Thursday, May 26, 2005

One Nation Under Lawyers

Lending agreements are the most onerous contracts you can find at the consumer level. Most consumers don’t understand anything in their agreement beyond the annual percentage rate, the amount borrowed, and the payment schedule. They still sign the agreements without consulting an attorney because attorneys are too expensive for it to be practical. It seems ridiculous to hire an attorney to interpret the numerous pages of credit card disclosures, agreement, and amendments. Even then the consumer may not even comprehend the explanation. As a result, people rely on peer experiences, and dismiss all the legal jargon as insignificant as long as they make their payments. They essentially make agreements they can’t keep, and don’t know it. People who do read the agreements pretend to understand them, and maybe even think they do. But even attorneys struggle with the hidden agendas found between the carefully crafted words. What happens too often is that this sets the stage for you to be dragged into court over a disagreement. The only ones who win in all this are the attorneys who corrupted the system to begin with by corrupting it. (See The Fraternity)

In Acts 25:11 Paul appealed to Caesar knowing that a trial by Festus would not be impartial. He exercised a right of his as a Roman citizen. Paul never attacked the Jews who were accusing him, a principle that guides us in avoiding counter lawsuits. He was seeking the truth. We should only seek to clear our name and reputation, and present the truth. If you are a godly man or woman and are falsely accused, you can’t be intimidated. However, in the case of being sued by a credit card company, when you can’t pay the bill, the truth is you do owe the money. Your only argument is to ask for mercy, and if the credit card company is not willing to settle with what you have to settle with, let the judge see the truth of the situation. You will most likely end up with a judgment against you anyway. You may even get advice from the judge to take a look at bankruptcy. That may be the only way to settle with unforgiving lenders that insist on depriving you of basic needs and extract their "pound of flesh" (highly recommended movie)

The only way to avoid this situation is not to fall prey to the credit card company’s traps to begin with, and avoid them like the plague. They will lead you to destroy your good name and character, without you realizing what is happening until it is too late.

No comments: