Posted on July 16, 2009 at 5:05 am Is that a debt settlement law from the government? What's a debt settlement act exactly?

Posted on July 16, 2009 at 5:08 am I'm not sure but I think that it's an association of credit counseling agencies and debt settlement companies that acts as a regulatory body for its members? And at the same time, a place for consumers to complain or review their services?

Posted on July 16, 2009 at 5:14 am It maybe is..and that's because the history of consumer credit counseling and debt settlement services is somewhat murky. There have been reports of abusive practices in many states as well as efforts to counter those abuses. Which are bad for the credit counseling and debt settlement industries. Like for example, there were accusations of consumer credit counseling and debt settlement services steering away the consumers or influencing them to not file bankruptcy when it may have been more advantageous for them and less costly. State legislators have struggled to find legislative solutions but the industry remains unregulated in most states until the Debt Management Services Act (UDMSA) which is the national administration of consumer credit counseling and debt settlement services.

Posted on July 16, 2009 at 5:17 am In addition the said act is not just for debt settlement companies..it is for credit counseling agencies too--it provides a comprehensive statute that has rules for, registration requirements, bond requirements, certification requirements, disclosure requirements, and penalties for non-compliance.

Posted on July 16, 2009 at 5:18 am how's that different from TASC?

Posted on July 16, 2009 at 5:24 am TASC is non-government and is a non-profit organization that promotes fair business practices, consumer protection and high industry standards for the debt settlement industry. Membership to which means compliance to the organization's bylaws. Those laws encourage members to provide the highest standards in their services and to ensure consumer confidence in both their company and the debt settlement industry.

Posted on October 12, 2009 at 4:03 am Is there really an official Debt Settlement Act?

Posted on October 12, 2009 at 4:06 am You know it's weird, I don't think there is ...apart from what x and y said, (UDMSA) http://www.udmsa.org/There is another monitoring board though, the FDCPA http://www.ftc.gov/

Posted on October 12, 2009 at 4:09 am Well, what's the idea behind the debt settlement act?

Posted on October 12, 2009 at 4:12 am I am not entirely sure about this but I think that the idea behind the debt settlement act is to limit if not prevent abuses on all sides (creditors/collection agencies, consumers, and the debt relief industry)That, or to give the consumers the opportunity to sort out their debts.