This morning on the CBS Early Show Vera Gibbons and Harry Smith discussed the dangers of debt settlement companies.
If you're struggling with debt, you may have looked into or even been contacted by one of these companies. CBS concludes what we know about these companies: They don't offer real debt relief.
In fact, these companies rarely provide real debt solutions. And, as CBS reports, with $1 trillion in revolving debt in the United States right now, many people need real debt relief.
So we want you to watch this report, and remind you that the actions and relief that come out of bankruptcy are protected by the U.S. law.
While credit settlement companies aren't regulated, bankruptcy is overseen by courts, judges, lawyer and legislators. This means that when you file bankruptcy, you receive protection that private companies can't offer. In fact, you may be able to file charges against a creditor if they try to collect debts that were resolved by bankruptcy.
But before you make a decision on bankruptcy or any other debt relief option, be sure to get information and answers to all of your questions.
Tags: bankruptcy, debt relief, debt settlement
This entry was posted on Tuesday, May 12th, 2009 at 10:00 am and is filed under Setting the Record Straight about Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
this is a total one side comment… debt settlement is very legit if you use the correct co… check the BBB.ORG i have been help by a co called lifeguard financial who did do everything they say. Check into the debt settlement co with the BBB…… this lady should not be discouraging people from doing this, the right co will get it done.
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Indeed it is a very unfortuate situation when a debt settlement company steals money from those who are in need of financial relief. I am a C.E.O. and owner of an ethical debt settlement company. So here is my advise! When seeking a third party to handle your debts please do the following. 1) Check the number of complaints on the B.B.B. 2) Verify that they are members of the U.S.O.B.A. or T.A.S.C. 3) Check if they are members of the I.A.P.D.A. and 4) Find out if they offer a money back guarantee. Here at Manageable Debt Solutions, Inc. we comply with all of the above. Our money back guarantee ensures that if we don’t save you money we don’t make any. So please do your research because we are one of the five companies that actually offer such a guarantee out of thousands of debt settlement companies. Also, when checking a B.B.B. rating only pay attention to the number of complaints. The reason for this is because the B.B.B. automaticaly rates all debt settlement companies with low rating due to the practices like those above. The true way to rank a B.B.B. listing is by the number of complaints. Also, debt settlement isn’t for everyone so make sure your debt settlement company properly qualifies you. Otherwise, you may be put in a worse position than where you started. With MDS we explain everything simply and upfront. No hidden information or charges. So try us out and give on of our Debt Specialists a call. To get our number just google our name and visit our website. If you’d like feel free to ask for me personaly. If I am available I will be more than glad to assist you with your financial hardship. If not I can assure one of my agents will be more than glad to help you out. I wish you and your family the best of luck with your financial situation and hope you choose the right company. Best regards, Ricky Lopez.