16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00068

Submission Number:
Brandon Cheek
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
My wife and I were deep in debt from trying to 3inance a new business through credit cards since banks do not make small business loans and government assistance is a fairy tale. We were deep in debt, falling behind and without too many options. When I began to research bankruptcy and settlement options for my credit cards I came across the Debt Regret website. From the very beginning I felt reassured that there was a solution that I could work with. So far Debt Regret has settled two of our largest balances for only 15% of what was owed. They have also issued cease and desist orders to creditors who were starting to make calls to our landlord. They have been in contact recently with another collection agency that was being very aggressive and have begun to make progress in settling that card as well. We are on track to have all of our credit card debt settled by April, 2010. There has always been a close working relationship with our customer service representative. We have always been very well taken care of. They have always returned phone calls and emails promptly. They have never tried anything underhanded like modifying their fee or asking for more money. I am writing today to ask that you do not impose regulations on companies like Debt Regret that would cause them to go out of business. I would hate to think that others in a situation similar to mine would not have access to a company like Debt Regret just because the government thinks that they should regulate how a company decides to set up a contract for payment between themselves and their customers. It is an agreement between those two parties. If people are unfortunate enough to get suckered by one of these “bad apples” that is their own problem and the government does not have any place in trying to intervene. Much in the same way as the bank and auto bailouts….but that’s a whole other mess. I understand that there are some companies that are out to take advantage of people who are in a tight spot. In my experience so far Debt Regret has been a good company to work with to accomplish my settlement goals. I was very apprehensive to begin working with any of these companies as I had heard plenty of horror stories in the news but I feel that Debt Regret does not fall into that category. Thanks, Brandon Cheek