What To Look For In A Debt Settlement Company
September 30, 2010
Credit Card debt is an extremely common issue that most people in today’s society can relate to. With the longest recession since the Great Depression in the 1930’s, many consumers have had to rely on different forms of credit to pay for their everyday basic living expenses. This has now left them with massive and unmanageable debt balances that keep increasing, despite the fact that the lines of credit are no longer being used.
With the Credit Card Debt Relief Act 2010, The Federal Trade Commission (FTC) passed new laws to regulate Debt Settlement Companies in an effort to weed out the unscrupulous and dishonest companies. With these new laws coming into effect October 27, 2010, what use to be viewed, as a risky option to resolve outstanding debt, is now looking more appealing as consumers are protected when it comes to Debt Settlement practices.
It is important to remember that despite the new laws going into effect next month, not all Debt Settlement companies are legitimate. When looking for a company, it is important to be able to differentiate between a reputable company and one that isn’t just out for your money. Be sure to ask questions about the company, its history, who its affiliated with and if they’re accredited with the Better Business Bureau (BBB). Be very cautious of any company that hasn’t been around for several years. A client’s program typically takes 3 years to complete and any company that hasn’t been around for at least 5-10 years, lack the experience needed to complete a successful program. Make sure the company is a member of TASC (The Association of Settlement Companies). The goal of TASC is to protect the interest of consumers by upholding and encouraging fair practices in the debt settlement industry. Also, stay clear of any Debt Settlement company that tells you they can stop creditor calls, freeze your interest rates or prevent litigation. No debt settlement company can completely stop the collection process, freeze your interest or guarantee that you will not be sued.
There are many other questions that you will most likely ask but the final decision is yours to make. Do the research on a company, ask plenty of questions and go with a company you are completely comfortable with. After all, this is your life.
NEW FTC RULES FOR DEBT SETTLEMENT COMPANIES
September 29, 2010
NEW FTC RULES FOR DEBT SETTLEMENT COMPANIES
On October 27, 2010 all debt settlements companies will be required to conform to the new rules of the FTC .
Following this policy, Provanta has a new program ready to start on October 1st. We see no benefit to either the consumer or Provanta to wait another month to bring our program into compliance with the new regulations.
As of October 1, 2010:
- There is no up front money paid to Provanta
- We have reduced our free from 20 to 15% of the total debt
- Fees are paid upon completion of each settlement
- Authorization of payment for all settlements by the client
Provanta is a leader in the debt settlement industry. We have been in business since 1992. With 17 years of experience behind us we have the expertise to help you become debt free.
For a free, no obligation consultation and quote, please call our toll free number. Our case managers are waiting to help you become debt free.
Monthly Debt Free Clients
September 1, 2010
Total Debt Free Clients August, 2010
- Total Clients Debt Free 4
- Total Debt Settled – $75,311
- Settlement Amount – $36,115
- Savings – $39,196
- Average Percentage of Settlements – 47%
- Average Program Length – 34 months
- Best Settlement – 30%
- Worst Settlement – 80%
Monthly Settlement Statistics
September 1, 2010
For August, 2010:
- Total Debt Settled – $470,048/li>
- Total Settlement Amount – $185,669
- Settlement Percentage – 39.5%
- Total Cases Settled – 95
Monthly Settlement Statistics
September 1, 2010
For August, 2010:
- Total Debt Settled – $470,048/li>
- Total Settlement Amount – $185,669
- Settlement Percentage – 39.5%
- Total Cases Settled – 95
Monthly Debt Free Clients
September 1, 2010
Total Debt Free Clients August, 2010
- Total Clients Debt Free 4
- Total Debt Settled – $75,311
- Settlement Amount – $36,115
- Savings – $39,196
- Average Percentage of Settlements – 47%
- Average Program Length – 34 months
- Best Settlement – 30%
- Worst Settlement – 80%