Combined asset debt elimination membership organization and debt elimination method

• US 20060080237A1
• Filed: 10/12/2004
• Published: 04/13/2006
• Est. Priority Date: 10/12/2004
• Status: Abandoned Application

• Current Assignee: Kevin Mallory
• Original Assignee: Kevin Mallory
• Inventors: Mallory, Kevin
• Application Number:
  US10/963,020
• Publication Number:
  US 20060080237A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

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.

Claims

1. A debt elimination method wherein:

providing an organization, the organization being an individual membership only organization;

each individual joins the organization to become a member by registering and paying a registration fee and a membership dues, wherein each registered individual further consents that his or her payments of the dues in combination with dues paid by other members are combined and given as gifts for the purpose of personal debt elimination;

each individual member further pays said monthly dues to be an active member and maintain his or her active membership status;

funds available for personal debt elimination are calculated from the dues paid by the active members on a monthly basis; and

an active member is randomly selected monthly and the available funds are paid directly to that randomly selected member'"'"'s creditors wherein said selected member'"'"'s personal debts are eliminated.

2. The method according to claim 1, wherein at least a portion of the dues is included in the available funds.

3. The method according to claim 1, wherein when the organization is first started, a pre-set limit of funds will be made available on a monthly basis until the organization is able register new members so as to generate sufficient funds to pay a selected member'"'"'s entire debt in subsequent months.

4. The method according to claim 1, wherein the registration for membership is completed through an online organization Web site.

5. The method according to claim 1, wherein the registration for membership is completed at an office of the organization or by mail.

6. The method according to claim 1, wherein the registration fee is a one time, life-time registration fee.

7. The method according to claim 1, wherein the individual member optionally joins the organization for a desired period.

8. The method according to claim 7, wherein the desired period is a number of months, years or fractions of said years.

9. The method according to claim 1, wherein each active member is provided with log-in means and selects a personal password to allow said active member a restricted members only access to a Web site for the organization.

10. The method according to claim 9, wherein each active member is allowed access to a monthly newsletter and organizational information, said information to include the amount of funds available for an upcoming random selection of an active member for whom, personal debts will be paid, and information in regard as to which active member(s) were randomly selected for personal debt elimination in a prior month.

11. The method according to claim 1, wherein the randomly selected active member for a specific month is eligible for being randomly selected again in a future month as long his or her membership remains active by the continuous payment of said monthly dues.

12. The method according to claim 1, wherein the randomly selected member'"'"'s personal debts are paid by the membership organization through an electronic funds transfer system or by mail.

13. The method according to claim 1, wherein

there is no rollover of said available funds should the personal debts of the randomly selected member not exceed the available funds,

additional random selections are made until all the available funds are distributed, and

any personal debt shortfall for the last randomly selected member will be taken from a following month'"'"'s available funds.

14. The method according to claim 12, wherein the amounts due creditors of the randomly selected member are verified using a three-way telephone call between the randomly selected member, an official of the organization and each creditor.

15. The method according to claim 1, wherein employees and officials of the organization are ineligible to participate in the debt elimination method.

16. The method according to claim 1, wherein the organization generates revenues and allocates a percentage share of said revenues to be shared by the active members, and said allocated shares of revenues are further added to the available funds for payment of the personal debts of the randomly selected members.

17. The method according to claim 13, wherein the organization determines a maximum amount of personal debt that is payable to any of the randomly selected members.

18. 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.

19. The method according to claiml8, wherein

available funds are used to pay said personal debts of the randomly selected member,

there is no rollover of said available funds should the personal debts of the randomly selected member not exceed the available funds,

additional random selections are made until all the available funds are distributed, and

any personal debt shortfall for the last randomly selected member will be taken from a following month'"'"'s available funds.

20. The method according to claim 19, wherein the organization determines a maximum amount of personal debt that is payable to any of the randomly selected members.

21. 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.

22. 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.

23. 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.

24. 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.

25. The method according to claim 24, wherein

the available funds are used to pay said personal debts of the randomly selected member,

there is no rollover of said available funds should the personal debts of the randomly selected member not exceed the available funds,

additional random selections are made until all the available funds are distributed, and

any personal debt shortfall for the last randomly selected member will be taken from a following month'"'"'s available funds.

26. The method according to claim 25, wherein the organization determines a maximum amount of personal debt that is payable to any of the randomly selected members.