The decision to hire a debt settlement company to aid in resolving charged-off debts or go at it alone is heavily influenced by self-confidence. Consumers should be conscious about the natural advantage they posses when dealing with collection agencies. To elevate that advantage and save them thousands of dollars, Global Debt Systems has produced a comprehensive do-it-yourself e-learning training program, which is available through our website.
The business ethics surrounding debt settlement companies is as an on-going concern of regulators. Illinois Attorney General Lisa Madigan supports recent legislation designed to end abusive and unfair practices in her state. The bill prohibits companies from charging up-front fees, limit commission fees, and end deceptive promises of specific results in advertising, marketing and all other communications to consumers.
Countless consumers that receive service from settlement companies have unfortunately been sued or forced into bankruptcy. US personal bankruptcy filings in 2009 reached 1.4 million, soaring 32% from the previous year – making it the highest since the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005.
“Consumers in financial trouble need to be proactive in resolving their debts in a timely manner or they may face bankruptcy,” said Global Debt Systems Chief Consultant Boun Vilailath. “The collection industry is becoming a routine business with prescribed steps designed to clear out debts. Delinquent accounts incur bogus fees which inflate the balance, so accepting a reduced lump-sum payment is clearly favorable as oppose to pursuing the full amount for an indefinite period. Collector threats become less effective once the debtor understands the nature of the game.”
The e-learning program launches in February. It consists of a seven-course curriculum that introduces the world of collection and debt settlement, and equips students with the knowledge and power to take control of their debts and finances. For more information about registration and our promotional offer, visit our website.
About Global Debt Systems
Global Debt Systems (globaldebtsys.com) improves the process of resolving delinquent consumer debt by training and outreach efforts designed to create mutually beneficial results 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.