Would It Help Debtors When The Federal Trade Commission Put An End To Credit Card Debt Negotiation?
The Collapse of the Debt Negotiation Trade: The regulators are to vote on new legislation.
An entire sector should not be penalized for the unscrupulous actions by only a small amount of firms. The FTC has in recent months put forth new regulations involving the debt settlement sector that will be shown to be crucial in the ruin of the sector if enacted. A vote will be held in November 2009 with the issue of developing provisions that will aide consumers searching for debt relief. But will it truly aide consumers to pretty much eliminate the method of retaining a business to negotiate accounts on their behalf?
The leading trade organizations helping debt relief agencies have put money into extracurricular documents to decide the success and overall results of the debt settlement sector. Both TASC (The Association of settlement companies) and USOBA (United States Organization for Bankruptcy Alternatives) have high hopes to prove the serious advantages of debt settlement to the Senate and to avoid the legality of these industry killing regulations.
Debt settlement companies do work on clients’ behalf to negotiate down unsecured accounts, such as credit card debt, unsecured personal loans, lines of credit and hospital bills. They serve a class of Americans with difficult hardships, such as medical sickness, being fired, divorce, or the loss of a spouse.
Many of the restrictions that the Federal Trade Commission is looking to put into action—including a restriction of retainer fees— would pretty much get rid of this helpful program for debtors who are going through difficulty with consumer credit card debt. TASC outlined in a brief historical performance data the economic value its member services extend to Americans signed up with debt settlement programs, and it is clearly illustrated. For example, based on a new data research of its members, TASC estimates its members settled more than 94,000 debts bringing the dollare amount to more than $553 million in debt in the first half of 2009. This is an annual estimated amount of more than $1.1 billion in consumer debt settled by TASC members for just this year. A multitude of other research projects also clearly indicate the benefit of the debt settlement sector as a whole, showing the positive impact of the economy in general.
USOBA has supported research projects of the debt settlement sector by Dr. Richard A. Briesch, an Assistant Professor of Marketing at Southern Methodist University’s renowned Cox School of Business, releasing the work with the name “Economic Factors and the Debt Management Industry” in the beginning of this month. He ran a single objective assessment of the consumer benefit, if there is one, put forth by debt settlement companies. In going over detailed sources of concern in the debt settlement sector, such as customer completion of debt settlement programs, up-front fees, the quality of settlement officers, and general consumer benefit, Dr. Briesch came to the conclusion that debt negotiation can offer huge value and be positive for people even more so than what consumer credit counseling can provide.
Commissioner J. Thomas Rosch of the Federal Trade Commission also says that the Debt Settlement sector has an important part to play as he said “For example, a debt solutions service can advocate on the customer’s behalf, particularly in predicaments where consumers are scared , humiliated, or even afraid to call their creditors directly. A debt settlement agency also would be in position to offer personalized care to consumers, adopting a holistic approach to all of the consumer’s credit card debt owed to various creditors, as opposed to just the amount owed to an individual creditor. Taking care of the whole debt portfolio and putting attention on restoring the consumer’s financial health has most of the time been a critical value proposition of debt management professionals.” Rosch moves further to mention several recommendations to the industry that can aide in reducing the issues by consumers, seeing that it is the complaints that antagonize the Federal Trade Commission and other authorities like the Attorney Generals’ offices, Legal Bar Associations, and the Better Business Bureau to pick apart, gather data, and crack down on the companies working in the industry.
The FTC does not need to set regulations in place to aide Americans because there are tons of sources to reference when finding a good service to aide you in debt freedom. But, understand that a agency that is a partner of either TASC or USOBA would be a safer bet because these organizations were begun to help people and to ensure that their partner services are being held to a higher level.
Obviously, some services have differing plans and fee set ups that will suit different people based on their specific needs, but after the correct research is done, the possibility of enrolling with a bad service is enormously diminished, if not completely eliminated. Debt settlement has proven to be a plan that assists people; it would be a misstep to debtors to possibly terminate the industry by passing over the top restrictions.
Tags: consumer’s credit card, debt relief, TASC members, medical sickness, Debt Settlement, Credit Card, debt settlement companiesFiled under 28 by 
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Email slip puts Woolies $100m plan on displayby Mahesh Sharma | March 31, 2009AN email slip-up has revealed the list of vendors jockeying for a slice of one of the country's biggest technology projects, Woolworths' Project Galaxy Partner Services.The details emerged as the retail giant completed a call for tenders on Project Galaxy, the services component for its bid to use SAP technology to overhaul merchandising, point-of-sale and retail systems across all Woolworths brands.Woolworths will be the lead installer of the system but will need a variety of players to perform services work.Companies vying for the work were named in an email sent by Woolworths to the tenderers, seen by The Australian.They are:Cap Gemini, Wipro, Accenture, Back Office, Bearing Point, Changeworks, Ciber, Cubic, Fujitsu, HCL, IBM, Infosys, KPMG, McKinsey, PWC, Revolution IT, RWD, SAP, Satyam, Supply Chain and TCS.The value of the work is believed to be in excess of $100million but a Woolworths spokesperson would not comment on that figure.Industry sources said Project Galaxy was one of the biggest technology projects nationally.The system will be rolled out across a number of Woolworths brands including Big W, BWS, Countdown, Dan Murphy's, Foodtown, Freshchoice, Supervalue, Woolworths-Caltex, Woolworths and Woolworths Liquor.The retailer has confirmed SAP software will replace the merchandising systems.According to reports the licences are worth between $50million and $100 million, but a spokesperson dismissed those figures as incorrect.The system will include a customer relationship management module, point of sale and enterprise resource planning systems, and a Netweaver platform.It is understood the Galaxy project will take a number of years.Woolworths has told tenderers the project will deliver a system for its user base, helping reduce the cost of doing business.A Woolworths spokesperson said Galaxy was in its embryonic stages and declined to give further details.It is the third phase of Woolworths' end-to-end business restructure, dubbed Project Refresh.The retailer has spent about $1billion on the initiative since 1999, delivering $6 billion in cost savings, according to a company spokesperson.The first phase of Project Refresh focused on combining the state-based buying teams into a centrally co-ordinated national force.The second phase, Project Mercury, focused on rebuilding the supply chain and logistical component.Woolworths also consolidated its distribution centre footprint as part of the refresh, scaling down from 31 centres to nine regional centres and two national centres.Project Galaxy will give Woolworths an even bigger technology advantage over its biggest rival, Coles.Late last year Coles boss Ian McLeod admitted there had been several delays to the $800 million technology and supply chain revamp.]]>
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