Debt Relief Frauds - How New Legislation Watches Out For Consumer Seeking Debt Relief

If you are in debt and you are looking to get into debt settlement

, you are very likely to come across a fake company or a con. This used to be the case and many consumers lost a lot of money in fake deals and so the government was forced to change something and make it more legitimate so that consumers can avoid such cases in the future. There were a few changes that made debt settlement easier but not all of them were meant to make it more legitimate and you could still find a fake company each time you search online. Debt settlement seemed to become easier to use and more consumer friendly and the lies and fake advertise made it seem even better and more consumers fell into this trap. Although there were legitimate companies, these were harder to find and while they promised what they can achieve, this didn't seem as good as what the fake companies promised. The main idea was that every company asked for fees in advance but the fake ones used to disappear after they took it or they didn't pay any attention to your case even though they took your money. This had to stop and the government decided to make a new law regarding this fact.

New legislation clearly states that every debt settlement company can only ask for the fees after they are done with the negotiations and after they settle the debt. They can't take your money in advance and you know exactly what you are paying for when you do. The risk of a con is reduced in a great way and this law doesn't only eliminate fake companies but also those that are inexperienced and threat your debt with no interest and are just after your money; these companies can be just as worse as the fake ones but they can't be shut down that easy. Now they too will struggle and will eventually be forced to close their doors and only leave the strong and legitimate debt settlement companies to function and continue to offer help for consumers that seek debt relief.

Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.

Debt Relief Frauds - How New Legislation Watches Out For Consumer Seeking Debt Relief

By: coleman stump

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