What REALLY is the new FTC regulations?
Date: Tue, 06/16/2009 - 17:30
I have been told by a couple of my creditors I am working out settlements with that 'their hands are tied because of the new FTC regulations', or that they can't offer a lower settlement because of the FTC, etc. Can someone please tell me where I can find more information on these regulatory changes? I have heard similar stories from BofA, Chase and Cap1.
Thanks.
Thanks.
No, as far as I know, there is no such permissible lower limit f
No, as far as I know, there is no such permissible lower limit fixed by the Federal Govt below which the creditors cannot settle the debt. There are instances where the creditors have even settled for 20% of the outstanding debt amount. It all depends on the creditor. The creditor usually starts with a high settlement (say 60%) and then slowly lowers the settlement amount to 30-35% in case they find that the debtor is not able to pay back and may file bk.
