Posted on
November 18, 2009
at
11:54 pm
I hear that in the state of Colorado a certain debt settlement law was enforced? Can you tell me more abt that please?
Posted on
November 19, 2009
at
12:46 am
The Colorado debt settlement law is also known as the Uniform Debt Management Services Act, or the UDMSA. What's special about the state of Colorado was that it was the first area to enforce this Act. The primary purpose of this law is for debt relief companies such as debt settlement services and credit counseling organizations to create a unique distinction amongst themselves. This particular law ensures that consumers will not have to pay for very high fees in services rendered to them, and as such, prevent them from losing more funds to pay their creditors.
Posted on
November 19, 2009
at
1:39 am
You can also be assured that because of the Colorado debt settlement law, you won't be losing any more money because of identity theft or incidences of employee dishonesty. If I am not mistaken, the UDMSA requires debt management firms to have insurance or surety bonds for their clients. Kindly verify this please.
Posted on
November 19, 2009
at
2:13 am
You said something about fees. How much are debt settlement companies eligible to charge according to the Colorado debt settlement law?
Posted on
November 19, 2009
at
2:26 am
How much are debt settlement companies eligible to charge according to the Colorado debt settlement law?They can charge up to 18% of the total debt balance. I'll have you know--most legitimate debt settlement companies charge only 15% of the balance as a service fee. The payment duration of the fee cannot be less than half of the estimated program length. For example, if the program duration is 12 months, your debt settlement provider cannot charge you at the fourth month of your enrollment in the program.
Posted on
November 20, 2009
at
1:47 am
Given the Colorado debt settlement law, so there is a chance that I can work with a non-profit settlement company...right?
Posted on
November 20, 2009
at
10:10 am
There are only a select few Debt Settlement companies that can still do Debt Settlement in Colorado as well as a handful of other states.Wondergirl is pretty much exactly on point with her information so listening to her is a good idea. I'm not exactly sure about the non-profit debt Settlement companies personally because I am skeptical about most debt settlement companies due to all the problems in the industry and with each attorney general constantly changing the laws regarding debt settlement
Posted on
November 23, 2009
at
1:17 am
There are no non-profit debt settlement companies. All of these organizations are for-profit.
