16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00003

Submission Number:
543670-00003
Commenter:
Harold Wright
State:
NC
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I highly welcome and recommend government action and intervention to curb what I consider to be misleading and false claims by some debt relief services. My experience with one had a very negative outcome. Even though I made payment to the debt relief service ahead of the scheduled time, they were tardy in remitting the payment to the credit card company. The result is that the credit card company abrogated the agreement, raised my interest rate, charged more fees, and threatened me with legal action for being in arrears. I was forced to make an emergency withdrawal on my 401k to pay off the creditor. The debt relief service advertised that the service was "free" but I am quite aware that they were depositing these funds into an interest bearing account and was the likely cause and reason for the delay in remitting to my credit card company.