subject: Government Debt Relief Help - How New Federal Laws Make Debt Settle Legitimate [print this page] Government Debt Relief Help - How New Federal Laws Make Debt Settle Legitimate
We all are aware of the fact that because of the illegal practices of the fraudulent settlement firms, the people suffering from huge debts are unable to trust the debt settlement option for the elimination of their liabilities. Therefore, people have started to avail bankruptcy. The fake companies always used to charge heavy amounts from the consumers in order to provide debt relief. But in reality, these firms don't have the ability to provide any help to the debtors in this regard. They simply used to take money and tell consumers that the creditors are not willing to negotiate and they want full recovery of their loans.
It is important for you to know that actually these firms never take up your case to the lenders. Due to this, your creditors keep on sending you notices for the recovery of their money. As people are not left with any money, they usually give up and file for bankruptcy to get rid of the stress and frustration.
For the solution to this problem, the Federal Trade Commission (FTC) introduced new laws that devise the existing settlement offer. These new laws are not only proving to be beneficial for the consumers and creditors but they are reviving the debt industry too. According to these laws, a legal settlement firm cannot ask for the upfront fee before providing the desired results. Therefore, they are only able to get their service charges after the success of the settlement. Because of this restriction, all the illegal companies have started to vanish from the debt industry as they don't have any skills to solve the problems of the people. Only professional and the legitimate firms are capable of providing a successful elimination to the debts of a borrower.
Moreover, the reliable firms always have backup capital to solve the loan issues of the people but the fraudulent companies do not possess enough capital to solve the issues of the borrowers. The efforts of the FTC have once again helped the settlement deal to flourish in the markets and regain the lost trust. Therefore, if you have debts of $10,000 or more then you should readily avail the benefits of this option
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.
