The simple answer to a complex question is YES. Composition of debt is a legal solution used by thousands of Americans to avoid bankruptcy. The theory behind debt settlement process is very simple: negotiate agreements with credit card companies, which are mutually beneficial to both parties. This means, ultimately the credit card company will receive a single payment and the consumer pays the entire debt of a certain percentage of the outstanding debt. The biggest advantage forCredit card companies is that they are to avoid future problems with the collection of debt, and any concession by the lender is obvious tax deductible. The consumer is not at any time, not breaking any laws or commit other illegal acts.
So, if the answer is so simple, because the issue is so complicated? The problem with debt is not the legality of the practice, but the ethics of those who practice it, namely, the debt settlement companies. Unfortunately, a number of youcompanies are taking advantage of debt ethical financial disputes between consumers, to promote business.
They consist essentially unrealistic results promise to the customer, and then invite outrageous administrative fees for services they never give. Thus we see that the legislation is not so much to protect the credit card companies to protect the ignorant, but in reality consumers. For this reason, a number of states require companies to debt settlement, forms and registration activities with a completeAdvocate General of the State to make them easier to follow. This supports the Government on business ethics in a business legally and ethically to be identified. The idea is to have those companies that eliminate
So if you are considering participation in a Debt Settlement Program, you relax! What you do, legal, ethical and morally correct, to make sure that the company is too!
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