Debt-Ninjas

The Title is Unimportant - by P. Michael Yates

And so are the Facts about what this will do to your Credit Rating!

IT DOESN'T WORK

And it's not just me saying so!

I am up to my eyes in debt. I have 8 loans and credit cards for around £38k of debt. 
During 2022 I bought this book, which contains the Templates below.  I decided to try this out with four of the accounts.

I followed all the directions and had one success with a small credit card. The success wasn’t down to the book. I had complained about a purchase I made and the Bank cleared the debt. 

The other three banks have continued to chase me for payment.

I even had internal bank staff (from the collection department) turn up to my home. In two of the three remaining cases I am being taken to court, and have received notifications from Northampton Bulk Center. My Credit Record is ruined. P Michael Yates doesn’t tell you this in the book!

In my opinion, this is does not work – and I should have known better.

I have seen many people online talking negatively about the use of templates – but I felt I needed some pointers or at the very least a head-start to get the words right – which is why I used them. I am not that confident writing to banks about legal matters. I didn’t want to make mistakes. 

I have since revisited the book and noticed that none of the case studies actually show closure. In each case P. Michael Yates seems to suggest that silence from the Banks was the same as a definitive success – yet appears to have written the book shortly afterwards, which means no real time was allowed to see if his “theory” was correct! 

I find that more than a little suspect, and as my own experience has shown – this simply doesn’t work at the 99.9% success rate advertised.

So here are the templates if you want them. Just be careful before you use them – because they will affect your Credit Rating

Template #1

Your Reference: ###################

 

Monday 18th May 2020

 

Credit card ending**** Balance £1,605.00 Amount Due £46.07

 

Dear Sirs,

I have several issues that need your urgent clarification as I undertake due-diligence and verification of this alleged debt.

Please respond to this letter under Regulatory Framework and Statutory Duty to avoid complications and/or misrepresentation.

I draw your attention to the following quotes and their authors:

 

  1. “When banks extend loans to their customers, they create money by crediting their customers’ accounts.” Sir Mervyn King- Governor of the Bank of England.
  1. “Each and every time a bank makes a loan, new bank credit is created – new deposits – brand new money.” Graham F. Towers, Governor, Bank of Canada 1934-54.
  1. “The financial crisis of 2007/08 occurred because we failed to constrain the private financial system’s creation of private credit and money.” Lord Adair Turner, Chairman FSA.
  2. “The bank hath benefit of interest on all moneys which it creates out of nothing”. William Patterson, founder of the Bank of England in 1694.
  1. “The modern banking system manufactures money out of nothing. The process is, perhaps: the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate mint and un-mint the modern ledger-entry currency” Major L L B Angus.
  1. “I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.” Reginald McKenna Chairman of the Midland Bank 1924.
  1. “The banks do create money. They have been doing it for a long time, but they didn’t realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create it.” H W White, Chairman of the Associated Banks of New Zealand, and the New Zealand Monetary Commission 1955.
  1. “Banks lend by creating credit. They create the means of payment out of nothing.” Ralph M Hawtry, former Secretary to the Treasury.
  1. “It had been justly stated by a British writer that the power o m k a small piece of paper, not worth one cent, by the inscribing of a few names, to be worth a thousand dollars, was a power too high to be entrusted to the hands of mortal man. John C. Calhoun, speech, U.S. Senate, Dec. 29, 1841.
  1. “Failure by a lender to observe strictly the intricate requirements of the Act can lead to a loan being completely unenforceable with no right of restitution or other form of relief.” Lord Justice Clarke – 2002

If you would be so kind as to confirm or deny the validity of these statements it would help the situation immeasurably.

 

I now draw your attention to the following statements and subsequent questions for your consideration:

Under The Consumer Credit Act 1974, (c.39), S.189, it would appear that I have deposited a Security Instrument with ************ bank.

 

(“Security”, in relation to an actual or prospective consumer credit agreement or consumer hire agreement, or any linked transaction, means a mortgage, charge, pledge, bond, debenture, indemnity, guarantee, bill, note or other right provided by the debtor or hirer, or at his request (express or implied), to secure the carrying out of the obligations of the debtor or hirer under the agreement;)

 

Stroud’s Judicial Dictionary, Fifth Edition 1986, Published by Sweet and Maxwell defines the following:

 

“SECURITY”,

(1) A “security”, speaking generally, is anything that makes the money more assured in its payment or more readily recoverable…  .

2) Thus, bank notes, bills of exchange, promissory notes, and cheques, are “Securities” (Byles (29th ed)). See further Brown v Inland Revenue Commissioners [1895] 2 Q.B. 598, cited

 

Lord Denning MR stated in Fielding & Platt Ltd v Selim Najjar [1969] 1 W.L.R. 357 at 361; [1969] 2 ALL E.R. 150 at 152, CA (Court of Appeal) “…we have repeatedly said in this court that a bill of exchange or a promissory note is to be treated as cash. It is to be honoured unless there is some good reason to the contrary.”

 

And now my questions;

 

  1. Can you confirm or deny that I have deposited a Security Instrument with******* bank?
  2. Can you confirm or deny that you are in possession of an original unmarked Security Instrument bearing my signature?
  3. Can you confirm who the owner of said Security Instrument or Promissory Note is?
  4. Can you confirm if the Security Instrument or Promissory Note has a cash value?
  5. Can you confirm or deny that it is******* bank policy, that upon receipt of a properly completed Credit Agreement that it becomes a Security Instrument and is entered into******* banks’ ledger as an ASSET with a cash value to the bank?
  6. Can you confirm or deny that this Security Instrument then becomes the property of the bank under commercial lien rules?
  7. Can you confirm or deny that said deposit of a Security Instrument onto ******* bank’s ledger by a ‘borrower’ is then used to fund the credit facility?
  8. Can you demonstrate exactly where in the Credit Agreement it is disclosed that the said deposit of a Security Instrument onto ******* bank’s ledger by a ‘borrower’ is used to fund the credit facility? 
  9. Can you confirm or deny that if I were to deposit £10,000 to******* bank in the form of a Security Instrument, and then******* bank issued a credit facility for £10,000, that******* bank would have actually lent me anything or that I had borrowed anything?
  10. Can you confirm or deny that it is regulatory banking policy for the ‘lender’ to return the Security or ‘Note’ to the ‘borrower’ upon re-payment or ‘redemption’ of the alleged loan?
  11. Can you confirm or deny that I have been making regular payments to******* bank to ‘service the debt’?
  12. Can you confirm or deny that******* bank is prohibited under banking practices to issue cash backed credit that belongs to depositors of****** bank?
  13. Can you confirm or deny that******* bank received my Security Instrument as actual cash value and then issued a credit card or bank ‘loan’ with the same cash value, thereby returning the cash value to me, and proceeded to describe this as a ‘loan’ or ‘credit facility’ made to me by*******bank with the implication that******* bank had lent me something?
  14. Can you confirm or deny that ******* bank has and is charging me interest on this ‘alleged’ loan?
  15. Can you demonstrate where ******* bank obtained written permission to transfer cash value from me to ******* bank and keep it – for free?
  16. Can ****** bank demonstrate accounting showing a material monetary loss arising from our alleged Agreement?
  17. Can******** bank provide the name of the person with first hand material knowledge and facts of this account?

There is no dispute in this matter as I am simply conducting an audit for my accounting purposes. I am happy to settle and close this account for redemption of my Security Instrument once my questions have been answered to my satisfaction and the ‘loan’ verified.

 

Many thanks for your co-operation

 

Regards

************

Template #2

Mr.********
123 Four Street
Leeds
LS1 9GB

Your Reference: #############

Monday 22nd June 2020

Credit card ending**** Balance £1,636.09 Amount Due £95.28

Dear Sirs,

I am in receipt of your letter dated********* thank you.

It seems you have elected to ignore my letter to you on Monday 18th May 2020, and I understand that this is likely a delaying tactic on your part to get this account to the 90 day marker in delinquency, as that’s the point at which your insurance policy activates, isn’t it?
In your recent letter you state, “WE CAN HELP YOU MANAGE THE ARREARS ON YOUR ACCOUNT”. Please then, demonstrate that claim by responding to my letter of enquiry. Here it is again, for the avoidance of any doubt.

