YouTube Video

[PM Montner]

Happy Friday all!

Anyone happen to catch this video prior to YouTube removing it?

Must Watch! Buying Gold and Silver With Credit. By Gregory Mannarino

[Ivan]

here it is

[PM Montner]

(06-15-2012 02:40 PM)Ivan Wrote:  here it is

Where?

[Ivan]

thats not the video?

[boyfromdixie]

is he wearing red lip stick??? hehehe

[Honey]

Thanks for posting this..

Watched the whole thing and was appalled... to say the least.

This guy is SMARMY.. What he is suggesting is akin to knowing you are going to file bankruptcy so you run out and charge a bunch of stuff on your credit cards, then file. It is complete BS that "no one is out any money" and you "don't have to feel guilty about it.". Yeah... people could do what he suggests, but they'd be complete scumbags if they did. IMHO..

Oh.. and his whole "I am not suggesting that you do this.." or endorsing this.. but "I WROTE 2 BOOKS ABOUT IT!"..

Now.. here is where he is "glossing over" with regards to the facts. If you do default, it is true that some credit card companies will agree to take settlements on the balance and SOME WILL NOT. Either way, you just screwed up your credit. Furthermore, a lot of the banks will package up these credit card portfolios and sell them to aggressive collection agencies that may not settle. If they don't want your terms, they don't have to take them. They can sue, obtain judgment and lien your property or garnish your work or bank accounts. He is correct that it isn't a "secured" loan, but with a judgment, they can lien property, garnish or take any property or vehicles that you own outright and have a Sheriff's sale. (Won't that be fun?) They can also haul you into court for an "order in aid of execution" commonly known as a "debtor's exam". This order states that you must show up in court with your financial documents to show what assets you have. (Yeah! More Fun!!) If you don't show up, they can file a "show cause" order and if you don't respond, they will hold you in contempt of court and can issue a bench warrant for your arrest. The Sheriff won't actually come looking for you.. but if you get pulled over for speeding, you are going to jail on a "contempt" order. So.. now you are a deadbeat with a bench warrant for your arrest. (How much fun can a person have?)

Oh...and think they can't find bank accounts? Guess again. If you open an account at a bank, most banks now run an inquiry report that links most banks together to check your history and issues with NSF Checks, etc. When they run the report, it also leaves that inquiry "tag" on this report. That report is accessable to authorized agencies. Some of these reports will even show your last check reorders AND some will show your place of employment because the banks ask you that on the applications..

Regarding trying to dispute of the item on your credit report....? What he proposes may actually work in about 10% to 15% of the cases..and most agencies respond immediately to dispute issues and have the documentation to prove that it wasn't paid in full. They are also required to save the information for (7) years.

The only thing he said that I agreed with was that you NEVER get rich if you don't own it outright. Buying silver with a credit card that you don't pay back is NOT owning it outright.. it is THEFT. PERIOD.

H

[Honey]

(06-15-2012 05:35 PM)boyfromdixie Wrote:  is he wearing red lip stick??? hehehe

I think it's the guy from Rocky Horror Picture Show...

[Viper_99]

(06-15-2012 06:18 PM)Honey Wrote:  Thanks for posting this..

Watched the whole thing and was appalled... to say the least.

This guy is SMARMY.. What he is suggesting is akin to knowing you are going to file bankruptcy so you run out and charge a bunch of stuff on your credit cards, then file. It is complete BS that "no one is out any money" and you "don't have to feel guilty about it.". Yeah... people could do what he suggests, but they'd be complete scumbags if they did. IMHO..

Oh.. and his whole "I am not suggesting that you do this.." or endorsing this.. but "I WROTE 2 BOOKS ABOUT IT!"..

Now.. here is where he is "glossing over" with regards to the facts. If you do default, it is true that some credit card companies will agree to take settlements on the balance and SOME WILL NOT. Either way, you just screwed up your credit. Furthermore, a lot of the banks will package up these credit card portfolios and sell them to aggressive collection agencies that may not settle. If they don't want your terms, they don't have to take them. They can sue, obtain judgment and lien your property or garnish your work or bank accounts. He is correct that it isn't a "secured" loan, but with a judgment, they can lien property, garnish or take any property or vehicles that you own outright and have a Sheriff's sale. (Won't that be fun?) They can also haul you into court for an "order in aid of execution" commonly known as a "debtor's exam". This order states that you must show up in court with your financial documents to show what assets you have. (Yeah! More Fun!!) If you don't show up, they can file a "show cause" order and if you don't respond, they will hold you in contempt of court and can issue a bench warrant for your arrest. The Sheriff won't actually come looking for you.. but if you get pulled over for speeding, you are going to jail on a "contempt" order. So.. now you are a deadbeat with a bench warrant for your arrest. (How much fun can a person have?)

Oh...and think they can't find bank accounts? Guess again. If you open an account at a bank, most banks now run an inquiry report that links most banks together to check your history and issues with NSF Checks, etc. When they run the report, it also leaves that inquiry "tag" on this report. That report is accessable to authorized agencies. Some of these reports will even show your last check reorders AND some will show your place of employment because the banks ask you that on the applications..

