My get out of debt story

Hi all,

I've not posted here for a long time. I think last time I was accused of being a schill because of my opinion on the three letter process. More later.

Rewind 7 years. I had a good job, great credit rating but had accumulated approx £63k in loans and CC debt, across 9 lenders.

I did a bit of googling and came across the three letter process, and lots of copyright, access articles etc. It was an epiphany to find out the banks 'create money from nothing'. I was angry and still am!

Anyway, I stopped all payments, sent letters at the appropriate times etc. But I was still bombarded with letters, threats, minimum payment offers etc but held fast. My line was that the debts were fraudulent, as no money was lent. I answered calls and explained that no money was lent to me, but this wasn't acknowledged or accepeted. I did think, the longer I spoke, the less chance they had of finding another easy target. I kept them busy if they called me.

My research took me to the BOE, contract law, credit law and I even had a conversation with Dr Richard Werner (who had proved that banks create money from nothing in his white paper).

My debts are now uncollectable as they have expired. In total, I have repaid ZERO of the £63k. I was taken to court by HBSC, who won, despite my research and three-letter proof presented. The judge was pretty fair in my opinion. He explained that creating credit is law and it is indeed a privilege of the banks, but not illegal or disputable. So, this is why I was called a schill by a mod on here. But I have been to court and proven that the three letters are not a defence. You do indeed sign a promissory note but the banks own it, not you.

Ultimately, I'm glad I used the three letter process, as it worked. When I say worked, I mean it made me a 'difficult' debt to collect, so the banks (and the collectors who bought the debts) went after easy targets who admitted their debt and paid what they could.

A couple of others took me to court and won too, but like HSBC they never got a penny. I was fortunate (or unfortunate) to be out of work a few times and sent my Universal Credit details, so this helped I think. I wasn't a homeowner, so had no assets to seize. I had a nice car but parked it on private land away from my home, just in case.

I had zero visits from collection agencies and wouldn't have opened my door anyway. I'm surprised at how easy it all was.

The downside. I moved flat recently and was asked by almost all estate agents for a credit report. This made it extremely difficult to find a flat. Beware. But to save £63k, it was worth it.

Good luck everyone. Have faith in the three letter process, but don't expect it to work in court.

thanks for your opinion .