Private Debt Solutions Bankruptcy Alternative
reduce debt

April 2, 2009

The United States Federal Trade Commission (FTC) Commissioner J. Thomas Rosch shared his views about debt settlement and discussed his thoughts on options available to the FTC and to the debt settlement industry to improve practices.

On the heels of FTC congressional testimony on consumer protection issues and the debt relief industry, Commissioner Rosch acknowledged that, "Debt settlement can provide some real benefits for consumers."

"For example, a debt settlement firm can advocate on the consumer's behalf, especially in cases where consumers are reluctant, embarrassed, or even afraid to contact their creditors directly," Commissioner Rosch said to the conference attendees. "A debt settlement firm also may be able to provide individualized attention to consumers, taking a holistic approach to all of the consumer's unsecured debt owed to several creditors, rather than just the amount owed to a particular creditor."
Commissioner Rosch, one of four sitting commissioners on the FTC, offered views on "several industry practices that can be improved – as well as some that I believe should be prohibited." Commissioner Rosch called on debt settlement firms to:
(1) "limit their performance claims to those they can adequately substantiate";
(2) not "misrepresent the benefits of debt settlement";
(3) "disclose, clearly and conspicuously, the negative impact that participation in a program may have on a consumer's credit score, and how long that impact may linger. This disclosure should not be made only in the written contract, but in the ad itself"; and
(4) "if a debt settlement firm promises to refund debt settlement service fees to consumers if their debt settlement negotiations are unsuccessful, the firm must honor that promise."

Commissioner Rosch also acknowledged that "ultimately, the goal should be that consumers have complete and accurate information about debt settlement, as well as other options such as credit counseling and bankruptcy, before they choose a course of action."

Click here to read the entire speech.
Name:
Phone:
Call Time:
Email:
State:
Debt $:
$5,000 min.

©2006 Private Debt Solutions, All rights reserved. We are your number one Credit Card Debt Solution. Site Designed by GC Marketing Group.

The information contained here is provided as a source for information only and it should not be considered legal advice. Please consult you lawyer with specific questions about bankruptcy and the law.

* Results may vary based on individual circumstances. Settlement estimates of 40 - 60% are examples of Private Debt Solutions’ past performance and are not intended to be a guarantee of future settlement results.

** Private Debt Solutions’ Services are only available in States where current law allows us to provide service.

Private Debt Solutions does not provide legal, tax or investment advice. Private Debt Solutions does not assist in the repair, modification, improvement, extension or correction of credit entries or reporting. Private Debt Solutions provides Debt Settlement Services privately. Some of the buzz words associated with Debt Settlement are: Debt Relief Services, AZ Debt Help, Debt Relief Company, Credit Card Debt, Avoid Bankruptcy, Alternative to Bankruptcy, Debt Help, Debt Negotiation.