Debt Management Plans
This information is a
must read for anyone on a debt management plan or considering signing up
for one!
According to the Federal Trade Commission's FTC FACTS for
CONSUMERS:
Reputable credit counseling organizations employ counselors who
are certified and trained in consumer credit, money and debt management, and
budgeting. Those organizations that are nonprofit have a legal
obligation to provide education and counseling.
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But not all credit counseling organizations provide
these services.
Some charge high fees, not all of which are disclosed, or
urge you to make “voluntary” contributions that can cause you to fall
deeper into debt. Many claim that a debt management plan is your only option
before they spend time reviewing your financial situation, and offer little or
no consumer education and counseling.
Others misrepresent their nonprofit status or fraudulently
obtained nonprofit status by misrepresenting their business practices to
regulators.
To receive your FREE COPY of this report, fill in
the form to the right. As soon as you submit the form, I'll forward
the FTC Report to the email address provided. |
FTC FACTS for CONSUMERS - FREE
Report
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The Federal Trade Commission (FTC), the nation’s
consumer protection agency, and some state Attorney Generals recently took
action against several companies that called themselves credit counseling
organizations.
The FTC and the attorney generals said these companies deceived
consumers about the cost, nature, and benefits of the services they offered;
some companies even lied about their nonprofit status. Several
of these companies are now going out of business.
Similar companies also may be shutting their doors, even though
they haven't been sued by the FTC or the states. That could be of special
concern if you have a debt management plan with one of these companies.
The FTC report goes on to explain the "Must-Dos" for
anyone with a debt management plan and "What to Do if Your Credit
Counselor Has Gone Out of Business".
The report also offers 9 specific questions to ask
BEFORE choosing a credit counselor!
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