Debt Settlement Reform

And the trend continues….
In the coming months, we will likely see more regulation for debt settlement companies.  You can be sure that those companies speaking the loudest against the regulations are most certainly the most egregious debt settlement companies scamming the consumer.
Here are a few articles..

How the Financial Reform Bill Could Affect Debt Settlement

Senator Charles Schumer (D-NY), who previously spearheaded changes in credit card disclosures, is again trying to crack down on abuses in the credit industry. Recently, he introduced The Debt Settlement Consumer Protection Act as an amendment to S. 3217: Restoring American Financial Stability Act of 2010, a.k.a. the “financial reform bill.”
Some predict this legislation could be voted on very soon. We’ll be watching.
The DSCPA would regulate the debt settlement (or “debt negotiation”) industry in two key ways:……to read more click HERE

Debt settlement companies face new rules in Indiana

In a piece for legal information website, law firm Loeb & Loeb LLP said that starting on July 1, debt settlement companies will have to get a $25,000 surety bond. They will also have to present a copy of the bond to the state’s attorney general’s office while making disclosures to consumers in the Hoosier State……….to read more click HERE

Stay tuned. Stay afloat. Wealth and freedom are in your future.

2 thoughts on “Debt Settlement Reform”

  1. There might be some debt settlement companies that try to be as legitimate as possible, but looking at the whole picture and pointing out the obvious negative impacts of working with them is not just fortelling doom and gloom. Most creditors DO NOT work with debt settlement companies of any kind any more. There are more options out there, such as, Credit Counseling Agencies, and, OH!, working with creditors yourself. In my opionion, debt settlement companies should be illegal, or your accounts should already be charged off and with a 3rd party collector already.

    1. You are making some very broad claims here.
      First off, I would like to know how you discovered that most creditors won’t work with debt settlement companies. In my experience, this was not true at all.
      Secondly, my blog specifically deals with gathering information, through research and counseling, and the negotiating directly with the creditor yourself. Consumer Recovery Network is a debt settlement company that teaches you how to do it on your own. In fact, their presidenet Michael Bovee, would rather you do it on your own. The program his company offers is geared toward self help.
      Thanks for your interest in the blog.

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