Is Your Consolidator Trusworthy? Make Sure Before It’s Too Late.
State of Texas Senator Jeff Wentworth (R-San Antonio) believes many consumers could be falling prey to fraudulent business practices when participating with debt consolidation companies. Senator Wentworth strongly urges caution when teaming up with debt relief organizations. As a recent guest columnist in a San Antonio news magazine, Senator Wentworth described the potential for predatory activity in debt relief industries and offered resources to aid in consumer protection and awareness. (http://www.mysanantonio.com/community/opinion/83399297.html)
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The Better Business Bureau typically awards most “debt relief” companies operating in Texas the lowest possible rating of “F” due to consumer complaints, industry concerns and questionable business practices. Texas, California and Florida have the highest concentration of debt settlement companies, according to one industry trade group.
A proliferation of debt management companies means that Texans searching for help in reducing and paying off their debt should do their homework before signing on with a credit counseling organization. Because the state does not currently license these organizations, the burden of choosing a company that won’t result in more, rather than less, debt rests solely on the shoulder of the consumer.
During last year’s legislative session, the Legislature considered bills that would have given the state more authority to regulate debt management and consumer credit counseling companies as well as property tax lenders.
Senate Bill 1620, which I authored, gives the consumer credit commissioner greater authority to regulate property tax lenders. While this bill passed and was signed into law by Gov. Rick Perry, bills relating to debt management and consumer credit counseling companies did not pass.
In light of these circumstances and at my request as chairman of the Senate Jurisprudence Committee, Lt. Gov. David Dewhurst issued an interim charge to the committee. During the time between legislative sessions, the jurisprudence committee will study the effectiveness of current regulation and practices of debt management providers in Texas. In addition, the committee will assess the extent to which individuals’ estates are protected in transactions with debt management providers.
The committee’s recommendations will lay the groundwork for legislation to be considered in the 2011 legislative session. In the meantime, I urge Texans who are turning to debt management and credit counseling services to investigate carefully the services offered by the companies.
While many of the companies are reputable, others fail to disclose high fees that may result in even more debt, or they provide consumers with either misleading or completely false information about debt reduction. Because the Texas Legislature does not convene again until January 2011, Texans considering using the services of a credit counseling company or a debt management company should contact the Office of Consumer Credit Commission at www.occc.state.tx.us, the Finance Commission of Texas at www.fc.state.tx.us, or the Office of the Attorney General at www.oag.state.tx.us to learn more about the company.
There is no easy road to financial solvency, and any company that fails to emphasize how difficult it is to become debt free may be a company to avoid.
Senator Wentworth can be reached at jeff.wentworth@senate.state.tx.us.
As if mortgage fraud of the late 00’s wasn’t bad enough. It is clear that those whom are in debt will have good reason to pay attention to upcomming legislation regulating debt consolidation and conseling services.
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Keep and eye the Marketplace and Finance Sections of the Wall Street Journal Weekend Edition, check out the following Blogs: Blog the Debt-Debt Relief Does Work, Yahoo! Finance Blog, WEB OF DEBT BLOG, and check out http://www.mint.com.
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Well I lost my job but I’ve still managed to get outstanding debt down to $4500. I was calling debt consolidation companies at first and what a rip off and some were just plain crooks. I had one company tell me that they have lawyers on staff and if I paid $450 up front and $150 a month for 3 months the lawyers would fight to get past debts wiped off credit.
Check out mint.com and remember get counseling before you sign up with a consolidator. Congrats on paying your debt down.
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