16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00033

Submission Number:
Micah Turner
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I have been notified that the FTC is attempting to put strict regulations on debt settlement companies that would cause them to go potentially go out of business. That being said, I would like whoever it may concern to consider the following statements regarding debt settlement companies. About 8 years ago I got married, and at the time me and my spouse were going to college and paying it for via student loans. We also incurred two unplanned pregnancies during our college years and had no way to continue college and provide for basic necessities with our minimum wage jobs at the time. We had to pay for necessities with the use of credit, whether it is credit card or lines of credit. We also had some home repairs that desperately needed to be taken care of as well as car repairs. Needless to say me and my wife got way over our heads in debt and were barely only to pay the minimum amounts on our credit cards and some months not even the minimum amounts were paid so we were penalized with late fees and raised interest rates. Late fees and interests rates continued to increase until the maxed out at $39 late fees and 28.99% interest fees and it got so far out of control that the fees that we were being charged were more than the minimum amounts we could afford to pay the credit companies. After considering bankruptcy we decided to try a DEBT SETTLEMENT COMPANY that we were referred to by some of our personal friends called DEBT REGRET. We have now been with DEBT REGRET for 13 months and have already settled $45,000 in debt. The counseling we have received from DEBT REGRET has been "life-saving" (there were times before hearing about DEBT REGRET in which I contemplated suicide because my life insurance plan would be enough to cover my debt and I thought that was the only way to pay for my debt without filing bankruptcy which to me is a financial suicide.) They calmed these thoughts and helped us create a savings plan that would help us save money and worked with our creditors to come up with settlement plans that were fair to us and the credit company. I've shared this personal information with you because if it weren't for DEBT REGRET a debt settlement company, I might not be alive today. If I was to be able to overcome the suicidal thoughts even then we would have definitely of had to file bankruptcy and the credit companies would of gotten nothing from us. I strongly recommend that you don't continue with the new regulations that are being considered to be enforced upon DEBT REGRET and other debt settlement companies. Listen to my sincere words and consider what the motivation behind these regulations is and who is trying to push these regulations forward. (It wouldn't be the credit card companies who profited over $40 billion dollars last year would it?)