how to find an honest debt consolidator
Date: Mon, 10/11/2010 - 07:06
Quote:Originally Posted by anonymousi was told by one debt conso
Quote:
Originally Posted by anonymous i was told by one debt consolidator to wait until the end of october to do debt consolidation because the laws are changing does this have to do with andrew como's investigation into debt consolidation |
how do i find an honest debt consolidator in my area
Hello Teresa, No, it has to do with the FTC passing an ammendme
Hello Teresa,
No, it has to do with the FTC passing an ammendment to the TSR, which will ban all debt settlement companies from charging upfront fees. So whoever gave you that advice seems to be looking out for you. There is a big push for many of these debt settlement sales people to enroll as many people as they can before the Oct 27th deadline so that they can charge all of their fees upfront.
Damon, many states already have laws that protect from the upfro
Damon, many states already have laws that protect from the upfront and otherwise high fees. DS companies already ignore the state laws, I suspect the worst offenders will ignore the new FTC rule as well.
Bah, the state laws are mostly toothless and weak. Where they ar
Bah, the state laws are mostly toothless and weak. Where they are strong, most DS companies stopped serving there (which is why very few actually service all 50 states).
Secondly, the new Dodd-Frank Bill has given the FTC much stronger powers of enforcement, which they did not really have before. It now becomes even more imperative for people to properly file complaints with the FTC if they are getting ripped off.
The new TSR rules are wonderful, and it's about time. Now DS companies will have a much more difficult time ripping people off.
I suppose, though, just like another bottom-feeder industry - payday loans - many of them will just relocate oversees and continue to attract the gullible.
