16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00223

Submission Number:
543670-00223
Commenter:
Mr Roland Barron
Organization:
Formerly Eden Homebuilders, Inc.
State:
FL
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I was President and Owner of a small home-building company in Cape Coral, Florida, and had one home under construction when the market began to collapse in the Fall of 2007. The only financing I could get to complete the home came from credit cards. I used them to purchase kitchen cabinets, appliances, flooring, and pay contractors, everything I needed to complete the home so it would be ready for sale. When the home was finished, we had over $75,000 of credit card debt, which I fully intended to pay off as soon as the home was sold. Unfortunately, as we all know, the market continued to fall, and we finally sold the home at a loss. When all was said and done, we had only $45,000 left for the credit cards. I immediately contacted the credit card companies and tried to negotiate, but got nowhere. The market collapsed, I closed my company, and looked for some way to avoid bankruptcy. I spent many hours researching alternatives to bankruptcy, and finally found Debt Settlement services. Further research led me to Debt Settlement America and I contacted them early in 2008. DSA had the knowledge and experience that allowed me to settle my credit card debt in the best way possible. In an ideal world, I would have made enough money on the house to pay the credit card companies in full, but only with DSA's help was I able to settle the debt with the funds I had and still keep food on the table for my family. Debt Settlement companies provide an important service for those of us who find themselves over-extended and under-funded for whatever reason. I'm sure they have plenty of enemies in the financial world, but I consider DSA and its employees as friends who helped me in a time of need. Roland Barron