The most hotly-contested aspect of the pending debt settlement legislation is the advance fee ban. Proponents argue that payment for results is the only way to protect consumers, but those in the industry know that holding all fees until the end of a typical three-year process is unrealistic for any business model.
However, if an advance fee ban is passed, it won’t just be debt settlement companies that suffer.
If debt settlement were eliminated, an entire faction of the public – those who do not qualify for credit counseling or bankruptcy, or who refuse to enter such programs for one reason or another – would be without a debt relief option. Although debt settlement should be weighed heavily as a last resort to avoiding bankruptcy, it is a viable option for getting out of debt for many consumers, especially when handled by a transparent, reliable and accredited company.
If your family is considering any type of debt relief option, including credit counseling, debt settlement or bankruptcy, do your homework first. Do some online research and hold several conversations with the company itself to make sure all of your questions are answered and that you feel comfortable moving forward with a well-articulated plan for debt reduction and elimination. These red flags are good warning signs that a company may not be operating in your best interest.
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