16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00096

Submission Number:
Robert Ganim
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
Due to circumstances beyond our control, including significant long-term medical conditions and the nation’s financial system implosion (I worked for a firm which didn’t survive the crisis), our debt became more than we could handle. Neither of us had ever been delinquent in any credit arrangement so we considered all options very carefully, including: 1)Continue making minimum payments, which resulted in no change to the balance owed yet consumed a significant percentage of our income 2)Declare bankruptcy – which would have caused us a greater hardship 3)Research and utilize a debt settlement service We chose to utilize a debt settlement service. A careful evaluation of several TASC member firms enabled us to learn how the process would help us to get out of our debt nightmare. We chose one of the firms, Debt Settlement America, after numerous conversations in which we learned about, and became comfortable with, the debt settlement process. We are nearly complete with the process and are on our way back to a healthier financial situation. We believe that firms such as Debt Settlement America are a crucial option allowing others to find a way to survive their financial crisis. The consultants at Debt Settlement America worked with us on a regular basis and helped navigate us through the stressful settlement process. Most impressive was the fact that every claim made by a Debt Settlement America staff member was indeed the truth. Their ability to support us with sound advice and encouragement proved to be invaluable to us. Please keep this in mind when deciding upon any potential regulations impacting the debt settlement industry. Thank you.