By Dermot Farrell                                Copyright © 2012   http://www.creditcarddebtsecrets.orgThe Secret Behind ...
If you are facing the necessity of either joining a credit card debt relief program orfiling for bankruptcy, the legal imp...
   The credit card debt settlement company can only charge the debtor a fee       after at least one payment to the credi...
Upcoming SlideShare
Loading in...5
×

How to Get The Credit card debt law Working For You

206

Published on

If you are facing the necessity of either joining a credit card debt relief program or filing for bankruptcy, the legal implications of your actions may well be of concern to you. After all, it is bad enough been in debt without having to think about lawsuits over missed credit card repayments! Thankfully, however, thanks to recent changes in credit card debt law legislation the credit card debt law is actually working for you!

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
206
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

How to Get The Credit card debt law Working For You

  1. 1. By Dermot Farrell Copyright © 2012 http://www.creditcarddebtsecrets.orgThe Secret Behind Credit Card Debt – Copyright 2012 – http://www.CreditCardDebtSecrets.org
  2. 2. If you are facing the necessity of either joining a credit card debt relief program orfiling for bankruptcy, the legal implications of your actions may well be of concernto you. After all, it is bad enough been in debt without having to think aboutlawsuits over missed credit card repayments! Thankfully, however, thanks torecent changes in credit card debt law legislation the credit card debt law isactually working for you!We all know about the possibility of court cases over our unpaid debts, with thepossibility of enforced payments, repossession of possessions and so on. However,the law is not always against us, and in this case thanks to recent changes in creditcard debt law, you are now able to receive an incredible amount if legalprotection, if you choose to sign up to a credit card debt settlement plan. Recent Changes to the Credit Card Debt Law!In 2010, the Federal Trade Commission (FTC), made some changes to the creditcard debt law, which counter, the unethical activities of some credit card debtrelief companies. Due to the turn down in the World economy in recent years, arecord number of debtors have applied for credit card debt settlement. Whilemany debt relief companies have provided good service, some companies, hadbeen charging excessive upfront fees and monthly servicing fees, while theynegotiated with the creditors on behalf of the debtor. In many cases the debt relief company produced either no financial savings or avery poor settlement. The unfortunate debtors now found themselves worse offthan when they started the process, because their debts had since increased dueto the interest which had been gathering on their credit cards. This combined withthe fees paid out to these unethical debt relief companies, resulted in a barrage ofcomplaints been made to the FTC. The FTC listened to these complaints and madethe relevant changes which now bring about a remarkable level of financialsecurity and legal protection for any concerned debtor.While the new credit card debt law is quite extensive, in brief summary it basicallystates the following:  The credit card debtor pays into a special account which is owned and managed by the debtor. The debtor can withdraw the funds at any time, so at no stage during the settlement plan, does the debt settlement company have control of the debtor’s finances.  The credit card debt settlement company has to deliver significant reduction (or at least changes in the level of debt in at least one of the debtor’s credit cards prior to receiving any payment). So there are no more upfront repayments! The Secret Behind Credit Card Debt – Copyright 2012 – http://www.CreditCardDebtSecrets.org
  3. 3.  The credit card debt settlement company can only charge the debtor a fee after at least one payment to the credit card company has been made by the debtor.  The debt relief company can only charge a fee which is proportionate to the percentage of the credit card debt savings which they have settled on behalf of the client.Having a debt problem is bad enough, without having to face court cases, and yetfor many debtors who are finding it difficult to make their monthly repayments,this is what they have to face up to on a regular basis. If you, are finding yourselfin this difficult position you may be wondering what to do next? Indeed if yourdebts are badly out of kilter, you may well be considering the debt settlementoption, and comparing it against the last and most desperate option which involvesfiling for bankruptcy.Although debt settlement is not necessary a better option than bankruptcy, atleast now if you are considering it, there is some measure of legal reassurance.The recent changes to the credit card debt law mean that if you sign up for a debtsettlement program, that no money will have to be exchanged between yourselfand the debt settlement company until they produce substantial savings on yourdebts!While, been in debt is a painful experience, at least now if you feel the need tojoin a debt settlement program, at least the credit card debt law will provide legalprotection and financial reassurance, which may go a long way towards making thecredit card debt settlement process a more palatable pill to swallow! The Secret Behind Credit Card Debt – Copyright 2012 – http://www.CreditCardDebtSecrets.org

×