16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00012

Submission Number:
543670-00012
Commenter:
GEORGE SEXTON
State:
KY
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I AM A SMALL BUSINESSMAN,WITH AN INDEPENDENT INSURANCE AGENCY.MY WIFE RETIRED AFTER 36 YEARS IN A FACTORY. WE HAD TOO MANY CREDIT CARDS.WHEN THE TIMES WERE GOOD WE OVERSPENT,AND GOT INTO FINANCIAL TROUBLE.PART OF IT WAS MY HEALTH PROBLEMS. IT SEEMS THAT EVERYTHING WENT WRONG VERY QUICKLY.THEN ONE OF OUR CHILDREN GOT INTO FINANCIAL TROUBLE, AND WE WENT OVERBOARD TRYING TO HELP,ESPECIALLY FOR OUR GRANDCHILDREN.THEN THE ECONOMY WENT DOWNHILL AND MY BUSINESS SUFFERED. WE WERE UNABLE TO MEET MINIMUM MONTHLY PAYMENTS. SO OUR CREDIT CARD COMPANIES RAISED THE INTEREST ON OUR CARDS. WE TRIED TO NEGOTIATE WITH THEM, TO NO SUCESS. SOMETIMES THEY WOULD RECEIVE OUR PAYMENTS ON TIME BUT HOLD THE CHECKS UNTIL THE PAYMENT WAS OVERDUE THEN SLAP ON A LARGE LATE PAYMENT FEE. WE WE FELT TRAPPED AND DIDNT KNOW WHAT TO DO.WE WERE CONSIDERING BANKRUPTCY,AND THEN WE DISCOVERED DEBT SHIELD. THEY TREATED US VERY GOOD AND WERE MOST HELPFUL IN ADVISING US AND TELLING US HOW WE COULD TREAT EVERYBODY RIGHT AND GET OUT OF DEBT. WE TURNED OVER TO THEM TWO ACCOUNTS.TOTALLING$32,500.00 AND WE MADE OUR PAYMENTS TO THEM FAITHFULLY. IN THE END THEY WERE ABLE TO SETTLE OUR DEBTS FOR 6,388.50.THE FEES CHARGED BY DEBT SHIELD WERE FAIR AND BALANCED AND EACTLY WHAT THEY EXPLAINED THEY WOULD BE. DEBT SHIELD SAVED US FROM BANKRUPTCY AND SAVED OUR FINANCIAL LIVES. MY WIFE HAD TO GO BACK TO WORK AND GIVE UP HER RETIREMENT LIFE. I HAVE MANAGED TO CONTINUE MY BUSINES THOUGH THE ECONOMY HAS HIT MY INCOME HARD. WE ARE STILL WORKING AND ESTABLISHING GOALS AND BUDGETS AS WE WERE ADVISED TO BY DEBT SHIELD, AND I THINK WE WILL BE ABLE TO MAKE IT NOW. BUT WITHOUT THE HELP OF DEBT SHIELD WE WOULD HAVE TO HAVE FILED FOR BANKRUPTCY. I WOULD AND HAVE DEFINITELY TOLD OTHERS ABOUT MY DEBT SHIELD EXPERIENCE.WITH THE ECONOMY TANKED I AM SURE OTHERS WILL FIND THEMSELVES IN THE SAME SITUATION AS WE DID.