Here Are The New Laws Which Make Debt Relief Services Better

Here Are The New Laws Which Make Debt Relief Services Better

As we know, debt service is the type of cash given by the customer who takes the loan. They
have to return the payment with interest and principal within a particular period. So many
borrowers cannot return the payment within that time due to some issue, and it becomes
difficult for them to return the payment. So, this reading will focus on the debt relief
services that everyone should know.

1-Credit Repair Organizations Act
 The Credit Repair Organizations Act prohibits wrong representations
 And it requires certain supporting declarations in the offering "credit repair"
 The act gives consumers some rights like cancellation rights, and contracts should be
in writing instead of oral.
 Some states have enacted similar statutes called Credit Services Organization Acts.
 It requires registration, bonding including advance fee prohibitions that will apply in
certain circumstances.

2-Debt Adjusting laws:
 Debt adjusting means the managing, settling, adjusting, and counseling of the
indebtedness of a debtor.
 More than half of the states have established licensing requirements for debt
adjusters that do business.
  Refusal of this law will lead to fines, penalties, commands, orders for consumer
restitution, and maybe custody.

3-Fair Debt Collection Practices Act
 This act regulates the third-party debt collectors who are involved in taking debt.
 This act is applied to companies that collect debts from another person.
 There will be the counseling of consumer credit and assists consumers. And find out
the receiving payments from such buyers and distributing amounts to creditors.

4-Internal Revenue Code Section 501(q)
 This act was enacted in 2006.
 This act provides some requirements for credit counseling agencies for governance,
expenditures, revenues, activities.
 These rules ensure that there will be no substantial part of the activities of a credit
counseling agency is in f a non-exempt purpose.

5-Mortage Assistance Relief Services Rule
 This rule is for companies that offer mortgage loan adjustment services to
consumers for a fee.

6-State Non-profit Corporation Laws
 These laws are stated in under of law
 Non-profit organizations are prohibited from distributing their net earnings to
somebody who manages the organization.

 Non-profit organizations have chosen to benefit the public rather than private
They are many more debt relief services. You may check them out to find out the best fit for
There are some debt relief companies:
 Cura Debt which is for tax debt relief
 DMB financial which is for high-interest credit card debt
 Freedom Debt Relief is an interactive program
 National debt relief
 Accredited Debt relief is for debt settlement
 New Era Debt solution which is for customer satisfaction.

What does a Debt Relief company do?
Debt relief companies are for-profit corporations that help buyers to settle their debts. They
make some plans in interest rates to reduce them and make it affordable for you to make

You should avoid these services because:
 They charge high fees for services
 They may take off with your money.
 They may drop the service when it comes to performing the services
 They can harm your credit
So, this reading was all about debt relief services. I hope you find this reading helpful and

Helpful Books To Strengthen Your Financial Iq

So you think you know a thing or two about managing your money? I bet not nearly as much as you should! Regardless, there is always room for improvement in your financial IQ. Your financial intelligence is basically all you know of how to handle money including your ability to recognize weakness, bad habits, and mistakes in which hindered your financial progress in the past.

Money management is a hard boiled task that the current gen youngsters find it very tough to manage but nevertheless, a high level of intelligence does come in handy because you can do wonders by using your mind at the right time which in any case would keep you from taking the help of International Debt Collection Agency because debts often sour relations with one another.

This could be quite task if you had to scrape up all necessary financial education on your own but luckily you don’t. There are expert financial authors who have written a number of books concerning this very subject. And we’ve gathered a good selection of titles for you to look into. All of these books are recommended reading for money management and getting out of debt. But, if you don’t have time to take them all in, you can read through the summaries to find the best books for your specific financial situation.

The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying

by Suze Orman

It is a 9 step program where you learn what is necessary, one step at a time, to truly master your money. This book takes you from facing the fears you have about money, to learning how to really control your money with true wisdom. Orman does not believe that mastering your money is a completely superficial matter; she believes that there is an element of spirituality ever present within your money management. In order to ever get yourself out debt and prosperous, you must face the demons that got you to that place of debt to begin with. Only then can you really make your money work for you.

Negotiate and Settle Your Debts – A Debt Settlement Strategy

by Mandy Akride

This guide is meant to help you in negotiating debt settlements with creditors on your own as opposed to going through an often expensive debt counselor. You learn what exactly your rights are in accordance with the law when it comes to paying your debt. This book basically reveals to you all the steps the banks and debt settlement companies already take themselves but won’t ever tell you about.

How to Get Out of Debt, Stay Out of Debt, and Live Prosperously

by Jerrold Mundis

Learn how to control your spending! Jerrold Mundis teaches you how to take the wheel and stop the downward spiral of spending where many in-debtors find themselves. Munids, himself was once drowning in a sea of debt and he is not shy about it as he often recounts his own experiences within the book. This piece of insightful reading gives you the words of a man who has come from a similar if not the same situation as you and made it out alive. He does this to show you that if he could do it, than so can you through attainable means shared within the book.

The Complete Idiot’s Guide to Getting Out of Debt

by Ken Clark

Do you find yourself taking out a loan with party “B” just to pay off the debt you have with party “A”? Ken Clark helps you understand the pit of debt you get yourself into when you let this situation take advantage of you. In his book he shares practical advice for removing yourself from the toxic equation of borrowing to pay off debt in any type of debt you can think of from credit cards to student loans.

Financial Intelligence: Saving and Investing for Your Children

by Moira O-Neill

Are you looking to plan a savings for your children’s future? In this guide you’ll find practical straight up advice to help you prepare for your young children’s financial futures. Learn what kind of savings accounts and where to invest to prepare for your child’s future expenses such as school. This guide is not only just for you. Inside you will also learn what you should teach your own kids about saving and investing. This is a book that the whole family can take from.

Real Financial Intelligence

by Jacob Gold

Get back to the basics! That is what Gold teaches you in this book. Nowadays saving and investing can get complicated with so many different options to choose from. You are given a rock solid back-to-basics approach to managing your money. These few basic rules about money never change so the wisdom taken from within its pages will stay with you for rest of your life.

Rich Dad’s Increase Your Financial IQ: Get Smarter with Your Money

by Robert T. Kiyosaki

Robert Kiyosaki really stresses the importance of learning how finances work before being able to be successful with money. In fact he believes this to be the most important investment you can make in your financial future. By breaking this down into 5 easy to understand key principles, you will learn all about how money cycles through our economy and where you need to stand in order to get more money cycling in your direction.

Financial Intelligence: How to Make Smart, Values-Based Decisions with Your Money and Your Life

by Doug Lennick

It is all about breaking your bad habits. Think about itÉmost people get into debt simply because they have bad habits of throwing away money on useless things. In order to come out on top of your finances you need to battle the root of the problem and correct your responses to unproductive, emotionally charged buying habits. 4 steps are all you need to change the course of you financial future and inside Doug Lennick shares those steps with you. Learn to control your emotions first, and become the master of you money second.