As more and more people are falling into debt, debt settlement as a solution to become debt free has become widely popular. And to perform this task a lot of relief firms are now in business in the current financial market. If you are one of those who are looking for a debt relief firm then there are some important pieces of advices that you should take into account.
Let's get one thing straight here. There is no Obama credit card debt relief bill, nor is the government going to underwrite any of your debts. In reality, back in September 2010 the Federal Trade Committee (FTC) made some interesting changes to the law in an effort to counter the abuses in which some companies were participating. Some debt relief companies where charging substantial upfront fees and then under-delivering on the relief element. As there were so many people signing up to debt settlement programs some of the companies simply accepted everybody's case, even if there was no hope of making a good settlement. They did this was because regardless of the end result the settlement company would receive payment. Indeed in some cases they even dragged out the settlement process and made substantial profits by charging the debtors servicing charges, as well as the upfront fees. By 2010 things were really out of control. So the FTC was forced to do something about it. As a result a new law was introduced, offering the debtor substantial financial assurances upon entering a debt settlement scheme.
If you want to hire a legitimate firm you should contact with the relief networks. They have lists of different debt relief firms which are working for the benefit of people. Big relief networks like Better Business Bureau and The Association of Settlement Companies, have members which are highly qualified and have a good history background of debt negotiations. Moreover they provide rating of their members so that consumers can get a clear picture when choosing their desired debt relief firm. With the help of debt relief networks you can easily differentiate between a real debt relief firm and a counterfeit.
What are the consequences of changes in the credit card debt relief legislation? As a consequence of the changes to the credit card debt law, the debtor can now sign up to a credit debt settlement scheme without any fear of being ripped off by their credit debt relief company. On another level it also means that credit debt relief companies are now more cautious about who they take on board for a debt settlement program. This may well be a good thing since you would obviously like to think that a debt settlement organization would only take your case on if they thought that some level of success could be achieved. Unfortunately, the credit debt relief industry is filled with misinformation. This is largely due to commission hungry organizations and individuals who will feed you any hype in order to get you signed up to their debt settlement program. Such claims, as the ones mentioned earlier, don't help because they cause confusion. In reality, debt settlement is a great form of credit debt relief for a certain kind of debtor. But it does not suit every debtor.
If you are not confident talking to your creditors or if you aren't having much luck with them, you may want to consider using a credit counseling service to help you get some debt relief. A credit councilor will work with you and your creditors to lower the interest you are paying and make your monthly repayments more manageable. Additionally, a credit counseling service will teach you how to budget. Some credit counseling agencies give their customers the option to pay money to them each month and have their debts paid on time by the credit counseling company.
If you have credit cards or other unsecured debt over $10k you will be eligible to eliminate up to 70% of this through a credit card debt settlement. CreditCardDebtNegotiations.com will provide legitimate debt relief help and free counseling for consumers. They are one of the largest and most respected debt relief networks on the marketplace and can help you eliminate unsecured debt.
Let's get one thing straight here. There is no Obama credit card debt relief bill, nor is the government going to underwrite any of your debts. In reality, back in September 2010 the Federal Trade Committee (FTC) made some interesting changes to the law in an effort to counter the abuses in which some companies were participating. Some debt relief companies where charging substantial upfront fees and then under-delivering on the relief element. As there were so many people signing up to debt settlement programs some of the companies simply accepted everybody's case, even if there was no hope of making a good settlement. They did this was because regardless of the end result the settlement company would receive payment. Indeed in some cases they even dragged out the settlement process and made substantial profits by charging the debtors servicing charges, as well as the upfront fees. By 2010 things were really out of control. So the FTC was forced to do something about it. As a result a new law was introduced, offering the debtor substantial financial assurances upon entering a debt settlement scheme.
If you want to hire a legitimate firm you should contact with the relief networks. They have lists of different debt relief firms which are working for the benefit of people. Big relief networks like Better Business Bureau and The Association of Settlement Companies, have members which are highly qualified and have a good history background of debt negotiations. Moreover they provide rating of their members so that consumers can get a clear picture when choosing their desired debt relief firm. With the help of debt relief networks you can easily differentiate between a real debt relief firm and a counterfeit.
What are the consequences of changes in the credit card debt relief legislation? As a consequence of the changes to the credit card debt law, the debtor can now sign up to a credit debt settlement scheme without any fear of being ripped off by their credit debt relief company. On another level it also means that credit debt relief companies are now more cautious about who they take on board for a debt settlement program. This may well be a good thing since you would obviously like to think that a debt settlement organization would only take your case on if they thought that some level of success could be achieved. Unfortunately, the credit debt relief industry is filled with misinformation. This is largely due to commission hungry organizations and individuals who will feed you any hype in order to get you signed up to their debt settlement program. Such claims, as the ones mentioned earlier, don't help because they cause confusion. In reality, debt settlement is a great form of credit debt relief for a certain kind of debtor. But it does not suit every debtor.
If you are not confident talking to your creditors or if you aren't having much luck with them, you may want to consider using a credit counseling service to help you get some debt relief. A credit councilor will work with you and your creditors to lower the interest you are paying and make your monthly repayments more manageable. Additionally, a credit counseling service will teach you how to budget. Some credit counseling agencies give their customers the option to pay money to them each month and have their debts paid on time by the credit counseling company.
If you have credit cards or other unsecured debt over $10k you will be eligible to eliminate up to 70% of this through a credit card debt settlement. CreditCardDebtNegotiations.com will provide legitimate debt relief help and free counseling for consumers. They are one of the largest and most respected debt relief networks on the marketplace and can help you eliminate unsecured debt.
About the Author:
Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Why $5,000 Personal Loans Can Be Secured In Spite Of Blemished Credit You have full permission to reprint this article provided this box is kept unchanged.
No comments:
Post a Comment