If you are one of a defaulter to a credit card company you will love the Consumer Protection Act. In July, 2010 Obama's government and Federal Trade Commission formulated this act to save the debtors from being scammed.
Online PR News – 07-November-2010 – – If you are one of a defaulter to a credit card company you will love the Consumer Protection Act. In July, 2010 Obama's government and Federal Trade Commission formulated this act to save the debtors from being scammed. Due to this act you can settle your credit card debt according to your comfort without fearing the swindle from the settlement company.
Before implementation of this law many fraudulent relief corporations weren't fulfilling their promises. They were simply calling consumers back after sometime to inform that the creditors wouldn't agree to the terms. They wouldn't even pick up the phone and call the creditor; they would just keep the fee they charged you in advance. If you ask them about your money they will simply tell you that it was non-refundable. That's why the FTC is now onslaught for those scammers who look to plunder the innocent Americans.
After this act being put into practice the settlement companies cannot charge you in advance. Now you can call a settlement company and expect results. If they don't give you the results you don't have to pay. The best thing about settlement program is that if the creditor does not agree to negotiate, you don't have to pay him a penny!
The government has also implemented some other bonus schemes for the creditors to encourage them to offer debt settlement programs. In fact these lending organizations are getting money and relief in taxes for helping the consumers.
Consumer Protection Act has helped the consumers a great deal to get rid of their debt by opting for debt settlement rather than for bankruptcy. This way the consumers avoid the negative effects of bankruptcy on their credit score while eliminating his debts.
Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.
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