16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00081

Submission Number:
Chris Moyer
Debt Regret
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
My name is Chris Moyer. I have struggled with credit card for a long time. I have made all of my payments on time for years, however, my balances never changed. I was paying $10,000/year on $40,000 worth of debt for over 5 years and still owed $40,000. My wife lost her job last year and I became unable to keep up with the monthly payments. The credit card companies were ruthless and jacked up my interest rates to impossible numbers. They refused to take into consideration the money I had paid them over the years compared to what had been actually taken off of my balances. I felt like I was drowning and considered filing for bankruptcy. I heard an advertisement for a company called Debt Regret that negotiated with unsecured creditors in an effort to reduce balances and make payment arrangements to settle accounts that clients may otherwise not be able to clear themselves. I was slightly skeptical but had nothing to lose so I signed up. In less than a year I have eliminated roughly $32,000 of my $40,000 in credit card debt and am on pace to have it gone completely within the next 5 months. These results would have been impossible without the services I received from Debt Regret. Debt Regret's customer service representatives have been more than helpful, staying in constant communication with both myself and my creditors. I have consistently felt that my best interests were being cared for and have recommended their services to quite a few people I know, including my parents. I ask that the FTC not regulate debt settlement companies in any way that would hinder their ability to stay in business or help their clients effectively. Debt settlement companies provide an incredible service for people, including myself, that can see no way out of their financial situation. Thank you.