16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00114

Submission Number:
Mr. Jeffrey Silverman
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I want to pay my debts, like most people do, but I got into a situation where I was just paying the minimum to my credit card companies. I paid every month, the minimum, which was getting harder and harder to do as other bills arise. Several months ago, I realized that I was in a negative monthly situation and that I had to find a solution to my debt problem. So, I called a debt consolidation company to see if I could group all my debts together and pay them off with one monthly payment. After speaking with a representative and going through all my debts and expenses, they advised me to go bankrupt. The monthly payment was too much for me to pay at my current position. I did not want to go the bankrupt route, but I did not want to just ignore the debt. Again, I want to pay my debts just like the majority of people. If the only two choices are going bankrupt and never paying off your debts to the satisfaction of your creditors, then there has to be a middle ground. The middle ground for me was Debt Settlement of America. I believe there should be a place for people to go who seek a way to negotiate with their creditors a satisfactory settlement that is agreeable to both parties. Debt Settlement of America and companies like them are doing something good not just for their clients, but for the credit card companies as well. There are people out there who just give up and stop paying their debts and never pay anything to their creditors. Debt Settlement of America gives creditors an option to negotiate their debts using the knowledge of experienced, professional debt negotiators who have their client's best interests. I do not have the knowledge to negotiate with credit card companies who have the conscious to charge 25, 30% interest. I need someone who knows how to negotiate with these companies and will know how to read the fine print, which at times, is very confusing even to rocket scientists. Debt Settlement of America, will allow me to pay my creditors off with terms favorable to myself and my creditors. The interesting thing is that the credit card companies themselves are cutting the debt their clients owe and negotiating with them. Debt Settlement of America will help me and others to negotiate on our behalf. I would rather have an expert at Debt Settlement of America negotiate for me so I get an equitable deal. Debt Settlement of America provided me with a way to lower my stress, provide a solution to my debt and pay off my creditors. If you put Debt Settlement of America and other like companies out of business, you are taking away an avenue for millions of people who have nowhere else to go. Who feel like they have no way out than to go bankrupt. Credit consolers and debt consolidation companies do nothing but group debt together and seem to be in line with the credit card companies...and the credit card companies don't always play fair. Please keep Debt Settlement of America in business so they can help me and other to reach an agreeable financial settlement with our creditors.