16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00093

Submission Number:
Mr. Dexter Bondoc
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I am writing on here regarding the proposed changes to rules involving debt relief organizations. I am currently working with Debt Settlement America and they have been life savers. I found myself approximately $14,000.00 in debt to credit card companies and having trouble keeping up with the minimum payments. Even after paying the minimum it seemed like the balance would never go down. I never realized that the majority of the payment I was making went to fees and interest while barely covering the actual amount I owed. I contemplated bankruptcy, a route that some family members have done, although I really did not want to. Then a friend from work told me about a company that he had worked with: Debt Settlement America. I contacted the company who had given me all the options I could consider, bankruptcy included, but after hearing what they could do for me, I decided to join their program. I joined the program no more than eight months ago and they had already been able to get two credit cards to settle for a fraction of what I owed them and even helped me come up with a plan to get it taken care of in a few months. I only have four cards left and the people from DSA have been working diligently to get them settled as well. A Client Care Advisor and a Settlement Advisor has been working with me throughout this entire time and that has helped me feel less burdened by this entire process. Debt settlement companies such as DSA, have been vital in helping people such as myself on their way to become debt-free and not have to spend our hard earned money on paying interest to credit card companies who are making money while we struggle. Please do not take away an avenue for people in financial need and keep debt settlement agencies in business. If credit card companies are in business, so should settlement companies. Sincerely, Dexter Bondoc