subject: FTC Plays Watchdog To Debt Settlement Firms, Helping Consumers Save Money On Debt Relief [print this page]
The economy is under the tremendous pressure in current slow down and the recent time the creditors are giving the debt settlement to their costumers. Many new debt relief firms came into the existence to make quick money by exploiting the market condition. The relief firms are those that help the consumer to get the higher reduction amount. Even some fraud firms opened and which cheat on their costumers. For them it is very easy to trap you. They have to talk to you in the professional manner and show case that they can get you the higher rebate on your unsecured loan amount. You get convinced with them and in turn hire them. This is the point when they will ask big advance from you as their fees for services. They will take advance and vanish. I am not talking about few cases of this sort but any are there.
The government decided to put full stop to such companies and you no need to pay their fees in advance. Once you get the result then only you need to pay them. The government's watch dog that is FTC monitors each and every debt relief firm in the market. But still we need to do some cross check for the firm which we are going to hire. The FTC understands that the debt settlement process involves lot of money and to help the costumers to get the legitimate settlement amount with less cost, they have opened up some firms which provide services for free or almost no cost. This ensures that common men are getting right benefit.
The Government is even giving tax break to the costumers that opt for the settlement instead of the bankruptcy. In this way both creditors and debtors are getting benefit from the settlement. The stimulus money is acting as the cushion for the creditors to recover their loss in the settlement process.
You should have at least ten thousands dollars as unsecured debt to take up the settlement process. The negotiation process will reduce all you liabilities to negligible amount and will save you from the bankruptcy.
FTC Plays Watchdog To Debt Settlement Firms, Helping Consumers Save Money On Debt Relief