I have several issues that need your urgent clarification as I undertake due-diligence and verification of this alleged debt.
Please respond to this letter under the Regulatory Framework and Statutory Duty to avoid complications and/ or misrepresentation.
l draw your attention to the following quotes and their authors:

“When banks extend loans to their customers, they create money by crediting their customer’s accounts.” Sir Mervyn King – Governor of the Bank of England.

“Each and every time a bank makes a loan, new bank credit is created – new deposits – brand new money.” Graham F. Towers, Governor, Bank of Canada 1934-54.

“The Financial crisis of 2007/08 occurred because we failed to constrain the private financial system’s creation of private credit and money” – Lord Adair Turner, Chairman FSA.

“The bank hath benefit of interest on all moneys which it creates out of nothing”. William Patterson, founder of the Bank of England in 1694.

”The modern banking system manufactures money out of nothing. The process is, perhaps, the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint and un-mint the modern ledger-entry currency°. Major L L B Angus.

“I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.” Reginald McKenna Chairman of the Midland Bank 1924.

“The Banks do create money. They have been doing it for a long time, but they didn’t realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create it.” H W White, Chairman of the Associated Banks of New Zealand, and the New Zealand Monetary Commission 1955.

“Banks lend by creating credit. They create the means of payment out of nothing.” Ralph M Hawtry, former Secretary to the Treasury.

“It had been justly stated by a British writer that the power to make a small piece of paper, not worth one cent, by the inscribing of a few names, to be worth a thousand dollars, was a power too high to be entrusted to the hands of mortal man. John C. Calhoun, speech, U.S. Senate, Dec. 29, 1841.
“Failure by a lender to observe strictly the intricate requirements of the Act can lead to a loan being completely unenforceable with no right of restitution or other form of relief.” Lord Justice Clarke – 2002.

If you would be so kind as to confirm or deny the validity of these statements it would help the situation immeasurably.
I now draw your attention to the following statements and subsequent questions for your consideration:
Under The Consumer Credit Act 1974, (c.39), S.189, it would appear that I have deposited a Security Instrument with ************ bank.

(“Security”, in relation to an actual or prospective consumer credit agreement or consumer hire agreement, or any linked transaction, means a mortgage, charge, pledge, bond, debenture, indemnity, guarantee, bill, note or other right provided by the debtor or hirer, or at his request (express or implied), to secure the carrying out of the obligations of the debtor or hirer under the agreement;)

Stroud’s Judicial Dictionary, Fifth Edition 1986, Published by Sweet and Maxwell defines the following:

“SECURITY”,
(1) A “security”, speaking generally, is anything that makes the money more assured in its payment or more readily recoverable… .
2) Thus, bank notes, bills of exchange, promissory notes, and cheques, are “Securities” (Byles (29th ed)). See further Brown v Inland Revenue Commissioners [1895] 2 Q.B. 598, cited

Lord Denning MR stated in Fielding & Platt Ltd v Selim Najjar [1969] 1 W.L.R. 357 at 361; [1969] 2 ALL E.R. 150 at 152, CA (Court of Appeal) “…we have repeatedly said in this court that a bill of exchange or a promissory note is to be treated as cash. It is to be honoured unless there is some good reason to the contrary.”

And now my questions;

1. Can you confirm or deny that I have deposited a Security Instrument with******* bank?

2. Can you confirm or deny that you are in possession of an original unmarked Security Instrument bearing my signature?

3. Can you confirm who the owner of said Security Instrument or Promissory Note is?

4. Can you confirm if the Security Instrument or Promissory Note has a cash value?

5. Can you confirm or deny that it is******* bank policy, that upon receipt of a properly completed Credit Agreement that it becomes a Security Instrument and is entered into******* banks’ ledger as an ASSET with a cash value to the bank?

6. Can you confirm or deny that this Security Instrument then becomes the property of the bank under commercial lien rules?

7. Can you confirm or deny that said deposit of a Security Instrument onto ******* bank’s ledger by a ‘borrower’ is then used to fund the credit facility?

