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US 2006/0080237 A1Published application
Combined asset debt elimination membership organization and debt elimination method
OwnerKevin Malloryinventor
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OwnerKevin Malloryinventor
Estimating the term…
A debt elimination method and organization by which individuals join an organization and its active members are eligible to be randomly selected to have their personal debt paid based on the principal sum of membership dues. Personal debt of members is paid on a monthly basis based on the total amount accrued per month and members are randomly selected until the total amount accrued is paid out. In the event a members debt exceeds the amount available, that individual will receive the remaining amount from the following months' sum before the next member is randomly selected. Each month, the sum of the amount available will change based on the increase or decrease of active membership. The individual debt will be paid directly to the creditor not the member. The amount paid toward the member's debt will be considered a gift from each active member.
A debt elimination method wherein:
A method for eliminating personal debts, wherein individuals register and pay a registration fee as members of an organization for the purpose of being randomly selected for having their personal debts paid as well as for the purpose of contributing to the payment of debts of other active members, wherein the members consent that the fees paid to the organization and made available for personal debt elimination be given as gifts for the purpose of said personal debt elimination.
The method according to claiml8, wherein
A method for eliminating personal debts, wherein individual dues received from a member of an organization in combination with that of other members of said organization are combined and given as gifts for the purpose of personal debt elimination.
A method for eliminating personal debts, wherein combined dues, incentives and revenue from individuals and corporations are used by a membership organization to pay an active member's debt through an electronic funds transfer system or by mail, wherein all payments for debts are considered gifts from the members of the organization.
A method for eliminating personal debts, wherein members' dues are used in accordance with federal tax codes such the amount used to pay a randomly selected member's personal debts is considered a gift from other members of a membership organization.
A method for eliminating personal debts, wherein electronically or by mail, members join a membership organization and receive monthly financial updates to inform and educate said members on financial matters, members review funds available on a periodic basis for debt payment and review the name(s) of those who have had their debts paid in previous months, wherein all payments for debts are considered gifts from the members of the organization.
Dependencies are inferred from the claim text.