Federal Debt Relief Laws - How New Laws Make Debt Settlement More Effective And Easy?
No wonder that the recent Federal Debt Relief laws passed by the US government have been the cause of the sudden boost of the debt settlement industry.
This batch of laws has helped to make this industry a more legitimate and an authentic way of eliminating unsettled dues.
In the aftermath of the global economic recession, many defaulters approach debt settlement companies with high hopes of getting their debts settled.
But due to the malpractices of this industry, many consumers were left with nothing.
So many complaints were recorded, so that the Federal government of US started to make new laws to ensure the safety of the consumers who approach the settlement companies in their desperation.
Let us examine these laws and their significant role in debt settlement programs! Couple of years ago, the debt clearance industry functioned as not for profit organizations.
They arose with the noble motif of providing free credit counseling for the consumers who struggle to reduce their debts.
But, gradually this service became an industry due to its high demand.
Many companies who appear as debt settlement expertise used to pop up from every corner of US.
In fact, they consisted of both fake as well as of genuine companies.
For example, it is normal, if a person eliminated his debts through such a program, that he would convince his colleagues too.
Imagine! If the company he selected is not a genuine one, the second person also has to suffer a loss.
Thus, in the past, approaching a debt settlement company was entirely a matter of luck.
Good if you have selected a genuine company, if not that can make your life worst.
This situation has changed upside down thanks to the F.
T.
C.
According to the new laws, the consumer is not bound to pay even a dime if the settlement company is unable to complete the negotiation successfully.
If you did not get the desired amount of discount, you can ignore the settlement company.
But at the same time, the consumers should be wise enough to demand a fair amount of discount depending on his balance.
This batch of laws has helped to make this industry a more legitimate and an authentic way of eliminating unsettled dues.
In the aftermath of the global economic recession, many defaulters approach debt settlement companies with high hopes of getting their debts settled.
But due to the malpractices of this industry, many consumers were left with nothing.
So many complaints were recorded, so that the Federal government of US started to make new laws to ensure the safety of the consumers who approach the settlement companies in their desperation.
Let us examine these laws and their significant role in debt settlement programs! Couple of years ago, the debt clearance industry functioned as not for profit organizations.
They arose with the noble motif of providing free credit counseling for the consumers who struggle to reduce their debts.
But, gradually this service became an industry due to its high demand.
Many companies who appear as debt settlement expertise used to pop up from every corner of US.
In fact, they consisted of both fake as well as of genuine companies.
For example, it is normal, if a person eliminated his debts through such a program, that he would convince his colleagues too.
Imagine! If the company he selected is not a genuine one, the second person also has to suffer a loss.
Thus, in the past, approaching a debt settlement company was entirely a matter of luck.
Good if you have selected a genuine company, if not that can make your life worst.
This situation has changed upside down thanks to the F.
T.
C.
According to the new laws, the consumer is not bound to pay even a dime if the settlement company is unable to complete the negotiation successfully.
If you did not get the desired amount of discount, you can ignore the settlement company.
But at the same time, the consumers should be wise enough to demand a fair amount of discount depending on his balance.
Source...