Settlement Companies In Virginia
tko
Rep Points:
Posted on November 3, 2009 at 3:17 am
hey destroydebt, I heard that an attorney in West Virginia filed a suit against a debt settlement company from Texas..how's this possible? What's the story?
Posted on November 3, 2009 at 3:19 am
Settlement companies in Virginia:
You meant this?:
"Although debt settlement services are unrestricted in some states,
West Virginia’s law regarding debt settlement only permits for-profit companies to charge a fee of two percent of the payments made by consumers. In his complaint, McGraw is alleging that Able Debt Settlement was charging more than the two percent fee allowed by state law and not settling debts."
Posted on November 3, 2009 at 3:30 am
Settlement companies in Virginia:
Or did you mean this?:
(West Virginia Atty. General)
McGraw’s office began investigating the debt relief industry in 2005 after receiving numerous complaints from consumers who were exploited by unscrupulous debt relief companies that charged exorbitant fees. McGraw’s office has determined that one of these approaches, called “debt settlement,” does more harm than good for consumers and, in fact, is
unlawful here
unless carried out by a lawyer licensed to practice law in West Virginia.
Posted on November 3, 2009 at 3:31 am
How do those news affect the settlement companies in Virginia and the debt settlement industry as a whole?
Posted on November 3, 2009 at 3:34 am
How do those news affect the settlement companies in Virginia and the debt settlement industry as a whole?
I think a related question, one that may answer that too, is:
What can the consumer do to ensure that he/she is using a reputable debt settlement company?
Posted on November 3, 2009 at 3:49 am
What to look for in settlement companies, not just in Virginia, but as a whole:
-The settlement company's program must have a fast completion time. 12-36 months.
-The program must be able to protect and improve the consumer's credit standing.
-Must be a member of the Better Business Bureau, BBB, for at least 5 years.
-Must also have a good standing with the Chamber of Commerce
-A Member of TASC - The Association Of Settlement Companies and the IAPDA or the International Association of Professional Debt Arbitrators
Posted on November 3, 2009 at 3:55 am
Be sure to check them out here:
Legitimate debt relief company - debt settlement - where to find them online:
Better Business Bureau BBB www.bbb.org
TASC www.tascsite.org
USOBA www.usoba.org
IAPDA www.iapda.org
Posted on November 3, 2009 at 4:07 am
I agree with those posts however those guidelines do not guarantee a successful settlement for the consumer. The consumer's situation and the company's program/character must match.
Whether you are looking for settlement companies in Virginia or elsewhere - please feel free to fill out a form here at destroydebt.com and get matched up to the right program/company. It is free of charge.