Federally Regulated Debt Relief, Debt Settlement or Debt Reduction Programs
In this post the CFRB addresses a somewhat controversial topic, the topic of the Federally Regulated Debt Relief Program also referred to as Federally Regulated Debt Settlement and or Federally regulated Debt Reduction Programs and the amendments to the telemarketing sales rule regarding Debt Relief, Debt Settlement or Debt Reduction companies brought by the Federal Trade Commission (FTC) effective in 2010 bringing needed regulation to this industry. Debt Relief, Debt Settlement or Debt Reduction programs that operate under this regulation AKA Federally Regulated Debt Relief Program or Federally Regulated Program must adhere to provisions that protect the consumer when entering into business arrangements or contracts with Debt Relief, Debt Settlement or Debt Reduction companies operating under the Federal Regulation of the FTC and provide Debt Relief services through the Federally Regulated Debt Relief Program or Federally Regulated Program for debt Relief. Although It may sound repetitive to continue to state Federally Regulated Debt Relief Program, Federally Regulated Debt Settlement or Federally regulated Debt Reduction Program but we do so since these terminologies are frequently interchanged by different Debt Relief, Debt Settlement or Debt Reduction Companies trying to create their own brand for the Federally Regulated Debt Relief Program or Federally Regulated Program. That being said we will continue this post using the terminology Federally Regulated Debt Relief Program or Federally Regulated Program.
We have chosen the Federally Regulated Debt Relief Program or Federally Regulated Program topic due to the overwhelming negative results of our investigations on several Debt Relief, Debt Settlement and Debt Reduction companies. This is not to say that all companies providing the Federally Regulated Debt Relief Program have received bad reviews from the CFRB, companies like Signature One Financial in there initial Signature One Financial Review received our highest 5 Star rating and have maintained this 5 Star rating through several Signature One Financial Reviews and they have received supporting comments and testimonials in their Signature One Financial Reviews from consumers that have conducted business with Signature One Financial. Signature One Financial provides there Signature One Financial Liberty Program AKA Signature One Financial Federally Regulated liberty Program or Federally Regulated Liberty Program for consumers who could qualify for their personal unsecured debt consolidation loan.
Customer Service Is a Key Factor in The Federally Regulated Debt Relief Program
How can so many companies offering this Federally Regulated Debt Relief Program get such bad reviews while other companies offering the Federally Regulated Program for Debt Relief, Debt Settlement or Debt Reduction receive raving 5 Star reviews?
The first and obvious answer is a commitment or lack thereof to the consumer to provide a valuable service with the highest level of excellence and the fact that prior to the Federally Regulated Program some companies provided exceptional customer service and results that matched or exceeded their promises to the consumer. So many people (business owners included) will take the easy way out of any situation. In dealing with Debt Relief, Debt Settlement or Debt Reduction you are dealing with consumers that may be feeling hopeless and like they have no other options. This could make them an easy mark for business owners who are inclined to taking the path of least resistance to make a fast buck. This same scenario creates an opportunity for excellence to stand out when offering the highest level of customer service to consumers in desperate need of a Debt Relief, Debt Settlement or Debt Reduction Program.
That being said let’s look at the changes brought forth by the FTC in the Federally Regulated Debt Relief Program and how this Federally Regulated Program benefits the consumer looking for Debt Relief. Looking at the changes the FTC’s Telemarketing Sales Rules Amendments for Debt Relief Companies brought we must keep in mind that the underlying commitment to provide service to the consumer with or without the federal regulation will determine the companies level of excellence and overall service to the consumer in Debt Relief or any industry.
Things to Know Regarding the Federally Regulated Debt Relief Program
No Upfront Fees
- The Debt Relief Company must complete the services promised including successful negotiation of new terms and agreements with the creditor that the consumer accepts and makes at least one payment to the creditor before the Debt Relief Company can be paid.
Dedicated Trust Account
- The Debt Relief Company may require consumers to set aside fees and savings for payment to creditors in a Dedicated Trust Account. Debt Relief Companies can only require a dedicated trust account when these 5 conditions are met.
- The dedicated trust account must be at an insured financial institution.
- The consumer is the sole beneficiary or owner of the funds including interest earned in the dedicated trust account.
- The consumer has full access to the funds at all times without penalty for withdrawal.
- The Debt Relief Company has no ownership interest or control in the financial institution.
- The Debt Relief Company cannot exchange any referral fees with the financial institution.
Disclosures and Prohibited Misrepresentations
- Debt Relief Companies must disclose their fees
- Debt Relief Companies must disclose how long it can take for consumers to see their results.
- Debt Relief Companies must disclose the potential for negative consequences to the consumer including how the debt relief program can affect their credit, calls to the consumer from the creditor and the closing of credit cards enrolled in the Federally Regulated Debt Relief Program.
- The Debt Relief Company is prohibited from stating performance rates that cannot be backed up by actual results
As always your comments are appreciated in this and all post and reviews on this web site
In This Credit Answers Review, we take a look at the debt settlement company that has managed to snag the #1 spot on the top three worst debt consolidation companies in The U.S. A list provided by none other than leavedebtbehind.com. Buckle up, ladies and gentlemen. This is the big one you’ve been waiting for. Credit Answers is a debt settlement company based in Plano, Texas. With an original start date in January of 1988, this company has been around for quite a long time, “helping” consumers get back on track financially. If you are willing to give them ten minutes of your time, you too can learn more about their “services” and if they can help you become debt free. The Better Business has given Credit Answers an F rating. The reason for the F rating would the number of complaints recorded against the company, and Credit Answers failure to respond to said comments. So we know what one of the most reputable sites has to say, now let’s get the consumers two cents.
One Consumer stated, “Please do not sign up with Credit Answers. The advice that I was given about not making payments for several months until the creditors are “HUNGRY” to settle your account caused irrevocable damage to my credit. Credit Answers took their money upfront and I suffered the consequences. None of their promises to settle around 50% of the amount owed came true at all. They took $2118.66 from me and now five years later, have this horrible history that follows me in all of my life transactions, even though I make all monthly payments for all my bills. It has been a terrible experience and has haunted me for the last 5 years since I first contacted them for help. What a huge mistake.” Credit Answers pretty much ruined their life. It’s devastating to company can get away with such a heinous injustice against a consumer, and not have to pay any consequences. Leavedebtbehind.com advises consumers to avoid Credit Answer at all cost. We completely agree with them. If you know what’s good for you, you’ll run the other way.
In this Review of Credit Answers, The CFRB Gives this debt consolidation company a 0 star rating, and would like to issue a “warning”. Check Our Resources page for a list of trusted companies like Signature One Capital, which have received 4 stars or better. Check Our Reviews page for more insight into trusted companies like Signature One Capital.
Signature One Financial Liberty Previewogram Review
In this Signature One Financial Liberty Program Review, we look at Signature One Financial’s Debt Management / Debt Reduction program offered by Signature One Financial as an alternative for applicants that do not qualify for the personal unsecured debt consolidation loans offered through Signature One Financial.
The Signature One Financial Liberty Program is the name for Signature One Financial’s Debt Management / Debt Reduction Program or Debt Settlement Program. What sets the Signature One Financial Liberty Program apart from other Debt Settlement / Debt reduction / Debt Management programs is first and foremost Signature One Financial’s commitment to serve the consumer and provide customer service and communication through the whole process. Then combine 3 key factors built into the Signature One Financial Liberty Program that benefits the consumer and you have superior alternative for debt consolidation.
3 Key factors In the Signature One Financial Liberty Program
Three key factors that really separate the Signature One Financial Liberty Program from other Debt Reduction / Debt Management / Debt Settlement programs are listed below
- No Upfront Fees. Meaning Signature One Financial does not earn one dime until they have successfully negotiated new terms and agreements on your debt and you have accepted and paid on the debt. This means on a 48-month term they could be working for 4 years before receiving compensation.
- Debt Pools. Using debt pools creates greater negotiating authority when working with the wholesale or backend departments of creditors which in turn can result in greater debt reduction for the consumer than they may have received without the benefit of the debt pools.
- Credit Reports Won’t Show You Are In A Program. This benefit helps protect your creditworthiness and allows your credit to recover much faster than if you were in a consumer credit counseling program or a bankruptcy.
Combined with all the positive comments and testimonies we have received from Signature One Financial clients we give the Signature One Financial Liberty Program our highest 5-star rating.
As always please comment or send us your testimonies on this or any CFRB Review to help us bring to light the commitment of finance companies to serve the consumer.
We are continuing to receive testimonials like this since we have been escalating both the Signature One Financial Reviews and the Signature Servicing Reviews. We will continue to post them from time to time.
My Husband and I started the Federally Regulated Liberty Program offered by Signature One Financial back in October with 14 different accounts. Today we have settled on all but 2 of our accounts the Signature One Fiancial rep told us that installment loans can take longer to negotiate. My husband was uneasy about trying the Federally Regulated Liberty Program, but I reminded him that we don’t much to lose. The Both of us were certain that bankruptcy was not an option.
The reason my husband and I entered the Federally Regulated Liberty Program offered by Signature One Financial is because my husband’s business partner turned out to be a rotten egg and left us to deal with thousands of dollars in credit card debt.
Everyone that has contacted me from Signature One Financial have always been professional and just a pleasure to work with. I’d like to thank my client representative at Signature One Financial. She has been very honest, professional, and up front with my husband and I. She is great at keeping my head in a positive manner. She was very reliable, and was always available if I ever had a question. Knowing that, put me to ease.
Signature One Financial has given us a great peace of mind. The Federally Regulated Liberty Program has lifted such a burden from our lives. Now we only have one credit card for emergency use ONLY!
Thank you, Signature One Financial for all that you did for us! Keep on helping the American people out of dire situations!
Please continue to send reply to the Signature One Financial Review of your choice as well as the Federally Regulated Liberty Program Review or send in your testimonials both good and bad.