subject: New Debt Settlement Regulations - Know Your Rights With Debt Settlement Programs [print this page] New Debt Settlement Regulations - Know Your Rights With Debt Settlement Programs
When you are buying cars, do you buy one built in someone's garage or do you buy a name brand car. You buy the name brand car because you simply can not take any chance with your safety or the safety of your loved ones. In the same way it is vital to pick the right debt relief company. Under the new law the consumer must not let their bank account balance reach zero. If the account balance reaches zero then you are in default on your settlement. Financial companies are required to now be very accountable - and have all information at hand, and that only works to your advantage.
Counterfeiters who took the jobs and never did any work should be stopped under this new law. Under the old plan you could loose a lot of money and have nothing left. When a consumer hires a settlement firm, the firm has to organize his financial documents and related paperwork. If the consumer defaults on the settlement the company does not get paid for this service - therefore this should protect you from a great bunch of possible cons.
Consumers were also given new access to the funds set up in the dedicated account used to pay their bills. The money must be held in an FDIC account and it must be in your name. The money is perfectly secured.
Now you know your consumer rights so go ahead and act with confidence - all you have to do is trust what you already know.
Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.
Check out the following link for free help from a certified debt relief specialist:
