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As the economy weakens, a growing number of consumers are paying big
money for services from debt-settlement companies that purport to help
them settle their debts for a fraction of what they owe, but some
consumers are finding that the claims are too good to be true, according
to a report in the Wall Street Journal today. At
financial-services Web site Credit.com, the number of complaints about
debt-settlement companies received so far this year is already double
the number received in all of 2007, says John Ulzheimer, the site's
president of consumer education.
The Federal Trade Commission, which has
also seen an increase in consumer complaints, was concerned enough about
the issue that it held a workshop last month to examine
debt-settlement business practices. Regulators, consumer advocates and
industry groups are taking a closer look at debt-settlement firms.
However, even some nonprofit organizations that offer alternatives, such
as credit counseling and education, have come under scrutiny, with the
Internal Revenue Service examining their ties to for-profit
outfits. Read
more. (Subscription required.)
Debt settlement firms must be registered to legally operate in the State of Texas, and most are not. In Texas, debt management or debt "pooling" services are regulated by the Texas Debtor Assistance Law, which is Chapter 394 of the Texas Finance Code. The Texas Finance Code is at http://tlo2.tlc.state.tx.us/statutes/fi.toc.htm. These
services must be registered with the Texas Consumer Credit Commissioner
in order to be operating legally. A list of those services that are
registered is on the web site of the Texas Consumer Credit
Commissioner at http://www.occc.state.tx.us/pages/searches.html. Click on "List of Debt Management Services Providers" to see if your service is listed. "Debt-Relief" Firms Get Lots of Complaints |
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