Federal Trade Comission
Date: Fri, 08/28/2009 - 18:17
No upfront fees, disclosures, etc. Debt settlement as we know it will be dead soon.
can you share some more information with us? I'm sure everyone w
can you share some more information with us? I'm sure everyone would be interested in knowing the details.
SC, The FTC is proposing changes to the existing TSR that will
SC,
The FTC is proposing changes to the existing TSR that will curb much of the abusive practices in the settlement industry. It is being done through rule making which is typically a 2-2 1/2 year process. They are about half through the process.
The rules, as proposed, may not be the final version. Even if they wind up being exactly as proposed, it will be "CROA Light".
Public commentary is open for another 3 or 4 weeks. There will be a work shop in DC on Nov 4th that is open to the public as well.
The rules that will ultimately be passed will likely not be known for another 12 months.
Check out all 150 some pages on the FTC website.
I agree with Truth. It will be very different.
Mileage may vary
Federal Trade Commission
What is good is that some Debt Settlement companies are beginning to phase in no upfront fees.
When they settle a debt and the fees are not all collected, they redo the calculator to back out the settled debt.