subject: Debt Industry Oversight - How The Government Watches Out For Consumer Seeking Debt Relief [print this page] There are a lot of consumers that seek debt relief on the internet and it seems that most of them are interested in debt settlement. Although this option has some specific requirements that not everybody can fulfill, it seems like debt settlement companies are always busy with new clients. For debt settlement to work, you must have a big amount of debt but also a good reason for it. Your debt must be of over ten thousand dollars and the motive can be something like losing your job or getting paid much less for more work; these situations have become very common after the recession and it seems like things aren't improving as fast as we have hopped.
When you have such big amounts of debt, you have very few money for fees and you can't afford to make a mistake and give them away to a fake company that will soon disappear. You must be careful and check everything twice when you are looking to hire a company. The government watches over this problem and is trying to make the debt settlement industry much more legitimate so that consumers can clear their debt faster but also at lower costs. When you hire a debt settlement company, you don't need to pay anything in advance but just when they are done with the negotiations and they settle your debt for a good amount; only then will you have to pay them for their services and not a minute sooner. This will make it hard for fake companies to con innocent consumers into giving them all their money.
You can still seek debt relief help on the internet but now you will be able to find a legitimate company faster. Also, this new law has made the inexperienced companies to disappear or merge with others ones so that they can survive. Now you can find better prices and the quality of the negotiation has improved as well. As a consumer in debt, you can start clearing it right away and be done with it in a just a few years without damaging your credit score.
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 Industry Oversight - How The Government Watches Out For Consumer Seeking Debt Relief
