16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00069

Submission Number:
Mrs. Shannon Gardner
Debt Regret
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
Dear Sirs or Madams, Everyone incurs debt for various reasons. Our debts, like many others was a result of a combination many things. For us it was a combination of natural disaster(1997 Flood) which caused a business loss, injury that caused work loss, over the years several major hospitalizations, and of course, bad decisions. Over the course of 10 years we actively sought out a way to get a handle on our debt through three different credit counseling services, including a group called Debtors Anonymous. We realized that we just had TOO MUCH DEBT and with our changed situation didn't have enough income to pay it off in a timely manner. We did all that we could to avoid bankruptcy, we felt it wasn't the taxpayers responsiblity to pay for our debt. Credit counseling was a more costly and lengthy process. It left us with a payment plan that we couldn't afford because we had too little cash flow left for living expenses; which would and did force us to use credit all over again. We needed a different solution. Debt Regret offered the perfect middle road for us. It allowed us to handle our debt in a per case manner so we could start to effectively start to ELIMINATE our debt and it kept us from Bankruptcy. In the time we have been with them, about 3 years, we have eliminated over 65% of our $120,000 plus of what we owed. We have done that and also not incurred anymore debt in the process. We are able to manage our living expenses better as well. Before with Credit Counseling, our pay-back schedule was so expensive we couldn't afford our basic living expenses and there very little leeway with the creditors that we worked with. The creditors, in fact, became stricter to deal with as soon as it became evident to them that, you the debtor, were struggling. Many times the monthly amount they wanted you to pay back was more than the monthly amount you were currently paying them. Debt Regret allows us to pay down our debt and maintain our living expenses. They have been very honest and upfront with us. We are empowered through them to make the right decisions for ourselves. We need companies like them available. Bankruptcy and Credit Counseling aren't for everyone, they are one extreme of the other. But, Debt Arbitration is the perfect middle road for people like us who want to be Debt Free.