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Debt Settlement Industry Launches Self-Regulation Effort - Acknowledging that there is some truth in NY AG Andrew Cuomo’s allegations of abuse by what he calls a “rogue industry,” the group has called for a complete restructure of the debt settlement industry to eliminate many of the client vulnerabilities
Debt Settlement Industry Launches Self-Regulation Effort

 

NewswireToday - /newswire/ - Burnsville, MN, United States, 2009/08/12 - Acknowledging that there is some truth in NY AG Andrew Cuomo’s allegations of abuse by what he calls a “rogue industry,” the group has called for a complete restructure of the debt settlement industry to eliminate many of the client vulnerabilities.

   
 
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Responding to New York Attorney General Andrew Cuomo’s recent subpoenas to 14 debt settlement firms and the growing outcry from consumer protection organizations over industry practices, debt settlement companies now have access to online employee training that teaches counselors how to run an ethical – and profitable – business that delivers real value to the client. Industry experts and consumer advocates have collaborated to develop the comprehensive e-learning curriculum, which is available through Global Debt System's website.

Acknowledging that there is some truth in Mr. Cuomo’s allegations of abuse by what he calls a “rogue industry,” the group has called for a complete restructure of the industry to eliminate many of the client vulnerabilities that attract unscrupulous service providers.

“The training program accepts Mr. Cuomo’s challenge to rein in the renegade elements within our industry,” said Global Debt Systems spokesperson Boun Vilailath. “People facing financial hardship, who are just trying to do the right thing, should not be victimized. Debt settlement is a valuable tool that can help many people in debt … but not most people in debt. The program teaches companies how to implement a checklist approach for screening prospective debt settlement clients that eliminates ill-suited applicants and identifies potential problems that could arise for viable program candidates. That process mandates that the consumer make an informed acceptance of those risks before entering a debt settlement program.”

The program also advocates for a simplified, results-based fee structure using a contingency fee model similar to that of a plaintiff’s attorney. The fee structure should facilitate the consumer’s quick completion of the program and require payments to the debt settlement company only after a settlement has been negotiated and accepted by all parties. The debt counselor provides easily defined services with predictable costs, similar to a real estate agent, to represent and facilitate the buyers and sellers of settled debt.

The program launches in September. Certifications are awarded upon completion of the entire eight-course curriculum. Global Debt Systems can arrange for larger organizations to receive the complete certification training, or a shorter Ethics program, as a seminar session presented through online webinars.

About Global Debt Systems

Global Debt Systems (globaldebtsys.com) improves the process of resolving delinquent consumer debt through training and outreach efforts designed to create a more mutually beneficial result for creditors, consumers, and debt counselors. We provide e-learning services to companies and organizations that educate and advocate for ethical business practices. Located in Minneapolis, Minnesota, the company donates time and a portion of its profits to various non-profit organizations that promote responsible budgeting and financial management.

 
 
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Written by / Agency / Source: Global Debt Systems

 
 

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Debt Settlement Industry Launches Self-Regulation Effort

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Publisher Contact: Boun Vilailath - GlobalDebtSys.com 
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