subject: Debt Settlement Programs - The FTC Offers More Consumer Protections for the Debt Relief Industry [print this page] Debt Settlement companies are the companies which helps consumers in the settlement of the debt. Consumers who take step into such debt settlement programs have no more to get tensed or stressed any more. These programs help to save hundreds or thousands of bucks. Under new rules, these programs are have minimized the troubles of the consumer with debt relief industry.
FTC laws are the Federal Trade Commission laws. When these laws were not formulated by the government, consumers were facing a lot of problems regarding their debts. FTC laws are developed on the basis of the interest of the consumers. FTC laws are beneficial for both the creditor and the debtor. These laws claim that consumer's are not forced to pay an upfront fee until their debts get settled.
FTC offers more consumer protection for the debt relief industry. The relief industry purpose is the protection of interests of the consumer. Federal Trade Commission is offering consumer protection thus saving the settlement companies from monetary losses as well. Thus these laws are serving for both parties. These laws are providing more feasibility to such settlement companies by providing more consumer protection.
In reality, Federal Trade Commission main concern is the protection and safety of the consumers in many terms. FTC laws forbid the debt relief industry to charge fee until the relief service is provided to the consumer by them. FTC demands revelation about debt relief service offered to the consumer in perspective of more consumer protection. FTC gives more protection to the consumer by avoiding falsification and other such offensive practices by the debt relief industry.
These FTC laws require debt settlement industry to constantly negotiate with the consumer about every aspect. The laws say that companies should negotiate about total outstanding balance and the period of time at which consumers would be able to take into account the difference in their debts.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.
Debt Settlement Programs - The FTC Offers More Consumer Protections for the Debt Relief Industry
