Legal Question in Credit and Debt Law in New York

Re: debt settlement

You have a lot of questions about debt settlement. If you are consumer interested in debt settlement you should check out the Federal Trade Commission's (FTC) website (www.ftc.gov). The FTC has a lot to say about so called debt settlement or debt negotiation and cautions consumer to be very wary. The following quote is from the FTC's website:

Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. All this can quickly cause a consumer’s original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.

If you are not a consumer interested in debt settlement for yourself personally, but rather are trying to find out info. about starting a debt settlement company you need to hire a lawyer experienced in business matters regarding your questions. No one is going to do legal research for you for free.

For additional information about bankruptcy and debtor-creditor matters generally please also check the Frequently Asked Questions (FAQs) on our website at www.starrandstarr.com/faqs.htm

The foregoing is not intended as legal advice regarding your specific matter and is intended as general information of interest to readers of this website. You should consult an attorney regarding your specific situation.

Best regards,