16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00021

Submission Number:
Michael Reinhold
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
Dear FTC, I am writing on this proposed rule. I want to ensure that you enforce nothing that would hinder, put out of business, or destroy the effectiveness of debt relief companies. I must admit I was unsure whether or not to try debt relief over bankruptcy. As you know this has been a horrible time for the economy. I was an unfortunate victim in the being scammed into an ARM mortgage. When I went into the mortgage I was told that the ARM could only raise once a year and that was it. However I soon found out after my loan was sold many times that this was not true. My greedy mortgage company raised it several times, I never missed a payment and they kept raising every three months. By the time I could resettle into a Fixed rate I was only could get a 10.5%. This created a huge budget drain on our income and then the economy issue hit. Long and behold the credit cards, we always paid on. Decided to hike their rates through the roof. I tried to work with them myself only to be told to bad to sad. I sought a lawyer to declare bankruptcy, but then heard of debt relief and though it would be better to try to pay something I owed on the debt in place of just getting rid of it. I contacted Debt Regret, after research, and they helped me. They worked with my creditors and settled my debt for reasonable rates and even worked out payment plans. They saved my from bankruptcy and the creditors from losing everything. I have saved over 45% of my cost after their fees and now have a clear path to being out of debt and not making minimum payments for the rest of my life. Debt Regret had excellent communication and customer service. They deliver on what they promise, do not lie, and tell you the truth, even for some of the debt that might not have been the best settlement. I implore the FTC to not regulate debt relief agencies out of business. This will only play into the hands of greedy credit card companies and hurt the economy more. If the FTC wants to regulate anything it should be stronger regulation of credit card companies, not that sorry excuses for a bill that just passed. I do not understand why our government always tries to protect the greedy corporations and not the American people who fund your pay role with our tax dollars. If we lose everything you won’t be collecting a tax base! Thanks Michael Reinhold Used: Debt Regret www.debtregret.com