"Debt Settlement Programs 2010"
Debt Settlement Programs 2010 How New FTC Laws Make Debt Settlement a More Consumer- Friendly Alternative By Michael Baker Debt Relief Help Now The Federal Trade Commission imposed new laws on the debt settlement companies for debt relief in July, 2010. According to these new laws, the consumers don’t need to pay the monthly amount of debts. These new laws banned the companies from charging any penalty or liability on the consumer. In the past, consumers were filing bankruptcy for the debt relief which was not a good alternative for their financial life. Under the new FTC laws, the debt settlement programs are more consumers friendly. debt settlement has become best option to filing bankruptcy. A consumer with the assistance of debt settlement company can easily get rid of the large amount of unsecured debts and improve the credit scores. The Federal Trade Commission implemented these laws for the benefit of both the debtor and the creditor. The government has announced the implementation of these laws on the profitable debt settlement companies in the year 2010. These new rules and regulations are not applicable for the non profitable debt settlement companies. The consumers who have settled their debts under these new programs are feeling more satisfied. The legitimate debt settlement companies have also appreciated these new laws. The companies will no longer charge any advance fee on the consumer according to the new rules and polices. These companies will charge the fee when the debt of the consumer will get settled. There were many shady and fraudulent companies working in the past. Those companies were just grabbing the consumer money. This risk of deception is now eliminated with the help of new programs. The shady companies are now forced to get out of the market. The new Federal Trade Commission laws have claimed that the companies will only be able to retain and survive for the long term if they are saving the consumers debts. Consumers having ten thousand dollar in debts can easily apply for the debt settlement with the help of settlement companies. These programs involve legal procedures and practices with the legal representative in the process. There is negotiator in the process of debt settlement. A negotiator is a person who negotiates with the creditor on behalf of the consumer. He helps to reduce the debt of the consumer to almost 50 to 60 percent. This reduction in the debt is not able to get without the assistance of the negotiator. Finding the legitimate debt settlement company and avoiding the shady company is also become an easier process now. There are many free debt relief networks working for providing consultancy to the consumer. These networks are affiliated with several legal debt settlement companies. You can easily find the best suitable legitimate company to get services. Under the new laws, you can easily settle the unsecured debts of the credit cards without any financial risk and trouble. If you would like more information on receiving debt relief, please visit Debt Relief Help Now and we can help guide you to reducing your debt.