8. Can you demonstrate exactly where in the Credit Agreement it is disclosed that the said deposit of a Security Instrument onto ******* bank’s ledger by a ‘borrower’ is used to fund the credit facility? 

9. Can you confirm or deny that if I were to deposit £10,000 to******* bank in the form of a Security Instrument, and then******* bank issued a credit facility for £10,000, that******* bank would have actually lent me anything or that I had borrowed anything?

10. Can you confirm or deny that it is regulatory banking policy for the ‘lender’ to return the Security or ‘Note’ to the ‘borrower’ upon re-payment or ‘redemption’ of the alleged loan?

11. Can you confirm or deny that I have been making regular payments to******* bank to ‘service the debt’?

12. Can you confirm or deny that******* bank is prohibited under banking practices to issue cash backed credit that belongs to depositors of****** bank?

13. Can you confirm or deny that******* bank received my Security Instrument as actual cash value and then issued a credit card or bank ‘loan’ with the same cash value, thereby returning the cash value to me, and proceeded to describe this as a ‘loan’ or ‘credit facility’ made to me by*******bank with the implication that******* bank had lent me something?

14. Can you confirm or deny that ******* bank has and is charging me interest on this ‘alleged’ loan?

15. Can you demonstrate where ******* bank obtained written permission to transfer cash value from me to ******* bank and keep it – for free?

16. Can ****** bank demonstrate accounting showing a material monetary loss arising from our alleged Agreement?

17. Can******** bank provide the name of the person with first hand material knowledge and facts of this account?

There is no dispute in this matter as I am simply conducting an audit for my accounting purposes. I am happy to settle and close this account for redemption of my Security Instrument once my questions have been answered to my satisfaction and the ‘loan’ verified.

Many thanks for your co-operation

Regards

************

Template #3

Mr.********

So and So Collections Ltd

Bodgit & Scarper Lane

Nonyerbusiness

Hades

FZR 1100

 

Your Reference: ###################

Monday 43rd Octember 2035

Credit card ending**** Balance £1,636.09

 

Dear Sirs,

 

I am in receipt of your letter dated 13 June 2020, thank you.

 

Please read the following letter carefully before responding. The reason is simple. I am offering conditional agreement to settle this alleged debt.

 

This means you no longer have any recourse to a court of law in this matter because there is no controversy upon which it could adjudicate. You can attempt to force this matter into a court if you wish but will likely be told that it is perfectly legal for me to request proper foundation for your claims. You will also undoubtedly be penalised for wasting the court’s time.

 

You have made allegations and demands that I owe you money and I now require proof-of-claim before accepting your assertions.

 

I seek clarification of your letter that I may act accordingly.

 

I conditionally accept your offer that I owe £1,636.09 for failure to perform under a legally binding contract upon your proof-of-claim of the following;

 

  1. That there exists a legal contract between myself and So and So Collections Ltd.

 

  1. That you make available to me proof of said legal contract between the parties.

 

  1. That you are in possession of an original unmarked Security Instrument bearing my signature.

 

  1. That you make said Security Instrument available for my inspection.

 

  1. That you confirm whom the owner of said Security Instrument is.

 

  1. That you confirm or deny to having bought this alleged debt from ******* bank.

 

  1. That you validated the alleged debt to yourselves by showing the material monetary loss in your verified accounting.

 

  1. That you provide evidence to show that due diligence has been performed by a qualified person at your company to validate that your client has suffered a material monetary loss.

 

  1. That you provide the name of said person

 

  1. That you provide evidence of your clients’ material monetary loss.

 

  1. That you provide evidence that your client is not bound by law to return my Security Instrument upon settlement of the alleged loan or credit.

 

 

  1. That your purchase of the alleged debt didn’t settle and close the original account with the client.

 

  1. That you have some prior agreement with me to pay you for settling and closing the alleged original debt. Failure to accept this offer to clarify your position in good faith will be deemed to mean you and your principal (or other parties) abandon all claims upon me through process of estoppel.

 

Many thanks for your co-operation

 

 

Regards

************