An article published last week titled “How the Financial Reform Bill Could Affect Debt Settlement,” posted by Credit.com, provides the most balanced look at pending debt settlement regulation that we’ve seen.
The article’s overview of how the bill addresses disclosures and fee structures are written from the perspective that, while there are many “bad actors” that desperately need to be regulated, there are also many best practice-driven providers that might be aversely affected by some of the bill’s measures.
Specifically, the inclusion of an “advance fee ban” measures concerns USOBA and the debt settlement industry the most. Few industries and few companies have the luxury of providing service in full before any payment is made, particularly when you consider that the average debt settlement program is typically ~3 years long. A more realistic, yet still consumer protective, arrangement would be to allow debt settlement companies two method of fee collection – a “pay as you go” model or a “strict savings” model, rather than the proposed contingency model.
Ultimately, the idea is to strike a balance that allows debt settlement companies to be compensated for ongoing work, allowing them to fully complete the service of negotiating a lower debt amount with creditors.
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Thanks, Tyler!
Thanks for the interesting post! May I ask where you get your sources from?
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