In an article that appeared this morning on CNN, Evan Zullow from the FTC is quoted as saying:
Evan Zullow, an attorney in the FTC’s division of financial practices, said he’s aware that companies are looking for loopholes. The FTC, he said, is closely monitoring the industry to make “sure that what they’re doing actually meets the exception.”
Simply hiring lawyers and calling the debt-fixing company a law firm, for example, or meeting with customers at Starbucks to sign paperwork won’t cut it, he said. Settlement companies must give actual in-person sales presentations if they want to collect upfront fees, according to the FTC.
So for all those that are concerned over the debt settlement companies that might be trying to find a way around the FTC telemarketing sales rules regarding up-front fees for debt settlement sales, it clearly appears the FTC is on the job and watching.
And then it happened, as I was reading further down, the article actually mentions this site. Wow!
Debt settlement companies might also move their operations offshore to evade regulation. Steve Rhode, a consumer advocate and founder of Getoutofdebt.org, a website providing debt relief advice, published slides from a presentation that The Association of Settlement Companies, a debt settlement industry group, gave at a recent industry conference.
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