Debt Settlement Consumer Protection Act - Giving Consumers A Good Option For Debt Relief
Over the last few years, the ratio of bankruptcy has reached to its ultimate limits.
People are filing for it in order to get quick and fast recovery from the burden and stress of bad debts.
Though bankruptcy is a legal way for the elimination of debts but since it holds more negative aspects than positive one, it is advisable that a person should avoid this option as much as he can.
The American government has introduced debt settlement deals in the markets.
With the help of these deals, a person is able to get rid of the liabilities in a very short span of time.
Although settlement programs are really helpful for people but still people are preferring bankruptcy over debt settlement.
The Main reason for this is that people are afraid of coming across the scam by fake and fraudulent settlement companies.
These companies will bring more financial troubles to the person's life rather than helping taking him out from the misery circle of loans.
The fake companies charge their services fees in advance and then they never contact the creditors.
in the end, they tell a person that the process of settlement did not went successful and if the person asks for the money back then these companies simply tell them that the money was non refundable.
Due to these illegal practices, people started losing their confidence and belief over the business of debt settlement.
In order to bring back people's trust, the federal trade commission has made debt settlement consumer protection act.
This act is basically giving security to the people.
The new settlement act clearly says that negotiation/settlement firm is not legally accountable for asking the service fees in advance.
The company is liable for asking the fees only after delivering the services successfully.
After the settlement act, people are now selecting debt settlement with more confidence and faith.
They are now feeling more secure and safe in taking help of the settlement companies because now they are assured that company will not take the money in advance and will really work for their benefits as only in this way they are able to get their fees.
People are filing for it in order to get quick and fast recovery from the burden and stress of bad debts.
Though bankruptcy is a legal way for the elimination of debts but since it holds more negative aspects than positive one, it is advisable that a person should avoid this option as much as he can.
The American government has introduced debt settlement deals in the markets.
With the help of these deals, a person is able to get rid of the liabilities in a very short span of time.
Although settlement programs are really helpful for people but still people are preferring bankruptcy over debt settlement.
The Main reason for this is that people are afraid of coming across the scam by fake and fraudulent settlement companies.
These companies will bring more financial troubles to the person's life rather than helping taking him out from the misery circle of loans.
The fake companies charge their services fees in advance and then they never contact the creditors.
in the end, they tell a person that the process of settlement did not went successful and if the person asks for the money back then these companies simply tell them that the money was non refundable.
Due to these illegal practices, people started losing their confidence and belief over the business of debt settlement.
In order to bring back people's trust, the federal trade commission has made debt settlement consumer protection act.
This act is basically giving security to the people.
The new settlement act clearly says that negotiation/settlement firm is not legally accountable for asking the service fees in advance.
The company is liable for asking the fees only after delivering the services successfully.
After the settlement act, people are now selecting debt settlement with more confidence and faith.
They are now feeling more secure and safe in taking help of the settlement companies because now they are assured that company will not take the money in advance and will really work for their benefits as only in this way they are able to get their fees.
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