Has Anybody Heard Of Federal Debt Settlement?
Posted on June 29, 2009 at 11:10 pm
what is it about?
ck
Rep Points:
Posted on June 29, 2009 at 11:14 pm
another one of those scam debt settlement agencies.
Posted on June 29, 2009 at 11:18 pm
I don't completely agree with ck, that it is a scam agency, because I haven't really heard of them, but my comment is that Federal Debt Settlement could be just a concept or a method of paying off debts. It's not attached to a government bill or law.
Posted on June 29, 2009 at 11:20 pm
where do they get these ideas? there's just a lot of them nowadays. i hate capitalism.
Posted on June 29, 2009 at 11:26 pm
putting the words federal and debt settlement together is a clever idea. when people hear federal, they think "credible," or it is from the government, at least it's somewhat trustworthy. Add the word debt settlement to it, and you'll get a number of consumers who are desperate to get out of debt paying attention to it. sometimes it's not even the consumers who are calling them for debt relief. they contact the consumers...maybe that's why ck said that that's a scam.
Posted on June 29, 2009 at 11:48 pm
If they make it sound like it was from the White House, then they'd get a lot of customers, I assume.
I googled those words and came up with a bunch of debt relief companies. So there is no such thing as "Federal Debt Settlement."
There is, however, a Credit Card Accountability, Responsibility and Disclosure Act of 2009 which would be effective 8 months from now. That one is official.
Posted on June 30, 2009 at 12:38 am
what's that about? and how would you know if a company is a scam or legitimate?
Posted on June 30, 2009 at 12:42 am
the Credit Card Accountability, Responsibility and Disclosure Act imposed the following rules on credit card companies:
-Interest rates: If the consumer's payment is 60 days late, the credit card company can increase the rate.
-Penalty fees: Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Banks may not charge late fees if they were also late in crediting a payment.
-College students: Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.
and you can check the company with the BBB. if it is not there, chances are it's not as good as the ones that are on the list.
Posted on July 29, 2009 at 3:37 am
Another way to check if the debt settlement company is good or legitimate is to to check if they are a member of TASC ( http://www.tascsite.org) The Association of Debt Settlement Companies
Posted on July 29, 2009 at 3:40 am
Nowadays when you hear "Federal" attached to debt relief concepts, beware. If anything is from the government they would formally declare or announce it--there would be a press release.
Anyway, just to add to what blur has said, you also need to find out if the debt settlement company is certified and accredited by the International Association of Professional Debt Arbitrators. That group has a solid understanding of the laws in the debt settlement industry.
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