16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00027

Submission Number:
David Hester
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
A certain amount of government regulation certainly plays a useful and necessary role in many industries. However, I would strongly urge the FTC to avoid implementing regulations that would inhibit debt settlement companies such as Debt Regret from performing the valuable service they provide to keep people out of bankruptcy. I speak from personal experience about this matter. After lengthy divorce and custody proceedings from 2003 to 2005, followed by the loss of my job in 2006, I was in so much financial trouble that I thought declaring bankruptcy was my only option. By June of 2007, I had over $31,000 in unsecured debt. Negotiated settlement was my only hope short of filing bankruptcy. I have two friends who are attorneys. Either of them would have been glad to help me file. Instead, I entered the Debt Regret program, took a second job, and saved every penny I could. Today, Debt Regret has legally settled over $26,000 in debt on my behalf, which has allowed me to avoid bankruptcy and to enjoy life again. I’m not completely free, but I can finally begin to see some hope for the future. Soon, I hope to begin saving for my son’s college tuition and doing some deferred maintenance on my house. The negotiators and customer service staff at Debt Regret are amazing. Stephanie Ferretti and the rest of the team are helpful, supportive, encouraging, and accommodating. I cannot imagine where I would be without their hard work on my behalf and their encouragement during this time. Please do not implement burdensome regulations that would jeopardize the ability of debt settlement service companies to help people to avoid bankruptcy and overcome financial difficulties.