Regarding trying to dispute of the item on your credit report....? What he proposes may actually work in about 10% to 15% of the cases..and most agencies respond immediately to dispute issues and have the documentation to prove that it wasn't paid in full. They are also required to save the information for (7) years.

The only thing he said that I agreed with was that you NEVER get rich if you don't own it outright. Buying silver with a credit card that you don't pay back is NOT owning it outright.. it is THEFT. PERIOD.

H

Excellent comment - what he suggest is wrong and not moral. Good for you Honey to say it so strongly!

[Viper_99]

(06-15-2012 05:35 PM)boyfromdixie Wrote:  is he wearing red lip stick??? hehehe

He does look a little freaky! Don't like his ideas at all nor is his lip stick!

[agsilverbear]

(06-15-2012 05:35 PM)boyfromdixie Wrote:  is he wearing red lip stick??? hehehe

No, he's an Italian.

[PM Montner]

Never could find the video. Not sure what I'm doing wrong Ivan. After reading Honey's response I have no desire to watch anyway. Good information by the way and I do agree with you Honey. Despite my contempt for bankers, I enter into their contracts willingly and in good faith that both parties will honor their terms. To do otherwise, while having the ability to pay, is criminal. And how I would miss receiving those 0% interest for 18 month credit cards in the mail. They have been, and continue to be, an indispensable tool in my stacking strategy. Thanks banks.

[Mr.Akamkk]

(06-15-2012 06:58 PM)Honey Wrote:  

(06-15-2012 05:35 PM)boyfromdixie Wrote:  is he wearing red lip stick??? hehehe

I think it's the guy from Rocky Horror Picture Show...

Hey, easy there you, that's one of my all time fav movies. Getting dressed up like a weirdo and going down to the Roxy theater and throwing toast around and dancing in the isles. Bloody good memories there.

[Honey]

(06-15-2012 07:05 PM)agsilverbear Wrote:  

(06-15-2012 05:35 PM)boyfromdixie Wrote:  is he wearing red lip stick??? hehehe

No, he's an Italian.

Eh?? Do Italian's have red lips?? too funny!! or is it from the red wine??

[Mr.Akamkk]

(06-15-2012 06:18 PM)Honey Wrote:  Thanks for posting this..

Watched the whole thing and was appalled... to say the least.

This guy is SMARMY.. What he is suggesting is akin to knowing you are going to file bankruptcy so you run out and charge a bunch of stuff on your credit cards, then file. It is complete BS that "no one is out any money" and you "don't have to feel guilty about it.". Yeah... people could do what he suggests, but they'd be complete scumbags if they did. IMHO..

Oh.. and his whole "I am not suggesting that you do this.." or endorsing this.. but "I WROTE 2 BOOKS ABOUT IT!"..

Now.. here is where he is "glossing over" with regards to the facts. If you do default, it is true that some credit card companies will agree to take settlements on the balance and SOME WILL NOT. Either way, you just screwed up your credit. Furthermore, a lot of the banks will package up these credit card portfolios and sell them to aggressive collection agencies that may not settle. If they don't want your terms, they don't have to take them. They can sue, obtain judgment and lien your property or garnish your work or bank accounts. He is correct that it isn't a "secured" loan, but with a judgment, they can lien property, garnish or take any property or vehicles that you own outright and have a Sheriff's sale. (Won't that be fun?) They can also haul you into court for an "order in aid of execution" commonly known as a "debtor's exam". This order states that you must show up in court with your financial documents to show what assets you have. (Yeah! More Fun!!) If you don't show up, they can file a "show cause" order and if you don't respond, they will hold you in contempt of court and can issue a bench warrant for your arrest. The Sheriff won't actually come looking for you.. but if you get pulled over for speeding, you are going to jail on a "contempt" order. So.. now you are a deadbeat with a bench warrant for your arrest. (How much fun can a person have?)

Oh...and think they can't find bank accounts? Guess again. If you open an account at a bank, most banks now run an inquiry report that links most banks together to check your history and issues with NSF Checks, etc. When they run the report, it also leaves that inquiry "tag" on this report. That report is accessable to authorized agencies. Some of these reports will even show your last check reorders AND some will show your place of employment because the banks ask you that on the applications..

Regarding trying to dispute of the item on your credit report....? What he proposes may actually work in about 10% to 15% of the cases..and most agencies respond immediately to dispute issues and have the documentation to prove that it wasn't paid in full. They are also required to save the information for (7) years.

The only thing he said that I agreed with was that you NEVER get rich if you don't own it outright. Buying silver with a credit card that you don't pay back is NOT owning it outright.. it is THEFT. PERIOD.

H

Ya who does this guy think he is suggesting anyone can commit fraud other than the banksters and politico's. Geeze what's the world coming to anyway?

[agsilverbear]

We may be facing a devaluation of our currency. If I have bought silver on a credit card, and carried a balance, and paid interest on that balance, and they declare a bank holiday and wipe out our savings, which we got in good faith by the sweat of our brows, I wouldn't cry over defaulting on one of their credit cards. Sorry, what's good for the goose is good for the gander.

