outstanding debt of consumers, as different to businesses or governments. This debt is a debt arising from the purchase of goods and services or from borrowing money from a lender.
Please keep in mind when you are looking for lawyer they rather defend the banking system because here in Canada they get appointed as Judge how much more corrupt is that?
This is just the second part of the series. Keep looking on my website for the third because they are taking this information away from us.
You can read part I here: