Definitions
Sorry, no definitions found. Check out and contribute to the discussion of this word!
Etymologies
Sorry, no etymologies found.
Support
Help support Wordnik (and make this page ad-free) by adopting the word debt-settlement.
Examples
-
A new federal rule that's effective today prohibits telemarketers of debt relief or debt-settlement services from charging upfront fees to consumers seeking help.
New ban on upfront fees for debt relief services has some caveats 2010
-
Sen. Charles E. Schumer (D-N. Y.) has introduced legislation that would limit debt-settlement fees.
New federal rules take aim at shady practices of debt-settlement companies Michelle Singletary 2010
-
"It's significant that the FTC is cracking down on the offending debt-settlement companies, but real protection for consumers will mean enforcing the rules, and that'll be harder," said Chris Viale, chief executive of the nonprofit Cambridge Credit Counseling.
New federal rules take aim at shady practices of debt-settlement companies Michelle Singletary 2010
-
"Basically, what they're deciding by coming on to a debt-settlement program is that getting out of debt is more important than their credit score," he says.
-
They typically tell borrowers to stop making credit card payments, often instructing them to make the payments to the debt-settlement company instead.
-
Customers are told to stop paying their bills and instead send money to the debt-settlement firm with the intention of offering creditors a lump-sum offer for less than what's owed.
New federal rules take aim at shady practices of debt-settlement companies Michelle Singletary 2010
-
Well, if you do, the federal government has made it more difficult for unscrupulous or sham debt-settlement companies to make false claims that much of your debt can be easily erased.
New federal rules take aim at shady practices of debt-settlement companies Michelle Singletary 2010
-
The Better Business Bureau said that since the recession started in late 2007, it has received thousands of consumer complaints from all 50 states about debt-settlement companies that have driven people deeper into the hole, in some cases causing them to be sued by creditors or even to have wages garnished.
New federal rules take aim at shady practices of debt-settlement companies Michelle Singletary 2010
-
That is boosting business for debt-settlement firms that negotiate with credit card issuers to try to reduce what the consumer owes.
-
"Once you are in our program, you will no longer make any of your credit card payments," one debt-settlement salesman said, according to the GAO.
Debt-settlement firms misled consumers, GAO report says 2010
Comments
Log in or sign up to get involved in the conversation. It's quick and easy.