[Mr.Akamkk]

Check this video out from the Silver shield


http://www.youtube.com/watch?v=T5mmuOWi4...detailpage

[PM Montner]

(06-15-2012 07:21 PM)agsilverbear Wrote:  We may be facing a devaluation of our currency. If I have bought silver on a credit card, and carried a balance, and paid interest on that balance, and they declare a bank holiday and wipe out our savings, which we got in good faith by the sweat of our brows, I wouldn't cry over defaulting on one of their credit cards. Sorry, what's good for the goose is good for the gander.

That can only happen if you play their game. I have converted all savings into silver. I have cashed out and converted all retirement accounts into silver. I have fleeced them with their zero percent credit offers.

[Honey]

(06-15-2012 07:21 PM)agsilverbear Wrote:  We may be facing a devaluation of our currency. If I have bought silver on a credit card, and carried a balance, and paid interest on that balance, and they declare a bank holiday and wipe out our savings, which we got in good faith by the sweat of our brows, I wouldn't cry over defaulting on one of their credit cards. Sorry, what's good for the goose is good for the gander.

Well, maybe the "credit card" issue is not the best example as these guys practically beg people to use them and had them out like Candy... So I see your point there..

This does bring up an interesting question though... would the $5,000.00 credit card debt increase relative to the devaluation of the dollar. Say.. if your $50,000.00 "assets" in cash is reduced down to $5,000.00, then conversly your $5,000.00 credit card "debt" would increase and become $50,000.00? They get to screw you twice?

I tried to google this.. but couldn't find anything.. Anyone else know for sure?

It wouldn't matter anyway... as we would all be broke..

[agsilverbear]

(06-15-2012 07:33 PM)PM Montner Wrote:  

(06-15-2012 07:21 PM)agsilverbear Wrote:  We may be facing a devaluation of our currency. If I have bought silver on a credit card, and carried a balance, and paid interest on that balance, and they declare a bank holiday and wipe out our savings, which we got in good faith by the sweat of our brows, I wouldn't cry over defaulting on one of their credit cards. Sorry, what's good for the goose is good for the gander.

That can only happen if you play their game. I have converted all savings into silver. I have cashed out and converted all retirement accounts into silver. I have fleeced them with their zero percent credit offers.

Good for you. For the most part we've done the same.

[agsilverbear]

(06-15-2012 07:54 PM)Honey Wrote:  

(06-15-2012 07:21 PM)agsilverbear Wrote:  We may be facing a devaluation of our currency. If I have bought silver on a credit card, and carried a balance, and paid interest on that balance, and they declare a bank holiday and wipe out our savings, which we got in good faith by the sweat of our brows, I wouldn't cry over defaulting on one of their credit cards. Sorry, what's good for the goose is good for the gander.

Well, maybe the "credit card" issue is not the best example as these guys practically beg people to use them and had them out like Candy... So I see your point there..

This does bring up an interesting question though... would the $5,000.00 credit card debt increase relative to the devaluation of the dollar. Say.. if your $50,000.00 "assets" in cash is reduced down to $5,000.00, then conversly your $5,000.00 credit card "debt" would increase and become $50,000.00? They get to screw you twice?

I tried to google this.. but couldn't find anything.. Anyone else know for sure?

It wouldn't matter anyway... as we would all be broke..

I don't think they'll do it that way because everyone would be up in arms over such unfairness. We won't be broke if we have real money, not in the long run. It won't matter very much if we are broke in the short run if we have prepared well enough so we can get through any hard times.

[PM Montner]

Everything I've read states that your debt doesn't rise with inflation but remains the same. However, I believe silver, like other commodities and precious metals, will rise with inflation. Use inflation to pay down debt. Use silver as a conduit to tap into and take advantage of inflation.

[Honey]

Well Great.. Thanks a bunch you all!

.... I was just starting to get a handle on my silver addiction....

[PM Montner]

(06-15-2012 08:22 PM)PM Montner Wrote:  Everything I've read states that your debt doesn't rise with inflation but remains the same. However, I believe silver, like other commodities and precious metals, will rise with inflation. Use inflation to pay down debt. Use silver as a conduit to tap into and take advantage of inflation.

This applies to fixed-rate credit debt only. Variable-rate credit debt rises with inflation.

[Dom2012]

for me it was the perfect solution ...i have purchased every single ounce i own on my credit card...fair enough i payed it all off as i went along but it didn't stop the money supply being expanded every time i did it ;-)

[Honey]

(06-16-2012 05:25 AM)Dom2012 Wrote:  for me it was the perfect solution ...i have purchased every single ounce i own on my credit card...fair enough i payed it all off as i went along but it didn't stop the money supply being expanded every time i did it ;-)

Hi Dom,

But you are not doing what he is suggesting.. You are actually PAYING ..

I am sure this goes without saying.. but I sure hope people that purchase PM's on their credit cards (which a lot of us do.. including me..) pay it off before the interest kicks in or that is just adding to the premium they paid on the silver..