New Debt Settlement Laws - Why the Debt Settlement Industry is Finally Legitimate
The Federal Trade Commission recently passed new legislation aimed to reform the debt reduction industry.
Profit debt companies are no longer able to collect advance upfront fees without actually settling the dues.
This is good news for consumers and the debt reduction process as a whole.
The ban on advance fees will go into effect from October 27th.
Debt relief companies will still be able to get paid for their services but will not be able to collect fees from consumers until they actually settle the accrued amounts.
This new legislation will push many of the shady debt companies out of the market.
Only the large and most legitimate debt reduce companies will be able to survive when these laws become effective.
The advance fee ban is great news for consumers who are facing financial crisis.
The debt reduction process will survive and the days of paying large upfront fees without getting any real debt relief service are over.
These companies will be paid only when they actually make a deal with the lenders to settle the dues.
The legitimate debt reduction companies that have enough capital to survive will ultimately benefit from this legislation.
The small and shady debt reduce services will not be able to survive with the advance fee ban.
These were the companies which were tarnishing the image of the industry.
The few debt relief services that survive will benefit by having a cleaner reputation amongst the American public.
Debt settlement is a legitimate alternative to bankruptcy but not all consumers are eligible for availing their services.
In order to qualify the consumer must be at least $10k in unsecured debt and also be able to prove a legitimate financial hardship such as loss of job or medical issue.
There are free debt reliefs networks that help consumers locate TASC certified debt reduce companies as well as provide a free consultation for providing various debt reduction options.
If a consumer is going through a financial hardship and understands the risks associated with debt reduction, then it can be a viable way to eliminate unsecured debt and it is a better alternative to filing bankruptcy.
Profit debt companies are no longer able to collect advance upfront fees without actually settling the dues.
This is good news for consumers and the debt reduction process as a whole.
The ban on advance fees will go into effect from October 27th.
Debt relief companies will still be able to get paid for their services but will not be able to collect fees from consumers until they actually settle the accrued amounts.
This new legislation will push many of the shady debt companies out of the market.
Only the large and most legitimate debt reduce companies will be able to survive when these laws become effective.
The advance fee ban is great news for consumers who are facing financial crisis.
The debt reduction process will survive and the days of paying large upfront fees without getting any real debt relief service are over.
These companies will be paid only when they actually make a deal with the lenders to settle the dues.
The legitimate debt reduction companies that have enough capital to survive will ultimately benefit from this legislation.
The small and shady debt reduce services will not be able to survive with the advance fee ban.
These were the companies which were tarnishing the image of the industry.
The few debt relief services that survive will benefit by having a cleaner reputation amongst the American public.
Debt settlement is a legitimate alternative to bankruptcy but not all consumers are eligible for availing their services.
In order to qualify the consumer must be at least $10k in unsecured debt and also be able to prove a legitimate financial hardship such as loss of job or medical issue.
There are free debt reliefs networks that help consumers locate TASC certified debt reduce companies as well as provide a free consultation for providing various debt reduction options.
If a consumer is going through a financial hardship and understands the risks associated with debt reduction, then it can be a viable way to eliminate unsecured debt and it is a better alternative to filing bankruptcy.
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