Posted on March 2, 2010 at 2:37 am What were the laws for debt relief? -Are there new laws for debt relief?

Posted on March 2, 2010 at 2:49 am What were the laws for debt relief? -Are there new laws for debt relief?- I am notsure what the laws were or if they've been revised ..were you referring maybe tolaws on debt collection? Or bankruptcy?

Posted on March 2, 2010 at 3:34 am What were the laws for debt relief? -Are there new laws for debt relief? - I think I agreewith the previous reply, you might be referring to collection laws? If so - you mayread about them here http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm

Posted on March 2, 2010 at 3:54 am Or if you meant new bankruptcy laws - the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 you may read more here -http://www.uscourts.gov/rules/interim.html

Posted on March 2, 2010 at 4:22 am Or in context, if you are wondering about the new laws on debt relief - you you could be referring to the change of mindset - by the creditors. It used to bethat they are very opposed to a third party debt relief agency - but with therecession - that's changed. I think that they've always known that it's betterto get a portion of the debt rather than nothing - but up until the economic crisis -they felt like they'd rather collect on the full amount. Even to the point ofsuing their clients for it.

Posted on March 2, 2010 at 4:24 am I agree, some of the creditors still sue their clients before the account charges off(before the 5th and 6th month of non-payment) but I guess those are reservedfor really big debt amounts (?) Nowadays, I think most creditors are happyto settle with 75% of the debt or let the account charge off.

Posted on March 2, 2010 at 4:34 am Vivian, I'm not sure what you mean, but this is probably a good site to visit if you have questions regarding debt relief laws http://www.ftc.gov/bcp/menus/consumer/credit/debt.shtm.

Posted on March 2, 2010 at 4:59 am Speaking of debt relief - there are states that have laws prohibiting/restricting professional debt relief -and they are - GiorgiaIdahoKansasMaineMississippiMinnesotaNorth and South CarolinaUtahWisconsin

Posted on March 2, 2010 at 5:39 am Are there new laws for debt relief? - not that I know of, but thereis a new law for credit card companies called  the Credit Card Accountability Responsibility and Disclosure Act of 2009 - which is effective now: The law is about:-credit card companies giving consumers 45 days before they can up the interest rates.-the consumer's payment must first be applied to the highest interest rate balance./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 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.