Debt Settlements,Personal Debt Management,Credit Restoration, Free Credit Counseling, Credit Card Consolidation 

Debt Settlements-Make Sure You Understand The Escrow Account

As of 10/2010 New FTC laws about Debt Settlement clearly state, well, as clear as the government can be, what a Debt Settlements Program has to do to remain compliant. This article is here in response to this article: Debt Settlement Article, about an individual who lost his money in a Debt Settlement program, before the passage of the new rules.

It is simply worth noting that unless a company is just a scam company then this type of problem has been virtually eliminated for consumers. When you enroll in a settlements program after 10/2010, the company must have you in control of the escrow funds. You must be able to stop payments, and tale back your money, virtually at will. The company cannot take a fee for settling debts until they actually do so.

You will find that virtually all companies, unless you are hiring an actual Law Firm, use outside 3rd party escrow companies, with whom you have an agreement, giving you full access to your funds, not the settlements company. So, if you are enrolling in a debt settlements program , as part of your credit restoration goals, Just be sure you carefully read all the agreements before enrolling,

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