The FTC or Federal Trade Commission is enforcing new rules to debt aid companies that will ban from collecting a charge before the companies have decreased customer unprotected debts.
The FTC announced the rules which will get effect from October 27 will stop customers from paying big fees for debt decrease assures that are not rewarded. They do not bind the extent of fees only their timing.
The debt resolution industry experts state the system will oblige most companies out of industry because it will take at least a year to collect any fees. There are not a group of debt aid companies that can offer to pay out month after month checking clients without any cash.
The customers discontinue paying his unsafe debts for example credit card and medical bills and begin to deposit money into their savings account in a usual debt aid agreement. When there is sufficient money in account to resolve one debt normally after a year or further the company discuss among the creditor to allow less than the amount allocated. This will continue upto all debts are cleared which normally takes three years.
The FTC announced the rules which will get effect from October 27 will stop customers from paying big fees for debt decrease assures that are not rewarded. They do not bind the extent of fees only their timing.
The debt resolution industry experts state the system will oblige most companies out of industry because it will take at least a year to collect any fees. There are not a group of debt aid companies that can offer to pay out month after month checking clients without any cash.
The customers discontinue paying his unsafe debts for example credit card and medical bills and begin to deposit money into their savings account in a usual debt aid agreement. When there is sufficient money in account to resolve one debt normally after a year or further the company discuss among the creditor to allow less than the amount allocated. This will continue upto all debts are cleared which normally takes three years.
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